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Russia previously insisted on completing payments in rubles. Russia appeared to narrowly avoid default on Friday as it paid off a number of overdue international debts in dollars, reversing its recent policy requiring transactions occur in rubles. The finance ministry said it paid $564.8 million on a 2022 Eurobond and $84.4 million on a 2042 bond in dollars, as specified on the bonds, Reuters reported.

China in July purchased 80.1 tons of gold valued at $4.6 billion China and Russia may be working toward a new gold-backed currency in a move that would aim to dethrone the dollar as the primary reserve currency of the world, but any such currency would unlikely achieve that goal. "The USD remains the safest, most convenient and most widely used currency in Asia and in the world today," Min-Hua Chiang, a research fellow and economist at the Heritage Foundation’s Asian Studies Center, told FOX Business. "No other currency (backed by gold or otherwise) is comparable, and that is unlikely...

Vietnam's Lê Thành, the self-proclaimed 'King of VGA,' is having some fun on Facebook(opens in new tab) (via I_Leak_VN(opens in new tab)). In photos and videos shared on the social media site, it looks like the store has started to use street trader tactics to grab passersby and sell them GPUs by the kilo. Lê Thành shared pictures of dozens of used GPUs stacked up on the curbside in a clear parody of a Vietnamese street food stall. There is also a video with the vendor patiently waving away flies with a net, awaiting passersby. Then, a scooter stops, and...

The newly elected UK prime minister wants to “fix our economy, unite our Party and deliver for our country” Sunak previously asked the Royal Mint to create NFTs to demonstrate the country’s commitment to investing in cryptocurrency technology The United Kingdom’s incoming prime minister may be a bullish indicator for the country’s crypto prowess. Former Chancellor of the Exchequer Rishi Sunak is set to take the seat following the resignation of Liz Truss — who was in office for just 45 days. Handpicked by fellow Conservative Party members on Monday, Sunak, the son of Indian immigrants, will be the first...

Saudi Arabia, the largest U.S. export market in the Middle East, invited Chinese President Xi to visit Riyadh in March as relations with the U.S. have faltered since Joe Biden was elected, The Wall Street Journal reported. According to a report from CNN, U.S. intelligence agencies have assessed that Saudi Arabia is now actively manufacturing its own ballistic missiles with the help of China, a relationship that could lead to domino effects across Middle East countries. Under Biden, the US leader who suffers from severe dementia is openly mocked on the international stage. U.S. allies are now aligning with China....

A Saudi prince related to Crown Prince Mohammed bin Salman's seemingly took aim at President Biden and the U.S., warning leaders not to threaten Saudi Arabia. "Anybody that challenges the existence of this country and this kingdom. All of us, we are products of jihad, and martyrdom," Saudi Prince Saud al-Shaalan, who is married to one of the grandaughter's of the late King Abdulaziz Al Saud, said in a video that was posted to Twitter Saturday. "That's my message to anybody that thinks that it can threaten us." King Abdulaziz Al Saud founded Saudi Arabia. The video comes amid a...

WASHINGTON — Upstate Rep. Elise Stefanik, the No. 3 House Republican, has said GOP lawmakers could move to impeach President Biden next year after investigating his family’s foreign consulting businesses and his “illegal” request that Saudi Arabia delay oil production cuts until after the Nov. 8 midterm elections. “When there’s an egregious abuse of power and high crimes and misdemeanors, that means anything is on the table,” Stefanik told The Post Monday, adding that the White House’s admitted request that the Saudi-led OPEC+ cartel delay oil output cuts until after Americans vote was a “very egregious, inappropriate and illegal action...

South African President Cyril Ramaphosa held a two-day summit with Saudi Arabia on mostly economic matters. At the conclusion of the summit, he confirmed the intent of Saudi Arabia to join the BRICS economic coalition, which should not come as a surprise given the previous statements by Saudi leader and Crown Prince Mohamed Bin Salman (MbS).

Rep. Alex Mooney proposes the United States adopt a new gold standard after U.S. government officials first disclose all gold holdings and secret gold transactions, allowing the gold price to adjust to its fair market value. WASHINGTON, DC / ACCESSWIRE / October 9, 2022 / America's currency would regain stable footing for the first time in half a century if a bill just introduced by U.S. Representative Alex Mooney (R-WV) becomes law. Referred to as the "Gold Standard Restoration Act" by sound money activists, H.R. 9157 calls for the repegging of the Federal Reserve note to gold in order to...

TEHRAN, October 5. /TASS/. Cooperation between Iran, Russia and China will help create a new power that will oppose the unipolar world order, Iranian President Ebrahim Raisi said in an interview with China’s CGTN broadcaster on Wednesday. "People around the world have bad memories of the era which has come to an end. It was a time of hegemony, unipolar world order and violations of the legitimate rights of many nations," the Iranian president pointed out. According to him, "a new era will be marked by the establishment of a multipolar world order." Cooperation between Iran, Russia, China, the Shanghai...

The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years. UNCTAD Report Criticizes Central Bank Rate Hikes During Global Economic Downturn Monetary tightening measures may not be a good idea according to the United...

After it joined the World Trade Organization in 2000 and anchored the Chinese yuan (a.k.a. renminbi) to the U.S. dollar, China linked its economy to the United States. Enforcing a fixed exchange rate regime with strict capital controls, China benefited from large inflows and relatively low-interest rates due largely to the low-interest rate environment in the United States. What happens to the Chinese economy when interest rates increase in the United States?Sovereign currency policy faces the intractable dilemma of what economists call the “impossible trinity.” Countries can have a fixed exchange rate, free capital flow, or sovereign monetary policy but...

Do Kwon is the founder of Terraform Labs, the company was behind the algorithmic stablecoin TerraUSD and Luna...South Korean authorities have sought his arrest and claim that Interpol has issued a "Red Notice," which is effectively a global arrest warrant...Kwon's Twitter location says he is in Singapore. But earlier this month, the Singapore Police Force said that Kwon was not in the city-state.

Tehran (AsiaNews) – Iran will become a full member of the Shanghai Cooperation Organization (SCO) with the signing of the memorandum of obligation at a summit in Samarkand, on 15-16 September. “This year, within Uzbekistan's chairmanship, Iran, as an observer state will ... become a full-fledged member of the SCO,” RIA Novosti quoted Uzbek Foreign Minister Vladimir Norov as saying yesterday during a meeting in Moscow. Iran took one step closer to full membership on 17 September last year when its application was accepted 15 years after it was made. On that date, SCO began the country's accession, which usually...

To stimulate the economy, China’s regulators are forcing Chinese banks to meet high loan quotas. To hit the difficult-to-attain targets, ingenious bankers are lending and simultaneously allowing borrowers to deposit identical amounts with their institutions at identical interest rates. Companies no longer want money to launch new projects. Pessimism about the economy dominates thinking in Chinese boardrooms and throughout the rest of society. The big story is not that the Chinese economy is falling apart.

European Commission president Ursula von der Leyen declares an energy emergency. The crisis will not be contained to Europe. EC President Seeks 'Emergency Intervention' in Electricity Market Please note Ursula von der Leyen Calls for 'Emergency Intervention' in Electricity Market. "The skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design," the European Commission president said on Monday while addressing the Bled Strategic Forum in Slovenia. "[The market] was developed under completely different circumstances and for completely different purposes. It is no longer fit for purpose. "That is why we, the Commission, are...

CHICAGO (BLOOMBERG) - The former head of the JPMorgan Chase & Co precious-metals business and his top gold trader were convicted in Chicago on charges they manipulated markets for years, handing the United States government a win in its long crackdown on bogus "spoofing" orders. Michael Nowak and Gregg Smith were found guilty on Wednesday (Aug 10) by a federal jury after a three-week trial and more than eight days of deliberations. Prosecutors presented evidence that included detailed trading records, chat logs and testimony by former co-workers who "pulled back the curtain" on how Nowak and Smith moved precious-metals prices...

Lawmakers are pushing the Federal Reserve to move swiftly toward issuing a digital dollar, to combat steps from China and others they say could one day threaten the U.S. status as the global reserve currency. The bipartisan group of lawmakers, including Reps. Maxine Waters (D., Calif.) and French Hill (R., Ark.), has sought for the U.S. to counter global competitors launching digital versions of their currencies. The House Financial Services Committee, which both serve on, might vote on related legislation as soon as next month. Ms. Waters has framed competition over new forms of central-bank money as “a new digital...

And once again, as happens often with consequential news in the United States and the West, no one has noticed and no one seems to care. If you’ve blinked over the last month, you may have missed it… China and Russia are taking their shot at the U.S. dollar. And as often happens with consequential news in the United States and the West, no one seems to notice or even care. Since the beginning of the year, I have been writing about the possibility of Russia and China challenging the US dollar’s global reserve status. Now, it’s happening. It shouldn’t...

*Lawyers representing 3AC’s creditors say the physical whereabouts of Zhu Su and Kyle Davies are “currently unknown.” *The court filing from Friday also alleges that the founders have not yet begun to cooperate with the liquidation process “in any meaningful manner.” *The entire stablecoin market is now worth more than $160 billion. ===================================================================== The co-founders of failed crypto hedge fund Three Arrows Capital appear to be on the run from creditors, according to court documents recently filed in New York. Lawyers representing the creditors say the physical whereabouts of Zhu Su and Kyle Davies, who started Three Arrows in 2012,...