Interesting Chain of Events

[blueskyline]

https://www.google.com/amp/s/futurism.com/chinese-central-bank-launch-cryptocurrency/amp....China to Launch PBOC Crypto ........https://www.google.com/amp/s/amp.businessinsider.com/china-bought-100-tons-gold-buffer-against-trump-trade-war-2019-10....China buys 100 tons gold during trade war...https://www.google.com/amp/s/blockonomi.com/hong-kong-bank-run-bitcoin/amp/....Some China ATMs running out of cash ...............................................................IN THE USA .https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-10-04/new-york-fed-extends-its-repo-operations-through-october....Fed pumps money into financial markets to prop up Unknown Banks short of liquidity (cash) thru october......https://www.google.com/amp/s/www.forbes.com/sites/jasonbrett/2019/10/05/as-congress-asks-the-fed-to-look-into-a-digital-dollar-former-fdic-chair-sheila-bair-is-ahead-of-the-curve--again/amp/ Congress ask Fed to look into digital dollar ......https://www.google.com/amp/s/www.cnbc.com/amp/2019/06/19/bitcoins-digital-gold-but-facebooks-libra-is-the-digital-dollar.html.....Libra the new Digital Dollar .......What am I trying to say ? Both China and The US seem to be extremely low on cash now and at the same time . Both are releasing a New Crypto Currency . Facebooks name for their Crypto is the Libra . Astrological dates for Libra are September 23rd thru October 21st ????... Thank You for reading DV's

[blueskyline]

Just a Reminder..........http://www.almadarnews.org/index.php?page=article&id=59409....

 

 

US bank: Trump may devalue the dollar further

 

25-06-2019 06:47 PM 
Number of Views: 133

 

Orbit Agency -

Baghdad

The value of the US dollar has fallen, to its lowest level since August last year, relative to the Russian ruble.

Bank of America says this is not the final limit, because US President Donald Trump may decide to devalue the US currency. The bank, one of the country's largest financial institutions, warned investors of the US authorities' intention to float the dollar. Trump will make the decision, under the slogan of stabilizing the economy.

"If the Fed's move to cut rates seems to be insufficient, the likelihood of formal intervention in the monetary issue will increase," said Michael Meir, an economist at Bank of America and a currency strategist at Ben Randall.

In 2018, the US economy grew by 2.9 percent, but by the end of the year, it slowed significantly.

According to IMF forecasts, US GDP growth will decline over the next two years. Experts say the possibility of a recession by 2021, due to the existence of a huge government debt, exceeding $ 22 trillion, and a budget deficit of $ 1 trillion, resulting from a sharp increase in the costs of servicing this debt, as well as a sharp worsening of the trade war with China.

These experts predict that a 'soft' recession may occur in 2020, despite the expected rate cut.

Experts point out that Trump publicly and explicitly abandoned the policy of 'strong dollar', which his predecessors stuck in power.

Trump believes that the 'strong dollar' is hindering the export of US goods and services, and only exacerbates the trade deficit: in 2018, this index reached an unprecedented number - $ 621 billion. If the dollar becomes cheaper, foreign consumers would prefer to buy American goods, increasing production and reducing the foreign trade deficit.

Last week, Trump strongly attacked ECB President Mario Draghi, accusing him of deliberately depreciating the euro against the dollar.

Trump has consistently insisted that China deliberately devalues its currency - the yuan, making exports cheaper and increasing trade imbalances with the United States.

But experts fear that Trump's continued "weak dollar" policy could undermine US economic growth

 

 

[blueskyline]

Facebook Launches The Libra during the time of Libra .....Astrological Dates for Libra is September 23rd through October 22nd......https://time.com/5700429/facebook-launches-libra-digital-currency/........

Facebook Officially Launches Libra, Its Digital Currency

This photo shows the Facebook logo on screens at the Nasdaq MarketSite, in New York's Times Square on March 29, 2018.

 

Richard Drew—AP

BY KEN SWEET / AP 

8:53 PM EDT

NEW YORK — Facebook officially moved forward with its plans Monday to create a new digital currency called Libra, despite several high-profile defections from the project and intense criticism from U.S. regulators and politicians.

The Libra Association, the nonprofit that will govern the currency, officially signed on 21 charter members on Monday at the organization’s inaugural meeting in Geneva. Originally the Libra Association had 27 potential members, but several companies dropped out in recent days, including Visa, Mastercard and PayPal.

Most of the remaining members of the Libra Association consist of venture capital firms, who often have an eye on emerging technologies and align with Facebook’s interests, as well as nonprofits. But some larger companies who are now members of the association include Uber, Lyft, Spotify and European telecommunications company Vodafone. The association said in a statement that an unnamed additional 180 entities have expressed interest and have met the initial requirements to join.

Facebook has faced criticism since the summer when it unveiled plans to create a separate, private currency system to allow users to make cross-border payments more easily. Politicians have said they believe Facebook’s struggles with protecting users’ privacy would spill over into Libra, despite it being a separate organization .

 

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The Menlo Park, California-based company tried to answer those criticisms by creating Libra as a legally separate entity through the Libra Association, and by not owning Libra itself. But Facebook is still involved, even at an arm’s length. The association elected David Marcus, a Facebook executive and co-creator of Libra, as one of the association’s five directors. Katie Haun with Andreessen Horowitz, one of the VC firms that invested in Facebook before it went public, was elected to the board as well.

Facebook CEO Mark Zuckerberg is scheduled to appear in front of the House Financial Services Committee later this month to discuss Libra. That committee is chaired by Rep. Maxine Waters, D-Calif., who has been an ardent critic of Libra from its onset.

Facebook and the Libra Association have said they would not start trading or accepting deposits for Libra until they satisfy U.S. regulators concerns. Dante Disparte, Libra’s head of policy and communications, said that the association is now in active talks with regulators to get approval. Facebook has also hired several Washington lobbyists to help alieve regulator and political concerns over Libra.

The other three directors elected to the association’s board were Matthew Davie of Kiva Microfunds, Patrick Ellis with PayU and Wences Casares of Xapo Holdings Ltd.

 

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[blueskyline]

https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-08-23/carney-urges-libra-like-reserve-currency-to-end-dollar-dominance......

Economics

Carney Urges Libra-Like Reserve Currency to End Dollar Dominance

By 

Brian Swint

August 23, 2019, 3:00 PM EDT

 

Carney Proposes Libra-Like Reserve Currency to End Dominance of Dollar

Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one.

Just a few months before he steps down as Bank of England governor, Carney offered his vision for the international economy at a time of sweeping change. Trade wars and the threat of currency wars are hurting growth and upending multilateral cooperation, while central banks are trapped in a low interest-rate world as they struggle to revive inflation.

 

“The combination of heightened economic policy uncertainty, outright protectionism and concerns that further, negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy,” Carney said. “What then must be done?”

Mark Carney (right) at Jackson Hole with Jerome Powell

Photographer: David Paul Morris/Bloomberg

Speaking to fellow policy makers and academics at the U.S. Federal Reserve’s annual symposium in Jackson Hole, Wyoming, he said that in the short term central bankers must deal with the situation as it is. But he also warned that “blithe acceptance of the status quo is misguided,” and dramatic steps will ultimately be needed.

His most striking point was that the dollar’s position as the world’s reserve currency must end, and that some form of global digital currency -- similar to Facebook Inc’s proposed Libra -- would be a better option. That would be preferable to allowing the dollar’s reserve status to be replaced by another national currency such as China’s renminbi.

U.S. Shocks

He spoke hours after U.S. President Donald Trump roiled financial markets by again using Twitter to criticize Fed policy and tweeting that he would respond to retaliatory tariffs on American goods imposed by China.

“In the longer term, we need to change the game,” Carney said. “When change comes, it shouldn’t be to swap one currency hegemon for another.”

Libra is planned to be a worldwide digital currency that could lie outside the direct control of central banks. So far it has drawn opprobrium from most policy makers -- French Finance Minister Bruno Le Maire said it is “out of the question” and U.S. House Financial Services Committee Chair Maxine Waters promised an aggressive response from Congress.

 

Carney has been more sympathetic, though in his speech he said it may be that a new “Synthetic Hegemonic Currency” would be best provided by the public sector, through a network of central bank digital currencies.

“Even if the initial variants of the idea prove wanting, the concept is intriguing,” he said. “An SHC could dampen the domineering influence of the U.S. dollar on global trade.”  Carney’s chief concern is that globalization has heightened spillovers, and financial integration means crises can spread rapidly. That results in U.S. monetary policy having a greater impact on other nations than it used to. 

A multipolar system would reduce those spillovers and help minimize the volatility of capital flows to emerging markets. The “mainstream view” of monetary policy and the international financial system is “increasingly anachronistic,” the BOE chief declared.

“Even a passing acquaintance with monetary history suggests that this center won’t hold,” he said. “Let’s end the malign neglect of the international monetary and financial system and build a system worthy of the diverse, multipolar global economy that is emerging.”

[NEPatriotsFan1]

It’s already here and ready to be implemented..... it’s called XRP 

 

currently .29 cents 

 

 

 

 

[NEPatriotsFan1]

I should note Mark Carney is the former Bank of England President and incoming ECB President they are both already in bed/ partner with Ripple