#Undermine | Global Monetary System

[xtruss]

International Monetary Fund (IMF) Warns West Against Seizing Russia’s Money! The Move Could Undermine The Global Monetary System, According To The Fund’s Spokesperson

© Getty Images/Selensergen

Western plans to either confiscate Russia’s frozen central bank reserves directly or use the profit they generate could undermine the global monetary system, the IMF has warned.

Western nations, particularly the US, UK and EU states, have blocked an Estimated $300 Billion in assets belonging to the Russian central bank since the start of the Ukraine conflict in February 2022.

The US and a number of EU nations have advocated confiscating these assets to finance Ukraine’s defense and future reconstruction. However, France, Germany, and several other EU members have resisted those calls, warning that such a move could set a dangerous precedent and adversely affect the euro. Some Western countries proposed to appropriate only the interest accrued on the assets, but that approach is also fraught with legal difficulties.

“It is important for the fund that any actions taken have a sufficient legal basis and do not undermine the functioning of the international monetary system,” IMF spokeswoman Julie Kozack said at a press briefing on Thursday when asked by RIA Novosti about the Western plans for the frozen assets.

Assessing the prospects for reaching an agreement about the Russian funds at the G7 level in light of the group’s upcoming ministerial meeting in Italy, Kozack emphasized that any decisions must be made in the appropriate courts and jurisdictions.

G20 Members Lobby EU Against Seizing Russian Assets – Financial Times! Saudi Arabia and Indonesia have reportedly been raising concerns over their own reserves held in the West. May 3, 2024, RT. © Getty Images/Scaliger

The IMF has repeatedly cautioned that Western plans to seize frozen Russian assets could entail unforeseen risks.

The push to seize the money, which has been led by the US, has caused a rift among the G7 and EU political elite. The US, which holds only $6 Billion out of the $300 billion in frozen Russian assets, had long been pushing its allies for the outright seizure.

Some Western officials have backed the idea, suggesting transferring the funds to Ukraine, or at least using the interest generated by the assets. However, this approach has faced opposition from the European Central Bank and criticism from the IMF.

While Kiev’s Western backers generally agree that the frozen assets should be used to aid Ukraine, they are at odds about whether an outright seizure would be legal.

Moscow has repeatedly said that seizing its funds would amount to theft and would further undermine global trust in the Western financial system. Russia also warned that it would retaliate if such a step were taken.

— RT | May 16, 2024

[unpluggedfinancial]

Bitcoin vs. Traditional Banking Systems: Unmasking the Corruption of Central Banks

In the ever-evolving financial landscape, Bitcoin stands as a revolutionary force challenging the status quo of traditional banking systems. Central banks, the cornerstone of these systems, have long wielded immense power over global economies. However, their practices often reveal a darker side, rife with corruption and manipulation. In this post, we'll explore how Bitcoin not only offers an alternative to traditional banking but also exposes and counters the corruption entrenched within central banks, including the privately owned Federal Reserve.

The Corrupt Practices of Central Banks

Central banks, such as the Federal Reserve in the United States, play a pivotal role in managing national economies. Their responsibilities include controlling monetary policy, regulating financial institutions, and maintaining financial stability. However, these powers have often been exploited, leading to practices that undermine economic fairness and transparency.

Quantitative Easing and Inflation: Central banks frequently engage in quantitative easing (QE), a policy of printing money to stimulate the economy. While QE can provide short-term economic boosts, it often leads to long-term inflation, eroding the purchasing power of ordinary citizens. This practice disproportionately benefits the wealthy, who can protect their assets against inflation, while the average person sees their savings diminish.

Bailouts for the Elite: During financial crises, central banks have a history of bailing out large financial institutions deemed "too big to fail." These bailouts are funded by taxpayers and often come without stringent regulations, allowing the same reckless behavior that caused the crises to continue. This creates a moral hazard, where banks engage in risky activities, knowing they will be rescued if things go wrong.

Opaque Operations: The operations of central banks are often shrouded in secrecy. Decisions about interest rates and monetary policy are made behind closed doors, with little accountability to the public. This lack of transparency enables decisions that may not always align with the best interests of the general population.

The Federal Reserve: A Private Entity: A common misconception is that the Federal Reserve is a government institution. In reality, it is a privately owned entity. Its shareholders include private banks, and its operations are not subject to the same level of public scrutiny and accountability as government institutions. This private ownership structure raises significant concerns about conflicts of interest and the potential for policies that favor private banking interests over public welfare.

Bitcoin: A Transparent and Decentralized Alternative

Bitcoin, as a decentralized digital currency, offers a stark contrast to the corrupt practices of central banks. Here’s how:

Decentralization and Transparency: Bitcoin operates on a decentralized network, meaning no single entity has control over it. Transactions are recorded on a public ledger known as the blockchain, which is accessible to anyone. This transparency ensures that all transactions are verifiable and immutable, reducing the potential for corruption and manipulation.

Limited Supply: Unlike fiat currencies, which central banks can print at will, Bitcoin has a fixed supply of 21 million coins. This scarcity protects against inflation, preserving the value of the currency over time. With Bitcoin, the value of money is not eroded by the whims of central banks.

Financial Sovereignty: Bitcoin empowers individuals with financial sovereignty. Users can store and transfer value without relying on traditional banks or intermediaries. This is particularly beneficial in regions with unstable banking systems or corrupt financial institutions, where access to reliable financial services is limited.

Inclusive Financial System: Bitcoin’s open network allows anyone with an internet connection to participate in the global economy. This inclusivity is a game-changer for the unbanked and underbanked populations, providing them with access to financial services that traditional banks often deny.

Conclusion

The traditional banking system, dominated by central banks, is fraught with corruption and practices that favor the elite at the expense of the general population. The Federal Reserve, a privately owned entity, exemplifies the conflicts of interest and lack of transparency inherent in these systems. Bitcoin, with its decentralized, transparent, and inclusive nature, offers a viable alternative that can counteract these corrupt practices. By embracing Bitcoin, we can move towards a more equitable and transparent financial future, free from the undue influence of central banks.

As we continue to explore and adopt Bitcoin, it’s crucial to remain vigilant about the challenges and potential pitfalls. However, the promise of a fairer and more transparent financial system is a goal worth striving for, and Bitcoin is leading the way.

[workersolidarity]

🇷🇺🇨🇳 🚨

RUSSIA, CHINA AND BRICS PREPARE MASSIVE BLOW TO US DOLLAR DOMINANCE WITH LATEST CURRENCY MOVES

The BRICS trade organization, with the backing of the Russian Federation and the People's Republic of China, is preparing a major blow to U.S. dollar dominance in the global economy with an expanded payments system for trade between nations that will not be pegged to the U.S. dollar, according to reports in the Russian media.

The report, published in Russian news outlet Ria Novosti, stated that a new decentralized, blockchain-based international payment system, known as BRICS Pay, will make it possible to bypass Western sanctions while boosting the economic influence of BRICS, BRICS member states, as well as developing countries that trade with BRICS nations, while accelerating efforts to create a new international trade currency.

The United States sees these developments as a direct threat the U.S. dollar and its status as the World's reserve currency, according to the news outlet, with one of the main goals of the BRICS organization being the avoidance of International dependency on the U.S. dollar for trade outside the Western sphere of influence.

Already, 95% of trade between the Russian Federation and the People's Republic of China is conducted in Yuan and Rubles.

This kind of trade, conducted outside the U.S. dollar, "increases solvency and economic resilience to uncertainties and external shocks," says Shen Yi, the Chief of the BRICS Research Center at the Development Research Institute of Fudon University, as quoted by Ria Novosti.

“Objectively speaking, the diversified development of the international monetary and payment systems is consistent with the changing trends in the distribution of power and the general direction of evolution of the global system,” Yi noted in an interview with the Russian news outlet.

The news agency says the next step in this development is "our own system of international payments."

Recently, Russian Presidential Assistant, Yuri Ushakov, announced the intention of the BRICS commonwealth to create a payment system using a blockchain-based digital currency, with the purpose of developing a modern, effective payment service (BRICS Pay) intended to make international payments between countries "convenient, cost-effective, and most importantly, free from political influence."

"We need to completely move away from the peg [of international trade] to the dollar and Western instruments like [the] SWIFT [payments system]." Ushakov added.

Experts point to a BRICS payment system as a method of avoiding the sanctions of the United States and its Western allies, emphasizing that BRICS countries, and countries trading with BRICS member-states, will be able to perform mutual payments while avoiding the U.S. dollar, weakening the currency's role as the backbone of international payments and the world reserve currency.

The report also adds that a decentralized cryptocurrency payment system based on blockchain technology would be far more difficult to track, helping countries to avoid secondary sanctions while trading with nation-states under economic assault by the West like the Russian Federation.

Furthermore, a BRICS payment system will become a direct competitor to the Western-dominated and controlled SWIFT payment scheme, strengthening multipolarity in global finance and undermining the dictats of the United States and the European Union, while increasing the financial and political heft of the BRICS organization and its members.

According to Yaroslav Ostrovsky, a specialist in the strategic research department at Total Research, “If this project is implemented, its participants will switch to their own currencies in international payments, without the dollar and SWIFT terminals. At the same time, it is planned that countries outside the bloc will also be able to use the new system. The synergistic effect from such interaction will strengthen the position of BRICS in the global economic system."

Setting up such a payment system will take time, with financial experts suggesting it could take upwards of a year for debugging and implementing the payment scheme, while some experts say the system could become the basis for a future, single, BRICS supranational currency, and perhaps even a direct challenger the U.S. dollar's position as the world's reserve currency.

The new payment system, as well as any future BRICS currency, are a part of a process for which BRICS aims to become a global organization, trade union, and international financial association in direct competition with the Western-dominated international trade system, based on the U.S. dollar, that is currently wielded as a weapon against the adversaries of the West through its sanctions regime and it's control over International institutions.

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@WorkerSolidarityNews

[keithworkflores]

How can we fund our collective global survival?

We must confront and act on an unpalatable truth. The impact of human activities on Earth's geology and ecosystems is jeopardizing the foundations of life on our planet as well as decades of human development progress.

We are acting in direct opposition to the goals of the United Nations 2030 Agenda for Sustainable Development — a future that ensures a decent life for all. Our survival and prosperity necessitate structural change and immediate action.

Scientists warn that crossing planetary boundaries will result in irreversible damage and a catastrophic decline of natural systems.

Collapsing fish stocks, melting permafrost, rising antimicrobial resistance, and the loss of tropical rainforests are just a few of the trends undermining development's foundation. While large-scale, acute disasters receive the most attention, the ongoing depletion of valuable natural assets (such as aquifers, air, and soil) does not make headlines but has become a chronic burden for the world's poorest communities.

These global challenges are also exacerbating social exclusion and increasing economic inequality between and within countries. This not only violates the Sustainable Development Agenda's principle of leaving no one behind, but it also impedes poverty reduction brought about by inclusive economic growth, undermines the social contract in rich and poor countries alike, and endangers global security. No single country can solve these transboundary issues.

Furthermore, they are becoming increasingly linked to other risks, such as massive supply-chain disruptions. All of these issues stem from an economic system that has proven to be more fragile than many anticipated. Unlike properly functioning systems, which can manage and absorb risks, our current system does the opposite.

The world requires a global system that promotes security, sustainability, and shock absorption. To achieve it, the international community could start by making a few practical changes this year, beginning with the International Monetary Fund and World Bank Spring Meetings.

[darkmaga-returns]

Tom welcomes back Martin Armstrong from Armstrong Economics for a discussion on the geopolitical landscape and growing frustration with government. Armstrong expresses his belief in an increasing frequency of impactful events due to disillusionment with western governments. Martin delves into the deep state, historical examples of centralized governments leading to instability, and the need for decentralization and respect for individual sovereignty.

Armstrong shares personal experiences and insights about Trump and RFK’s anti-war stances. Martin touches upon historical issues, including World War II, communism, the Roman Empire, war causes, and the use of sanctions. Concerns are raised about unsustainable debt systems and their correlation with conflict.

Tom pivots the conversation to Argentina’s recent budget surplus, potential application in making cuts to U.S. government waste. Criticisms follow regarding Federal policies to undermine U.S. States and inact gun control.

Predictions for an economic depression by 2032 are shared, with discussions on differences between a recession and a depression, government debt defaults, interconnectedness of economies, and concerns over career politicians. The role of the U.S. dollar as a global reserve currency, and potential implications for the world economy are also discussed.

China and Russia’s potential role in a global economic takeover, natural resources, the Ottoman Empire, monetary crises, gold on the yield curve, practical implications, gun control, authoritarianism, and vigilance are among other topics covered.

Time Stamp References: 0:00 – Introduction 0:35 – Many Geopolitical Shifts 12:32 – Trump & Ending Conflict 27:39 – Cutting Back Gov’t 36:30 – Civil Unrest Preps 46:15 – 2032 – The End Game 53:42 – Trump, BRICS, & Dollar 1:04:54 – Russia’s Resources 1:07:58 – Risks & Solutions 1:13:50 – Shelton & Gold Bonds 1:18:33 – National Guard Concerns 1:21:08 – Wrap Up

Talking Points From This Episode

Growing disillusionment with governments leads to increased impactful events: Armstrong emphasizes decentralization and respect for sovereignty to prevent global unrest.

Trump, RFK’s anti-war stances discussed: Influence on NATO territories like Afghanistan and Ukraine, personal meetings recounted.

Predictions of economic depression by 2032: Discussions on debt defaults, interconnected economies, and career politicians’ concerns.

Guest Links: Website: http://armstrongeconomics.com Twitter: https://x.com/strongeconomics Facebook: https://facebook.com/martin.armstrong.167 Amazon Book: https://tinyurl.com/ybtrslr9

[blockinsider]

Bridgewater’s Founder Endorses Gold and Bitcoin as ‘Hard Money’ Over Debt

Key Points

Billionaire investor Ray Dalio advocates for “hard money” assets like gold and Bitcoin over debt assets.

Dalio warns of a potential debt crisis due to rising indebtedness in major economies.

Ray Dalio, the billionaire founder of Bridgewater Associates, recently shared an insightful investment strategy during a series of finance and cryptocurrency conferences in Abu Dhabi. His advice was to prioritize “hard money” assets such as gold and Bitcoin over debt assets.

Dalio expressed serious worries about the escalating debt in major economies, including the United States and China. During his speech at the Abu Dhabi conference, he stated his belief in an impending debt money problem, and his preference for hard money like gold and Bitcoin over debt assets, such as bonds.

Gold and Bitcoin: The Preferred Investments

Dalio, who owns a small amount of Bitcoin, has previously referred to it as “almost a younger generation’s alternative to gold.” Despite his cautious support for Bitcoin, he emphasized gold’s status as the “well-established blue-chip alternative to fiat money.”

Both gold and Bitcoin are currently receiving considerable attention, with both trading near record highs. Investors increasingly view these assets as reliable safeguards against economic volatility, geopolitical conflicts, and changing monetary policies. Recently, Bitcoin surpassed $100,000 for the first time, driven by optimistic remarks from influential figures.

Assets linked to physical commodities or controlled supply systems, often referred to as hard money, seem more attractive amid skyrocketing global debt levels. Dalio emphasized that the escalating debt in the United States, China, and other major economies, except Germany, has reached unsustainable levels. He cautioned about an inevitable debt crisis that could destabilize various currencies.

The Future of Currency

Dalio identified five major forces shaping the future: debt, monetary systems, economic stability, rising wealth inequality, and international conflicts. In a 2023 interview with CNBC’s Squawk Box, he warned of an imminent threat to traditional currency systems. According to Dalio, excessive money printing, a global phenomenon not limited to the United States, undermines financial stability.

Following the 2008 financial crisis and during Bitcoin’s early phase, Dalio began studying the rise and fall of the three latest global reserve currencies: the Dutch guilder, British pound, and US dollar. According to Dalio, three concurrent cycles shape currency dominance: the generation of debt and financial assets, internal conflicts fueled by wealth, and the emergence of a new power challenging the reigning currency.

A currency’s ability to survive these cycles depends on the economic strength backing the reserve status. Currently, the US dollar is in the initial cycle, where debt and credit boost purchasing power. Dalio’s recognition of Bitcoin as an “alternative to gold” indicates its increasing importance in investment circles.

[renatoferreiradasilva]

Dollar Scarcity and the Impact of Cryptocurrencies in Developing Countries: Challenges and Opportunities

Dollar scarcity in the markets of developing countries has been an ongoing phenomenon, deeply rooted in structural economic factors. In recent years, a new dynamic has emerged, characterized by the growing adoption of cryptocurrencies as alternatives to the traditional financial system. This essay analyzes dollar scarcity, investor behavior, the role of governments, and the limitations of cryptocurrencies in this context, while discussing their long-term implications for the global economy.

Dollar Scarcity: A Structural Crisis

Dollar scarcity in developing countries is not just a temporary liquidity shortage but a structural crisis that reflects imbalances in local economies. These economies are largely dependent on external capital, most of which is denominated in dollars, making them vulnerable to currency fluctuations and the volatility of global financial markets. Additionally, the lack of trust in local currencies and high levels of external debt exacerbate the difficulty in accessing dollars. The impact of this scarcity is profound, as the dollar is not only a reserve currency but also a fundamental pillar for international trade and capital flows.

In many developing countries, inadequate monetary policies and the lack of structural reforms worsen dollar scarcity. Local economies often struggle to generate trade surpluses or attract sufficient foreign investments to cover their liquidity needs. Chronic dollar scarcity negatively affects consumption, production, and economic confidence, leading to a vicious cycle of inflation and currency devaluation. This context creates constant pressure for governments to seek alternatives to deal with the scarcity and stabilize their economies.

Cryptocurrency Adoption: A Response to Dollar Scarcity

With growing distrust in local currencies and dollar scarcity, cryptocurrencies have started to be seen as a potential solution. The decentralized nature and the ability of cryptocurrencies to operate independently of traditional financial systems have attracted investors and governments in countries with vulnerable economies. Cryptocurrencies, particularly Bitcoin, have started to be used not only as a store of value but also as an alternative means of payment, without the need to go through the traditional banking system.

However, the volatility of cryptocurrencies raises questions about their viability as a substitute for the dollar. While some countries, like El Salvador, have adopted Bitcoin as official currency, this measure is not without risks. The extreme price fluctuations of cryptocurrencies can create additional economic uncertainties and undermine public trust. Furthermore, the use of cryptocurrencies requires adequate infrastructure, such as internet access and technological devices, which limits their adoption in many developing countries. Even though cryptocurrencies may represent a form of financial "refuge," they do not offer the same stability as traditional assets like the dollar or U.S. Treasury securities.

The Role of Governments and Cryptocurrency Regulation

Cryptocurrency adoption in developing countries still faces the issue of regulation. The lack of a clear regulatory framework creates an uncertain environment that may harm both investors and the general population. Regulating cryptocurrencies is essential to ensure they do not become a systemic risk to the economy, especially in fragile economies. However, regulation must balance encouraging technological innovation with protecting against abuses, such as money laundering and market manipulation.

Some countries have adopted stricter policies regarding cryptocurrencies, while others, like El Salvador, have chosen to legalize Bitcoin in an ambitious move to stimulate the economy and increase financial inclusion. El Salvador's experience, however, has shown that cryptocurrency adoption can be controversial, with many citizens and economists questioning the long-term viability of this strategy. Additionally, the lack of an international regulatory framework for cryptocurrencies makes it difficult to coordinate global policies and increases the risk of financial instability.

The rise of Central Bank Digital Currencies (CBDCs) may represent an intermediate solution. CBDCs, controlled by governments and central banks, could combine the benefits of cryptocurrencies with the security and stability of fiat currencies. The introduction of CBDCs in developing countries could help mitigate the volatility of cryptocurrencies and ensure more effective control over the financial system, without the need to rely exclusively on the dollar or foreign currencies.

Limitations of Cryptocurrencies in Developing Countries

Despite their promises, cryptocurrencies face several limitations in developing countries. The infrastructure needed for their widespread use, such as high-quality internet access and suitable devices, remains poor in many regions. According to the World Bank, more than 2 billion people still lack basic financial services, and most of them reside in developing economies. This means that while cryptocurrencies may offer opportunities for financial inclusion, they are accessible only to a fraction of the population.

Furthermore, the lack of financial literacy also limits cryptocurrency adoption. The extreme volatility of cryptocurrencies can be disastrous for those who do not fully understand the risks involved. In many cases, local populations end up being exploited by fraudulent schemes or platforms that promise high and quick returns, but in reality, operate as Ponzi schemes.

Long-Term Implications: Fiscal Crises and Economic Challenges

The long-term impact of cryptocurrencies could be significant, especially in terms of fiscal crises and economic challenges. If developing countries begin to adopt cryptocurrencies on a large scale, there may be a reduction in governments' ability to implement effective fiscal policies. Tax collection could be hindered by the decentralized nature of cryptocurrencies, making it difficult to track financial transactions and enforce tax obligations. This could lead to fiscal deficits and a loss of control over monetary policy.

Moreover, the widespread adoption of cryptocurrencies could undermine the authority of central banks, compromising macroeconomic stability. Governments' ability to adjust interest rates or intervene in the foreign exchange market to mitigate economic crises would be severely limited if a large portion of the economy relied on decentralized cryptocurrencies.

Conclusion

Dollar scarcity in developing countries reflects a long-term structural crisis that requires deep economic reforms and a more inclusive approach to currency and capital management. Cryptocurrencies emerge as an alternative, but their widespread adoption brings significant challenges. Their volatility, lack of infrastructure, and the need for effective regulation are factors that must be carefully considered. While cryptocurrencies may offer a short-term solution to dollar scarcity, they do not replace the need for comprehensive fiscal and monetary reforms.

The key to a more stable economic future in developing countries will likely lie in the creation of a combination of innovative fiscal and monetary policies, regulating cryptocurrencies, and promoting financial education. The role of governments will be crucial to ensure that the benefits of digital financial technologies are accessible and that their adoption does not compromise long-term economic stability.

[carboncreditcapital]

Carbon Trading: A Step Toward Sustainable Development

In an era of heightened environmental consciousness, carbon trading has emerged as a critical mechanism to combat climate change. By placing a monetary value on carbon emissions, this system incentivizes businesses and nations to adopt cleaner technologies and reduce their carbon footprint. But what exactly is carbon trading, and how does it work?

Understanding Carbon Trading

Carbon trading, often referred to as emissions trading, is a market-based approach to controlling greenhouse gas (GHG) emissions. It operates on the principle of cap-and-trade. Governments or regulatory bodies set a limit—or cap—on the amount of GHG emissions permissible for specific industries or regions. These caps are typically aligned with international climate agreements, such as the Kyoto Protocol or the Paris Agreement.

Companies that emit less than their allocated share of emissions can sell their unused allowances to others exceeding their limits. This creates a financial incentive to reduce emissions: businesses that innovate and adopt sustainable practices gain a competitive edge by selling surplus allowances, while those that fail to reduce emissions face financial penalties.

Types of Carbon Trading Systems

There are two primary types of carbon trading systems

Cap-and-Trade System: Under this system, a cap is set on emissions, and tradable allowances are distributed. Companies that reduce emissions below their allocated amount can trade the surplus with other entities.

Carbon Offset Trading: This involves purchasing carbon credits from projects that reduce or remove carbon dioxide from the atmosphere, such as reforestation, renewable energy, or energy efficiency projects. Each credit represents one ton of CO₂ equivalent reduced or avoided.

Benefits of Carbon Trading

Market-Based Efficiency: Carbon trading leverages market mechanisms to reduce emissions at the lowest possible cost, encouraging innovation and efficiency in achieving environmental goals.

Global Collaboration: By creating a unified market for carbon credits, countries and businesses worldwide can collaborate on achieving climate targets, fostering a sense of shared responsibility.

Support for Renewable Projects: Revenue from carbon credits often funds projects in renewable energy, afforestation, and sustainable agriculture, accelerating the transition to a low-carbon economy.

Flexibility: Unlike rigid regulations, carbon trading allows businesses to choose the most cost-effective way to meet their emission reduction goals.

Challenges of Carbon Trading

Despite its potential, carbon trading faces several challenges

Market Manipulation: Inadequate regulation can lead to price volatility and market manipulation.

Carbon Leakage: Stricter regulations in one region may push emissions-intensive industries to relocate to areas with lenient rules, undermining global emission reduction efforts.

Verification Issues: Ensuring the authenticity of carbon credits and the effectiveness of offset projects can be complex.

Equity Concerns: Critics argue that carbon trading allows wealthy countries and corporations to continue polluting by purchasing credits, rather than making meaningful reductions.

The Future of Carbon Trading

As global efforts to combat climate change intensify, carbon trading is likely to expand. Advances in technology, such as blockchain, are enhancing transparency and traceability in carbon markets, while stricter regulations are addressing loopholes and ensuring accountability.

In addition, voluntary carbon markets are gaining traction, with corporations pledging net-zero emissions and investing in carbon offset projects. These developments indicate that carbon trading will play a central role in the transition to a sustainable, low-carbon future.

For more info:-

Credit Carbon Price

Carbon Credit

[news365timesindia]

[ad_1] Union Finance Minister Nirmala Sitharaman had said that India provided financial support to its neighbours in times of distress with no conditions attached much before the International Monetary Fund (IMF) reached some countries in the neighbourhood.  While participating in a panel discussion on the ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development, Sitharaman spoke on how India has extended a line of credit to many African nations to build their institutions, bridges, secretariats and railway stations. Pointing towards the slow process adopted by the IMF, she said, “Much before the IMFs of the world reach some countries in our neighbourhood, and I’m not saying this with a sense of boast. I’m saying it more with a sense of responsibility, and again, sorry; I have no axe to grind with the IMF. But with no conditions attached, we have given sums of money, which I don’t want to name here, number here because my neighbours are very dear to me.”  The Union Finance Minister has assured that India will continue to assist Global South countries. Sitharaman said she would not share details regarding the money India provided to the nations, stressing that they are “very important” to her cultural values and neighbourhood.  Nirmala Sitharaman said, “We’ve come out in time to help countries in distress. And in the typical oriental fashion, I will not name the country; I will not name the money which has been given because they are very important to my cultural values and also to my neighbourhood. So, much before nimble-footed institutions of the Bretton Woods came there because we were closer to them, this money was used even better.”  “In many African countries, we extend a line of credit, which is a highly discounted line of credit to build the institutions, bridges, ports, railway stations, and secretariats. And let me add, with a sense of humility, many of them are in no position to pay back, and we have not made a noise about it. We will continue to do it because we think the South, the Global South, will be with us. We want to be with them. We want to help them out. We want all of them to get an opportunity. So we’re doing that,” she added.  Stressing that no country can ignore India, the Union Finance Minister stated, “Are we in a position to define that path? In that, one flag post which I want to draw your attention to about India and its role is leading on technology, servicing through technology, leveraging technology, and that is where when you look at Indians everywhere, you are saying that they are the ones before sitting and readily saying yes we will give you the systems which can run complex corporate whether it is a refining system, oil refining system, whether it is multilateral banking system or anything else. So, you really can’t ignore and also the geopolitical neighbourhood in which we live. No country, the US which is very far away from us or China, which is very close to us, cannot ignore us.”  Nirmala Sitharaman stated that India has always backed multilateral institutions and has not at any time sought to undermine any multilateral institution. She said that expectations pinned on multilateral institutions are fissured away as no solutions emerge from them. Expressing India’s support for multilateral institutions, the Union Minister said, “I think we have followed policies of strategic and peaceful multilateralism. The multilateralism you want us to speak about. India has always stood in favour of multilateral institutions. We didn’t want any time to undermine any multilateral institution. But progressively, we see the hope and expectations pinned on multilateral institutions are fissured away because we think no solutions are coming out of them. [ad_2] Source link

[news365times]

[ad_1] Union Finance Minister Nirmala Sitharaman had said that India provided financial support to its neighbours in times of distress with no conditions attached much before the International Monetary Fund (IMF) reached some countries in the neighbourhood.  While participating in a panel discussion on the ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’, organised by the Center for Global Development, Sitharaman spoke on how India has extended a line of credit to many African nations to build their institutions, bridges, secretariats and railway stations. Pointing towards the slow process adopted by the IMF, she said, “Much before the IMFs of the world reach some countries in our neighbourhood, and I’m not saying this with a sense of boast. I’m saying it more with a sense of responsibility, and again, sorry; I have no axe to grind with the IMF. But with no conditions attached, we have given sums of money, which I don’t want to name here, number here because my neighbours are very dear to me.”  The Union Finance Minister has assured that India will continue to assist Global South countries. Sitharaman said she would not share details regarding the money India provided to the nations, stressing that they are “very important” to her cultural values and neighbourhood.  Nirmala Sitharaman said, “We’ve come out in time to help countries in distress. And in the typical oriental fashion, I will not name the country; I will not name the money which has been given because they are very important to my cultural values and also to my neighbourhood. So, much before nimble-footed institutions of the Bretton Woods came there because we were closer to them, this money was used even better.”  “In many African countries, we extend a line of credit, which is a highly discounted line of credit to build the institutions, bridges, ports, railway stations, and secretariats. And let me add, with a sense of humility, many of them are in no position to pay back, and we have not made a noise about it. We will continue to do it because we think the South, the Global South, will be with us. We want to be with them. We want to help them out. We want all of them to get an opportunity. So we’re doing that,” she added.  Stressing that no country can ignore India, the Union Finance Minister stated, “Are we in a position to define that path? In that, one flag post which I want to draw your attention to about India and its role is leading on technology, servicing through technology, leveraging technology, and that is where when you look at Indians everywhere, you are saying that they are the ones before sitting and readily saying yes we will give you the systems which can run complex corporate whether it is a refining system, oil refining system, whether it is multilateral banking system or anything else. So, you really can’t ignore and also the geopolitical neighbourhood in which we live. No country, the US which is very far away from us or China, which is very close to us, cannot ignore us.”  Nirmala Sitharaman stated that India has always backed multilateral institutions and has not at any time sought to undermine any multilateral institution. She said that expectations pinned on multilateral institutions are fissured away as no solutions emerge from them. Expressing India’s support for multilateral institutions, the Union Minister said, “I think we have followed policies of strategic and peaceful multilateralism. The multilateralism you want us to speak about. India has always stood in favour of multilateral institutions. We didn’t want any time to undermine any multilateral institution. But progressively, we see the hope and expectations pinned on multilateral institutions are fissured away because we think no solutions are coming out of them. [ad_2] Source link

[mohdlarik]

Curbing money laundering by technological solutions in the UAE

The United Arab Emirates (UAE) has emerged as a global monetary hub, attracting groups, buyers, and economic establishments from around the world. Several foreign investors across the world throng into various states of the UAE in different sectors, including real estate, e-commerce, renewables, healthcare, virtual currencies, tourism, etc. Foreign investors, mainly from South Asian countries (India and Pakistan), and a few European states are making investments in real estate for nationality, but their money is doubted as a haven to launder their wealth.

As the UAE’s economic area expands, it faces an increasing hazard of being exploited for cash laundering activities. As if technology, financial crimes also witnessed advancements in recent times, and money laundering is one of these, having multiple branches. Money laundering is the technique via which criminals cover the origins of illicit price ranges, making them seem legitimate. This now not only undermines the economic system but also poses great threats to national safety. The UAE’s strategic place, various economic systems, and sizeable alternate networks make it a capability target for cash launderers. Therefore, enforcing powerful anti-money laundering (AML) solutions is crucial to detecting, stopping, and mitigating these risks. AML measures are essential for preventing illicit economic activities, safeguarding the economy, and upholding the UAE’s recognition as a dependent monetary middle.

The UAE has made vast strides in strengthening its regulatory framework to fight cash laundering. The Central Bank of the UAE, alongside other regulatory bodies, has established complete suggestions and guidelines that monetary establishments need to adhere to. These rules mandate the implementation of AML regulations, which include consumer due diligence, transaction monitoring, and reporting of suspicious sports. Compliance with these rules isn't always the most effective prison requirement but is also an important aspect of maintaining the integrity of the economic system.

Artificial intelligence (AI) and device studying are playing a pivotal role in enhancing AML efforts. These technological mechanisms enable economic institutions to investigate sizable quantities of information in actual time, become aware of styles, and detect uncommon transactions that could suggest money laundering. By leveraging this advanced equipment, banks and financial establishments can live in advance of criminals who continuously evolve their strategies.

Effective AML efforts require collaboration between economic institutions, regulatory bodies, and law enforcement organizations. In the UAE, there may be a robust emphasis on fact-sharing and cooperation to fight cash laundering. The UAE Financial Intelligence Unit (FIU) performs a key role in collecting and reading monetary facts, ensuring that suspicious sports are promptly reported and investigated. This collaborative technique complements the effectiveness of AML measures and allows for the fast detection and prevention of illicit activities.

Recently, the UAE government issued a federal decree amending certain provisions of the federal decree on anti-money laundering, combating the financing of terrorism, and financing of illegal organizations. As part of the ongoing development of the legislative and legal framework, this decree seeks to enhance the legal structure that supports the efforts of the country’s relevant authorities in combating financial crimes. It also aims to strengthen the UAE's technical compliance with international recommendations and treaties on these matters.

The UAE’s worldwide financial popularity is a great asset that has to be protected. Money laundering sports can significantly damage this popularity, leading to a loss of investor self-assurance and capability sanctions from international regulatory bodies. By enforcing high-tech AML solutions, the UAE now not only safeguards its economic machine but also reinforces its dedication to transparency, accountability, and the guidelines of law. This, in turn, attracts greater international business and funding, contributing to the continued increase and stability of the economic system.

As cash laundering strategies become more sophisticated, the UAE has to continue to innovate and enhance its AML measures. This involves non-stop training and education for monetary experts, investment in the modern generation, and ongoing collaboration with global partners. By staying vigilant and proactive, the UAE can effectively combat money laundering and maintain its function as a leading international financial center.

In the end, anti-money laundering solutions are critical to the UAE’s banking and financial machine. They play a crucial role in preventing illicit activities, ensuring regulatory compliance, and shielding the US’s economic popularity. As the UAE continues to develop and appeal to global interest, the significance of robust AML measures cannot be overstated.

[lokuhapuarachchi]

Anura Kumara Dissanayake's Economic Vision Amidst Crisis: A Spotlight on His UK Visit

Sri Lankan politics is entering another election period, marked by considerable uncertainty about whether the upcoming election will adequately address the country’s socio-political challenges. Socio-political commentators have expressed doubts about whether civil society is prepared for long-term or short-term solutions beyond the immediate electoral remedies. Additionally, Sri Lanka's economic freedom score is 49.2, placing it 149th in the 2024 Index of Economic Freedom. This score represents a decline of 3 points from the previous year, positioning Sri Lanka 34th among 39 countries in the Asia-Pacific region. The country's economic freedom score is below the global and regional averages.

Amidst this political and economic backdrop, the visit of National People's Force (NPP) leader Anura Kumara Dissanayake to Britain has garnered significant interest within the Sri Lankan immigrant community. Many are keenly focused on the economic policies proposed by the NPP. To understand these policies, it is essential to consider the impact of decades of ethno-religious chauvinism, which has systematically undermined Sri Lanka's once-thriving economy and robust public welfare system. Despite this, individuals who have profited from these divisions and mismanagement remain in power. Analyzing the NPP’s economic strategy, therefore, necessitates looking beyond superficial critiques and recognizing the party’s shift towards economic realism.

Anura Kumara Dissanayake and his team emphasize that their economic strategy is market-friendly, open to foreign investment, aligned with the International Monetary Fund (IMF) agenda, and primarily people-centric. However, this does not imply unrestrained acceptance of neoliberal policies. The NPP plans to implement a phased macroeconomic strategy to foster development, balancing market openness with strategic control over economic decisions.

It is unrealistic to expect immediate economic miracles during the NPP's initial term. The party’s approach is grounded in revitalizing the real economy rather than relying solely on an IMF-stabilized financial sector. Over-financialization has historically led to economic downturns and recessions, which neoliberal scholars often mischaracterize as normal trade cycles. These recessions, however, are structural rather than cyclical.

The NPP's initial focus will be on removing artificial market rigidities created by previous governments. This clean-up campaign, aimed at disrupting entrenched economic interests, is likely to provoke strong resistance from those who benefit from the current system. The IMF’s recovery agenda, which emphasizes financial sector strengthening without addressing these rigidities, lacks the specificity needed for genuine reform. Therefore, the NPP's first task will be to dismantle these barriers before restructuring the economy. A development strategy that prioritizes the domestic sector, driven by both market forces and government incentives, should not be misconstrued as regressive or isolationist.

Additionally, the NPP recognizes the need for organizational reforms to combat corruption, tax evasion, and undue influence. Firms engaged in tax minimization schemes must be held accountable. The NPP is the only party that has openly campaigned against these practices and pledged to bring offenders to justice, which is a compelling reason for giving the party a chance to govern. -

Anuruddha Lokuhapuarachchi

[carolinemillerbooks]

New Post has been published on Books by Caroline Miller

New Post has been published on https://www.booksbycarolinemiller.com/musings/the-system-is-rigged/

The System Is Rigged

It’s old news that a New York jury found former president Donald Trump guilty of 34 felony counts for falsifying business records before the 2016 presidential election.  He protested that the trial was rigged, naturally.  What else can a guilty man running for the White House a second time say?   His followers need none of his excuses. They are pledged to believe his version of events. A few will admit Trump is a flawed vessel.  They give him their blessing because they are  White Christian Nationalists  who believe he is doing God’s work. The country isn’t leaning in their direction,  however. The alliance between would-be saints and an uber-sinner might be laughable if they weren’t abetted by powerful allies. The names of some of these allies appear in the  April/May edition of Forbes magazine.  Not White Christian Nationalists, they are members of the billionaire club that controls how money flows around the globe. Liquidity allows them to cast long shadows in both local and international affairs and maintain …heavily directorial systems  [that] are fundamentally rigged to the benefit of those at the very top. What they share with White Christian Nationalists is an antipathy to democracy and the notion of one man one vote.  Driven by blind ambitions, these money changers fail to see how much their wealth derives from the governmental structures they seek to undermine.  Where would Elan Musk be without federal subsidies?   And thanks to the holes they have poked in our tax laws many of them, like Trump, can boast that they’ve never paid their fair share.  Not one of them has given  94% of their income to the public good since dinosaurs roamed the steamy forests of the Saraha.  Freed of their social obligations, these entrepreneurs invest their money in schemes to influence international monetary agencies designed to regulate them.  The  Investor-State Dispute Settlement System (ISDS) is an example. One reporter alleges the organization is so degraded that multinational corporations run off with billions of taxpayer dollars. (Victories in the Global Movement Against Corporate Globalization,” by Melanie Foley, Public Citizen, May/June, pg. 10)  Look what happened in Togo.  This small nation introduced legislation to regulate cigarette content in the hope of protecting the health of its citizens. The dream died when the ISDS allowed manufacturers to sue. Knowing these multinationals had coffers many times larger than its national budget, Togo backed down.  A Boston University report on the ISDS also documents the agency’s leniency toward the fossil fuel industry. One of its regulations allows that enterprise to sue based on a claim that cutting carbon emissions harms its financial interests. How rigged is that?  Rather than fight these multinationals directly, the Union of Concerned Scientists has proposed reforms to strengthen the ballot box.  (“Strengthening Our Elections—And Our Democracy,” by Seth Schulman, Catalyst, Spring 2024, pgs. 16-17)  They point out that even the modest reform of well-designed ballots can affect the outcome of elections.  In addition, Rep. Jamie Raskin (D-Md) wants to protect our democracy by starting at the top.  He proposes to force Supreme Court judges to recuse themselves if they have apparent conflicts of interest.  His suggestion may have come too late.  The High Court dealt democracy a crippling blow in Citizen’s United.  By a  5-4 decision, it extended First Amendment rights from individuals to institutions. Since then, money has poured into our political campaigns, providing large corporations with megaphones to silence the voices of the people. You bet, Mr. Trump!  The system IS rigged. The wonder is that twelve ordinary citizens who were approved by your attorneys could arrive at a verdict and find you guilty of 34 felony counts. That unanimity makes your rage and the cries of your lackeys who call you a martyr unconvincing. What a majority of us hear is “Send in the Clowns” I do have one regret about the verdict, though, Mr.  President. Neither of you nor I will live long enough to see what history will make of your legacy.

[darkmaga-returns]

The Biden administration has been pumping Kyiv with money since Donald Trump's win so Ukraine falls during the Trump presidency, analysts say

Dec 10, 2024

The Biden administration announced today that the U.S. will pump Ukraine with $20 billion in stolen Russian assets to keep the war going — which is part of a $50 billion effort by the G7 announced in October

“These funds – paid for by the windfall proceeds earned from Russia’s own immobilized assets – will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” Janet Yellen, the secretary of the Treasury, said in a statement. She continued: “We are sending an unmistakable message of resolve by making Russia increasingly bear the costs of its illegal war, instead of taxpayers in our coalition.”

(U.S. taxpayers already sent Ukraine over $60 billion in weapons.)

The International Monetary Fund warned in May that the Western push to confiscate Russian assets or the interest on these funds could dramatically undermine the global monetary system.

Christine Lagarde, the European Central Bank president, spoke out against stealing the Russian assets in April at the Council for Foreign Relations.

“Moving from freezing the assets to confiscating the assets, disposing of them, is something that needs to be looked at very carefully” because it would “start breaking the international legal order that you want to protect, that you would want Russia and all countries around the world to respect,” according to Politico.

U.S. President-elect Donald Trump, who campaigned on them promise to end the war in Ukraine, called for an immediate ceasefire in Ukraine, stating that Ukrainian President Volodymyr Zelensky and Kyiv would “like to make a deal and stop the madness.”

[albertpeter]

Why Are Stablecoin Development Regulations Becoming Stricter in 2024?

Stablecoins have become a crucial component of the cryptocurrency ecosystem, providing a bridge between the volatile world of digital assets and the stability of traditional fiat currencies. These digital assets are designed to maintain a stable value by pegging them to a reserve asset, such as the US dollar or gold. However, the rapid growth and adoption of stablecoins have raised concerns among regulators worldwide, leading to stricter regulations in 2024. Let's explore the reasons behind this trend.

1. Financial Stability Concerns:

One of the primary reasons for the stricter regulations around stablecoin development is the potential impact on financial stability. Stablecoins, especially those with a large market capitalization, have the potential to disrupt traditional financial systems. If not properly regulated, stablecoins could introduce systemic risks, such as runs on stablecoin issuers or destabilizing effects on monetary policy.

2. Consumer Protection:

Regulators are also concerned about protecting consumers who use stablecoins. Unlike traditional bank deposits, stablecoins are not always backed by a government guarantee or subject to the same level of regulatory oversight. This lack of protection could expose consumers to risks such as fraud, loss of funds, or the sudden collapse of a stablecoin issuer.

3. Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Concerns:

Stablecoins are increasingly being used for cross-border payments and remittances due to their speed and efficiency. However, this has also caught the attention of regulators concerned about the potential misuse of stablecoins for money laundering or terrorist financing purposes. Stricter regulations are aimed at ensuring that stablecoin issuers comply with AML and CTF requirements.

4. Market Integrity:

Another key concern is maintaining the integrity of the market. The lack of transparency and oversight in the stablecoin market could lead to market manipulation, insider trading, or other fraudulent activities. Stricter regulations seek to address these issues and ensure a fair and transparent market for stablecoins.

5. Regulatory Arbitrage:

Regulators are also concerned about regulatory arbitrage, where stablecoin issuers may seek to operate in jurisdictions with lax regulations to avoid compliance with stricter rules elsewhere. This can create regulatory challenges and undermine the effectiveness of regulations in ensuring the stability and integrity of the stablecoin market.

6. Systemic Risk:

The rapid growth of stablecoins and their increasing interconnectedness with the broader financial system have raised concerns about systemic risk. A failure or significant disruption in the stablecoin market could have far-reaching consequences, impacting financial stability and the wider economy. Stricter regulations are aimed at mitigating these risks and ensuring the stability of the financial system.

7. International Coordination:

Given the global nature of stablecoins and their potential to cross borders seamlessly, there is a growing recognition of the need for international coordination in regulating stablecoins. Regulators are working together to develop common standards and guidelines to address the regulatory challenges posed by stablecoins effectively.

Conclusion

The increasing adoption and use of stablecoins have prompted regulators worldwide to take a closer look at this sector and implement stricter regulations. These regulations are aimed at addressing concerns related to financial stability, consumer protection, AML/CTF compliance, market integrity, regulatory arbitrage, systemic risk, and international coordination. By implementing these regulations, regulators aim to ensure the safe and responsible development of stablecoins while maintaining the stability and integrity of the broader financial system.

[isocertificationinsouthafrica]

The benefits of ISO 37001 certification in South Africa for anti-bribery management systems

Advantages of ISO 37001 Certification

ISO 37001 Certification in South Africa businesses increasingly prioritize ethical behavior and robust anti-bribery practices in the contemporary competitive commercial enterprise landscape. Corruption not only undermines truthful opposition but erodes public belief in monetary boom. This is wherein ISO 37001 Certification in South Africa emerges as a powerful tool. This internationally recognized standard empowers groups to establish a robust Anti-Bribery Management System (ABMS), demonstrating their unwavering commitment to ethical business practices.

Understanding ISO 37001

Published via the International Organization for Standardization (ISO), ISO 37001:2016 is well-known globally and specially designed for ABMS. It outlines a framework for corporations to put in force powerful methods to save you, hit upon, and address bribery all through their operations. Earning ISO 37001 certification signifies a corporation’s determination to moral behavior, fostering belief with stakeholders and bolstering its popularity as a responsible commercial enterprise entity.

The Compelling Advantages of ISO 37001 Certification in South Africa

In South Africa, where the fight against corruption remains a country-wide priority, ISO 37001 certification gives many advantages to corporations of all sizes and sectors. Here’s a closer look at the essential blessings:

Enhanced Reputation and Credibility: Certification is a public declaration of your organization’s dedication to moral business practices. This strengthens stakeholder self-belief, particularly valuable when attracting new investors, clients, and companions. A strong popularity builds agreement with and fosters long-term enterprise relationships.

Reduced Risk of Bribery: A well-designed ABMS, as outlined by ISO 37001, proactively identifies and mitigates bribery dangers within your organization. This minimizes the capacity for criminal repercussions, reputational harm, and economic consequences of bribery offenses. By proactively addressing those risks, you guard your corporation’s destiny.

Improved Business Relationships: Demonstrating a robust anti-bribery stance can open doors to new partnerships and collaborations regionally and worldwide. Many groups prioritize running with moral partners, and ISO 37001 certification becomes a valuable differentiator.

Stronger Governance and Risk Management: The ABMS framework promotes an enterprise-wide culture of integrity. This leads to better decision-making, promotes ethical behavior among personnel, and fosters a more chance-conscious environment. Stronger governance translates to a more resilient and sustainable enterprise.

Increased Employee Engagement: Employees empowered using a clear anti-bribery policy and supportive methods are more likely to function ethically and document any suspicious pastime. This fosters a lifestyle of transparency and duty within the organization.

Beyond Compliance: The Strategic Value of ISO 37001 Certification in South Africa

While achieving compliance with South Africa’s anti-bribery regulation is vital, ISO 37001 certification offers a strategic advantage beyond mere compliance. Here’s how:

A Competitive Edge: Ethical conduct is becoming an essential differentiator in today’s globalized market. Certification demonstrates your corporation’s dedication to ethical practices, making you a more appealing accomplice and supplier.

Streamlined Operations: The ABMS framework encourages the improvement of clear and documented strategies, leading to extra efficient operations and stepped-forward selection-making.

Cost Savings: By mitigating the chance of bribery-associated penalties and reputational damage, ISO 37001 certification can lead to tremendous fee financial savings in the long run.

Who Can Benefit from ISO 37001 Certification in South Africa?

While any organization in South Africa can gain from ISO 37001 certification, it’s incredibly wonderful for the ones operating in excessive-threat environments or with frequent interactions with 0.33 events. Here are some specific examples:

Public Sector: Government businesses, public firms, and institutions concerned with procurement and licensing techniques are susceptible to bribery risks. An ABMS can appreciably boost transparency and accountability.

Private Sector: Companies engaged in global alternates, big-scale infrastructure initiatives, or industries with a record of corruption can considerably benefit from the threat mitigation techniques mentioned in the preferred.

Conclusion:

While achieving ISO 37001 certification in South Africa requires commitment and time, the long-term benefits outweigh the initial investment. By understanding the process, considering the influencing factors, and implementing optimization strategies, organizations can efficiently navigate the journey toward a robust and certified ABMS. Remember, the exact timeline will be unique to your organization. Still, with proper planning and execution, you can successfully obtain ISO 37001 certification and demonstrate your commitment to ethical business practices in South Africa.

Why Factocert for ISO 37001 Certification in South Africa

We provide the best ISO consultants who are knowledgeable and provide the best solutions. To learn how to get ISO certification, kindly contact us at contact@factocert.com. ISO Certification consultants work according to ISO standards and help organizations implement ISO certification with proper documentation.

For more information, visit ISO 37001 Certification in South Africa.

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