The Unit’s structure, anchored in gold and BRICS+ currencies, provides for de-dollarization, along with a stable and decentralized monetary framework
In This Article:
Introduction to the BRICS+ Unit
Addressing Global Financial and Payment Issues
Economic and Political Benefits
Technological Features and Adoption Prospects
In 2024, the global financial landscape is poised for a significant transformation with the introduction of a groundbreaking concept: it’s called
the Unit.
A boring and unremarkable name, but it makes total sense and it’s financial implications will be profound.
Proposed by the financial services and investments working group of the BRICS+ Business Council, the Unit aims to establish a decentralized monetary ecosystem.
Expected to become official BRICS+ policy by 2025, the Unit seeks to address critical geoeconomic issues, particularly the global crisis of trust in existing monetary frameworks.
Introduction to the BRICS+ Unit
The Unit, conceptualized by Alexey Subbotin, founder of Arkhangelsk Capital Management, is designed to tackle the inherent flaws of centralized monetary systems established over 80 years ago at Bretton Woods.
This financial sovereignty is particularly appealing to countries seeking an alternative to the current centralized, dollar-based systems.
These flaws include chronic deficits, speculative bubbles, politically motivated sanctions, and a lack of fair arbitration.
The Unit proposes a reliable, quick, and economically efficient solution for cross-border payments, functioning as a new form of international currency issued in a decentralized manner and regulated at the national level.
Addressing Global Financial and Payment Issues
The current global financial system faces numerous challenges, including speculative bubbles and politically motivated sanctions.
The Unit aims to address these issues by providing a decentralized monetary framework that is both reliable and efficient for cross-border payments.
By doing so, it tackles the root problems of chronic deficits and lack of fair arbitration, offering a solution that can restore trust in the global financial system.
Economic and Political Benefits
The Unit offers numerous benefits, particularly for the Global Majority, by providing a form of apolitical money. It aims to harmonize trade and financial flows, maintaining independence from political pressures.
This financial sovereignty is particularly appealing to countries seeking an alternative to the current centralized systems. The Unit’s structure, anchored in gold (40%) and BRICS+ currencies (60%), provides a stable and trustworthy monetary framework.
Technological Features and Adoption Prospects
Technologically, the Unit is designed to be compatible with both traditional banking operations and the newest forms of digital banking.
It aims to upend unfair pricing in commodity trading by establishing the Eurasian Mercantile Exchange, where trading and settlement can be conducted in this new currency.
This approach facilitates the development of new financial products for foreign direct investment (FDI), bridging trade flows and capital.
The Unit employs distributed ledger technology to ensure transparency and prevent capital controls or exchange rate manipulation.
This technology allows connections to all open decentralized exchanges (DEX) and digital platforms operated by both commercial and central banks worldwide.
The end goal is for everyone to use the Unit for accounting, bookkeeping, pricing, settling, paying, saving, and investing.
Implementation Timeline and Adoption Prospects
The BRICS Business Council has already backed the Unit, and it is on the agenda for the upcoming ministerial meeting in Russia.
The roadmap for its adoption will be discussed at the BRICS+ summit in October 2024 in Kazan.
With the potential for implementation as early as 2025, the Unit presents a feasible technical solution for creating a globally recognized payment and trade system immune to political pressure.
The Bottom Line
The Unit represents a groundbreaking approach to addressing the shortcomings of current centralized monetary systems.
By offering a decentralized, apolitical currency, it promises economic and political benefits for the Global Majority. Its technological innovations and potential for wide-scale adoption position it as a key player in the future of global finance.
Ending the UNAMI Mission Marks a Step for Iraq Regaining Full Sovereignty
Farhad Alaaldin-The Iraqi Prime Minister's Advisor for Foreign Affairs
Saturday - 25 May 2024
In a formal letter, dated 8 May 2024 and addressed to the United Nations Secretary-General, Antonio Guterres, Iraqi Prime Minister Mohammad Shia al-Sudani called for “ending the mandate of the United Nation’s Assistance Mission in Iraq (UNAMI) on 31 December 2025", emphasizing that "after more than 20 years of democratic transition and overcoming great and diverse challenges, the justifications for a political mission in Iraq are no longer present".
This letter was delivered in time, by the Iraqi Charge d'Affaires at the United Nations, before the Security Council (SC)’s scheduled meeting on 30 May 2024, to vote on UNAMI's fate. Iraq is not a member of the Council, however, it will be difficult for the existing SC members to ignore the wishes of an elected Government of Iraq.
The strategic review
In May 2023, Iraq made a formal request to the SC to reduce the UNAMI mandate. In response, the Council set up a three-man committee, headed by Volker Perthes of Germany, to carry out a “Strategic Review” of UNAMI's mandate, based on the SC resolution 2682 (2023). The committee visited Iraq in Nov 2023 and conducted 250 interviews with various stakeholders, including the Federal Government, the Kurdistan Regional Government, political parties, civil society organizations, think tanks and the UNAMI staff all over Iraq. They also reviewed the papers and work of UNAMI both in Iraq and New York, before submitting their report to the Secretary General in Feb 2024.
The ‘Perthes’ report unequivocally acknowledged the progress made in Iraq, and that: "the Iraqi political system has, at least over the past eighteen months, increasingly demonstrated its ability to manage crises". It further adds "no UN political mission should stay in a country forever. Prolonged third-party presence may discourage local solutions and national ownership". Perthes therefore recommend that “the Mission begin to transfer its functions to national institutions and the United Nations country team in a responsible, orderly and progressive manner within an agreed time frame."
Thus, both the Iraqi Government and Perthes’ Strategic Review agree on ending the mission, with a slight variation in the timing and process, as the Iraqis want to end the mission by Dec 2025 with an immediate winding down and switching the focus away from the political file, to "economic reform, service provision, sustainable development, and climate change”. Perthes’ report, however, recommends ending the mission by June 2026 while keeping the political files with a gradual weaning process.
Iraq facing its own challenges
This year will see the end of three significant missions in Iraq that were all set up under various Security Council Resolutions, namely the UNITAD, the UNAMI and the International Coalition to fight ISIS. As a result, Iraq will be a step closer to taking full responsibility for its destiny as a confident and fully sovereign state. Critics might see the ending of these missions, all in one go, leading to Iraq’s isolation. However, the Iraq of 2024 is not the same Iraq of 2003 when the regime collapsed, or the Iraq of 2014 when ISIS ripped through the country and took over one-third of it. Today’s Iraq is more stable, confident and forward looking.
Iraq is now seeking to confront its own challenges directly, but with international cooperation. Many of the key challenges have persisted for over two decades when the UNAMI was operational in the country. Clearly the issues are complex but experience shows that solutions come primarily from within, as acknowledged and encouraged by the Strategic Review Report. The report emphasized that "ownership of these issues is now in the hands of Iraqi institutions. They have the capability to advocate for peace and stability within the country and with external actors." Indeed, such capability was vividly illustrated in Kirkuk, where the Prime Minister presided over the meetings of the various political parties to hold Kirkuk provincial elections, which have not taken place since 2005. Another example is the border security agreement signed with Iran, and the Strategic Cooperation Agreement signed with Türkiye to deal with the most difficult challenges relating to both Water and Security.
Thank you UNAMI
The Iraqi Government deeply appreciates the UNAMI and other UN agencies' positive roles in Iraq over the past two decades. In a statement issued on May 12, the Iraqi Government expressed "gratitude to UN Secretary-General Mr. Antonio Guterres, the Special Representative of the UN Secretary-General in Iraq, Ms. Jeanine Hennis-Plasschaert, and all UNAMI staff for their support over the past years." Undoubtedly, Ms. Hennis-Plasschaert’s dynamic and energetic engagement and significant contributions to Iraq have been instrumental and widely acknowledged.
However, many critics within Iraq often highlight the failure of UNAMI to execute some of its mandates over the past two decades, despite ample national and international support. Some go as far as accusing the UNAMI of systematically ignoring the shortcomings of Iraq’s political system, the widespread election fraud and human rights abuses that the Iraqi government itself had recognized. It was during the UNAMI’s presence that Al-Qaeda flourished, ISIS invaded the country, violence erupted in the aftermath of the Kurdish Referendum of independence and Iraq suffered the worst political deadlock after the 2021 election which led to the withdrawal of the Sadrist Movement from the political process. Other outstanding processes that fall within the UNAMI’s mandate that remain unaccomplished, include the Kuwaiti’s missing persons and national archives in Iraq, the implementation of the Sinjar agreement and the failure of Kurdistan Region to hold general elections for two years.
That said, the Iraqi Prime Minister firmly believes that these ongoing issues can only be resolved through national efforts, by bringing together Iraq’s political leaders to hammer out practical solutions. This is exactly what recently led to breakthroughs in Baghdad – Erbil cooperation, and the holding of Iraq’s first and most peaceful provincial elections since 2013.
Furthermore, Iraq is going to ask for UN help in some of the files, such as elections, Iraq would seek UN help with a team of experts to provide technical support as they have done in the past, however, such help would be temporary and only for the duration of the election process. Another example would be the continuation of the tri-partite process of the Kuwait file, where the Iraqi government will work diligently to conclude this file with the help of the International Red Cross and technical support of the UN if needed.
The future
PM Al-Sudani has frequently asserted that “the guiding principle” of his foreign policy is "Iraq first", via building strong partnerships based on common interests with friendly countries in the region and beyond. Iraq will work with all its international partners to forge bilateral alliances that help its security and stability, and will open up to business and economic partnerships. Signing the Development Road agreement with Türkiye, Qatar, and the United Arab Emirates is a good example of using economic opportunities as launching pads for future regional cooperation.
The Iraqi government is working hard on addressing the three areas of concern that is highlighted in Perthes’ Strategic Review, where he concludes that “the stability of Iraq today is fundamentally threatened by three phenomena: (a) the fragility of institutions; (b) the proliferation of armed actors; and (c) the potential for the emergence of a new ISIS or other forms of terrorism and violent extremism.”
Significant strides have been achieved in bolstering the institutions, fighting corruption and depoliticizing the institutional leadership positions. On the proliferation of armed actors, the Prime Minister made it clear that “these groups grew out of the complex circumstances that Iraq encountered while confronting terrorism. But little by little, as security and stability are restored, the need for weapons outside the control of the state and its institutions will disappear. We are working concertedly toward that end”. As for terrorism and violent extremism, the Iraqi government believes that ISIS is now defeated and no longer poses a threat to the state of Iraq. Its comeback is rendered even more difficult by the enhanced capability of Iraqi security forces, the new stability that Iraq enjoys, and the economic boom which no part of Iraq is feeling left out.
Iraq is now poised to play the pivotal role it is destined to play in the region, and regaining its sovereignty is the first step. Ending international missions such as UNAMI will strengthen Iraq further by relying on its own institutional capacities to tackle the various challenges it continues to face.
Humanity’s Inevitable Path to a Global Currency System Reset (RV/GCR)
The signs are all around us as the world stands on the brink of a profound financial transformation.
In This Article:
Historical Context Leading to the RV/GCR
The Flaws in the Fiat Currency System
Indicators of an Impending Financial Reset
The Path to a More Stable Economic Future
Humanity is witnessing an unprecedented shift in the global economic landscape.
Technological advancements, geopolitical shifts, and inherent vulnerabilities in the current fiat currency financial system drive the imperative for a comprehensive global financial/currency reset (GFR/GCR), underpinned by the revaluation of currencies (RV) with tangible asset backing – Gold.
Total global government debt, and its unsustainable interest payment burdens, will rise to over $326 trillion in 2024.
Every government leader, financial and economic expert knows that this ever-increasing debt can never be paid off … Ever.
The current financial system will implode. It is only a matter of time.
There will be a total financial and currency system reset. There must be. It is inevitable.
Historical Context Leading to the RV/GCR
Throughout history, monetary systems have evolved to meet the changing needs of societies.
From barter to various forms of currency, humanity has continually sought efficient means of exchange. This evolution reflects the cyclical nature of monetary systems: they rise, fall, and transform.The current era of global fiat currencies, which derive value from government decree rather than intrinsic worth, marked a significant departure from previous systems anchored by tangible assets such as gold and silver.
The abandonment of the gold standard in the early 20th century epitomized this shift, bringing flexibility and control for central banks but also sowing the seeds of inherent vulnerabilities.
The Flaws in the Fiat Currency System
The advantages of fiat currencies—flexibility and economic stimulation—have also introduced significant risks.
Governments’ propensity to accumulate debt without restraint has led to skyrocketing global debt levels. By the end of 2024, the United States alone will have amassed over $35 trillion in debt, highlighting a collision course with a fiscal and currency collapse.
Such debt burdens constrain future generations and limit economic maneuverability.
Furthermore, the continuous monetary easing by central banks to stimulate economies has resulted in significant inflationary pressures, eroding the value of currencies and diminishing purchasing power.
This inflationary spiral exacerbates socioeconomic disparities and undermines financial security.
A critical flaw in the fiat currency system is the environment it creates for moral hazard among governments and central banks.
With the ability to print money at will, there is little incentive for fiscal responsibility.
Global governments continue to accrue unsustainable levels of debt, knowing they can rely on central banks to monetize this debt.
Central banks, in turn, implement policies that prioritize short-term economic gains over long-term stability, perpetuating a cycle of irresponsible financial behavior.
Indicators of an Impending Financial Reset
Several indicators point to the necessity of a global financial reset.
The relentless ascent of global debt levels highlights the unsustainable nature of the current system.
Many nations grapple with alarmingly high debt-to-GDP ratios, creating a debt trap that stifles economic growth. Additionally, the volatility in financial markets and the limitations of central bank interventions reveal the fragility of the current paradigm.
Exchange rate volatility within the global fiat currency markets are at unprecedented levels. When the end comes, the US Dollar will be the last fiat currency standing before it too collapses.
Recent losses in traditionally “safe” long-term bonds, reminiscent of past financial crises, underscore the intrinsic, systemic risks associated with a debt-based system.
The political and social ramifications of these economic vulnerabilities further underscore the need for a coherent and long-term financial strategy.
The Path to a Global Financial System Reset
A comprehensive global financial reset must address the unsustainable debt burdens, inflationary pressures, and systemic risks that imperil economic stability.
This reset involves a calculated departure from the fiat currency system, embracing a transformative vision for the global financial overhaul.
Recognizing the approaching fiat system collapse, the growing BRICS Alliance is well on the way towards a gold-backed currency and new financial system infrastructure. They don’t want to go down with the global fiat system ship of fools.
The revaluation of currencies with tangible gold backing is a crucial step toward a more stable and equitable financial future. By anchoring currencies to tangible assets, the global economy can achieve greater stability and reduce the risks associated with debt-based financial systems.
The Bottom Line
Humanity stands at a pivotal moment in economic history. The vulnerabilities of the current fiat currency system and the mounting global debt crisis necessitate a comprehensive financial reset.
By understanding the historical context, recognizing the flaws in the existing system, and identifying the indicators of an impending reset, we can chart a path toward a more stable and equitable financial future.
The global financial reset, underpinned by the revaluation of currencies with tangible asset backing, offers a transformative vision that addresses the systemic risks and economic challenges we face today.
The signs of this profound shift are evident, signaling that humanity is indeed on the brink of a significant financial transformation.
Well folks as we have been told the ideal time for release would be over a Holiday weekend and the banker was hopeful that we would receive notification close to the Reno bank closing time tonight.
That didn't happen unfortunately. Have also received comments declaring I am just another Guru scamming you folks.
Salty is a dear friend who provided this room for me and my ultimate goal is to make available some basic financial planning techniques to avoid you becoming like Lottery Winners and be broke within a year or two of getting paid,
As a result I don't open very often but the banker is hopeful he will get notified as we progress further into this weekend. Should I get notification I will surely share, Happy Memorial Weekend and GOD Bless.
The IMF is now publicly supportive of a gold-backed currency.
Many did not have this on their bingo card.
The foundation is changing.
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MIKECRISTO
The IMF is speaking on behalf of the Chinese Gold revaluation.
The IMF knows what’s about to go down…
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IMF endorses Zimbabwe’s gold-backed currency, ZiG, as ‘positive policy action’
In its first public comment on Zimbabwe’s new gold-backed currency, the International Monetary Fund (IMF) has welcomed the introduction of the Zimbabwe Gold (ZiG) as a significant and positive policy action.
The endorsement comes after the ZiG was launched last month. The new money aimed at stabilising the economy is backed by gold and foreign currency reserves.
According to an IMF spokesperson, the introduction of the ZiG represents a major step forward, supported by important monetary, currency, and fiscal policy measures. This move is seen as a crucial step towards economic recovery and stability in Zimbabwe.
“The introduction of ZiG represents a significant policy action accompanied by several complementary policy changes, including monetary, currency and fiscal policy measures,” the Washington based IMF spokesperson told Bloomberg.
Zimbabwe has been unable to access financing from prominent international lenders like the IMF for over 20 years. This is due to its failure to service its debt obligations to various creditors, including the World Bank, African Development Bank, and European Investment Bank.
As a result, the country has been excluded from receiving crucial financial support from these institutions, hindering its economic progress and development.
The IMF delegation, led by Wojciech Maliszewski, completed a critical mission to Zimbabwe in February 2024. They called for the need for sweeping economic reforms to tackle pressing issues such as high inflation, currency volatility, and unsustainable debt.
The organisation said it remains committed to providing policy guidance and technical support.