The BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more countries recently express desire to join BRICS. -Russian Embassy in Kenya, via Twitter, 7/3/23 There is a belief among certain Europeans that a higher price of gold for settlement purposes would facilitate financing of oil imports, although the argument depends on assumptions regarding producers’ attitude towards gold as an asset which may not be valid.
The Fed’s real job is to make the Treasury look solvent. Don’t ever never ever never forget that. -Mike Taylor, via Twitter, 10/8/22 At some point the Fed will have to decide whether to defend the dollar or prop up the banking system and support the state. -Dan Oliver, Myrmikan Capital, “Currency v. Banking”, 5/12/23 If we are right, then once the Fed shows their hand again for the third time this year (that they
Federal Reserve Chair Jerome Powell finds himself in a place no central banker wants to be: working to avert a credit crunch, which calls for looser monetary policy, while fighting high inflation, which demands the opposite. -Nick Timiraos, WSJ, 6/12/23 POWELL: WE ARE MOVING BALANCE SHEET BACK DOWN, BUT WON’T GO BACK TO A SCARCE RESERVES LEVEL. -Bloomberg, 6/21/23 At some point the Fed will have to decide whether to defend the dollar or prop up the banking