Originally published at: Saudi Petrodollar Ends, NATO Fights Cognitive Warfare – Peak Prosperity
In recent developments, the London Bullion Market Association (LBMA) and World Gold Council (WGC) have engaged with the Bank for International Settlements (BIS) to reclassify gold as a High-Quality Liquid Asset under Basel III banking rules. This move coincides with Saudi Arabia’s decision to let its 50-year petrodollar agreement with the U.S. expire, opting to sell oil in multiple currencies. This shift has sparked debate among experts about its potential impact on the U.S. dollar. While some, like Andy Schectman of Miles Franklin Precious Metals, warn of catastrophic consequences, others, including Paul Donovan of UBS Global Wealth Management, downplay the significance, citing the dollar’s continued dominance in global oil financing. The trend of de-dollarization is evident, with JPMorgan Chase estimating that 20% of global oil transactions in 2023 were conducted in non-U.S. dollars, and China increasing its gold reserves while reducing U.S. Treasury holdings.
In the realm of international security, NATO’s Allied Command Transformation is developing the Cognitive Warfare Concept to combat disinformation and defend against cognitive warfare. This initiative aims to understand and counteract adversaries’ efforts to manipulate public opinion and disrupt decision-making processes. The concept outlines strategies to enhance NATO’s cognitive resilience, protect military capabilities, and strengthen public trust. It also integrates cognitive warfare considerations into NATO’s defense planning and capability development, ensuring preparedness in an information-influenced environment.
Meanwhile, Panama is experiencing a surge of migrants through the Darién Gap, driven by fears that the route to the U.S. will be closed by Panama’s new president, Raúl Mulino. Mulino, who took office on July 1, has struck a deal with the U.S. to fund repatriation flights for migrants entering Panama. This has led to a significant reduction in migrant numbers as Panama’s border patrol blocks jungle paths. The situation has raised concerns among migrants, NGOs, and international observers about the potential for more dangerous routes and the need for basic safety and respect for human rights.
In economic news, the Consumer Price Index (CPI) for June revealed notable changes. Gasoline prices and durable goods, particularly used vehicles, saw historic declines, while food-at-home prices remained nearly flat. Core services prices rose at their smallest pace since summer 2021. Year-over-year, core services CPI increased by 5.0%, while durable goods CPI fell by 4.1%, the largest drop since 2003. Overall CPI increased by 3.0%, consistent with the previous year. The data reflects significant shifts in various sectors, with declines in durable goods and energy prices, while core services and food away from home continue to rise.
On the geopolitical front, Poland and Ukraine have signed an unprecedented military agreement, as announced by Ukrainian President Volodymyr Zelenskyy. The agreement includes forming and training a new volunteer Ukrainian military unit, the Ukrainian Legion, on Polish territory, and exploring ways to shoot down Russian missiles and drones. This development marks a new phase in the conflict with Russia, with potential implications for NATO’s involvement.
Lastly, the ETHICS Act, a bipartisan effort to end insider trading in Congress, aims to prevent members, their spouses, and dependents from buying and selling stocks. The proposed legislation mandates that legislators divest their investments within 90 days starting March 2027, with penalties for violators. The issue gained prominence during the COVID-19 pandemic when lawmakers profited from early knowledge of the crisis. The ETHICS Act seeks to close loopholes and restore public trust by ensuring that public servants cannot exploit their positions for personal gain.
Sources
Saudi Arabia’s Alleged Petrodollar Shift Sparks Debate on U.S. Dollar’s Future
“Saudi Arabia reportedly let the 50-year petro-dollar agreement expire on June 9th, opting to sell oil in multiple currencies instead of exclusively using the U.S. dollar.”
Source | Submitted by rhollenb
Turkish Businessman and Associates Indicted in Multi-Million Dollar Organic Food Fraud
A Turkish businessman and his associates orchestrated an elaborate scheme to sell fraudulent organic grain in the US market through a web of companies, leading to their indictment in a federal criminal complaint and a civil lawsuit in US courts.
Source | Submitted by 0007
NATO Develops Cognitive Warfare Concept to Combat Disinformation and Strengthen Resilience
NATO faces a new kind of threat: a war fought not with bombs and missiles, but with lies and manipulation.
Source | Submitted by 0007
Migrants Rush Darién Gap as Panama’s New President Vows to Shut Route to U.S.
Thousands of migrants streamed into Panama through the treacherous jungle of the Darién Gap last week, with many fearing that the route will be shut down, thereby dashing their hopes of reaching the United States.
Source | Submitted by Walberga
CPI Breakdown: Durable Goods Prices Plummet, Gasoline Dips, and Services Show Outliers
The Consumer Price Index for June, on a month-to-month basis, was pushed down by plunging gasoline prices, the continued historic plunge in prices of durable goods, led by used vehicles, nearly-flat food-at-home prices, and “core services” prices that rose at the smallest pace since the summer of 2021 in what looks like an outlier move of which we have seen already many in both directions.
Source | Submitted by rhollenb
Poland and Ukraine Forge Secret Military Pact Amid Rising Tensions with Russia
Poland and Ukraine sign ‘unprecedented’ military agreement.
Source | Submitted by Redneck Engineer
ETHICS Act: Bipartisan Push to End Insider Trading in Congress
“Congress should not be here to make a buck,” Sen. Josh Hawley, R-Mo., said at a press conference Wednesday on Capitol Hill.
Source | Submitted by rhollenb