Can I Sign Montana Banking Forbearance Agreement

Can i industry sign banking montana forbearance agreement

welcome back to digital perspectives everybody i'm brad kimes and you can follow me on twitter at backup bradley at the top of the screen and everything that we're talking about here uh oh what does the screen say nasara yeah national economic security and recovery act and i want to tell you we're going to talk a little bit about this now we know nasara jasara has been a topic amongst people uh in the space and following the economy and crypto excuse me and i want to just let everybody know nisaro is the national economic security and recovery act jasara is basically the global version of that and what it basically talks about is it at many things but large part is dismissing of the debt right a cancellation of the debt whether it be a national or global effort what i can tell you right now is is we're going to look at some information and letters from the world bank we're going to look at some letters from finance from faith leaders across the world who work directly with the g20 and why faith leaders because faith leaders where ministries are around the world no matter what the faith is they deal with the poorest and poorest of people they know what's happening boots on the ground so that is actually an important reflection letter of what is taking place around the globe excuse me allergies this morning okay so uh with that being said we're also going to look at some uh information from the g20 shout out to michael c for all the things that he sent me and shout out to all the uh researchers and influencers in this community we are really truly lucky one more time beware of scams guys beware of scams i am well aware that there are ads in front of all the crypto youtubers of scam ads i can do nothing about it youtube is allowing the scammers to pay them and they are placing the ads please do not suggest to me that i stop advertising or monetizing my channel because i would never suggest that ripple stop selling xrp because they're scammers they're scammers every day in life and none of us should stop making money because there's other people doing harmful things the world would cease to exist so but what we can do is we can work together collectively as a community if you will and we can keep each other informed about what's going on and if we stay informed we won't take the hook right and then the other thing is that we can do is we can politely tag youtube and ask them to be responsible and stop taking money from the uh scammers themselves that's my public service announcement for the morning let's go ahead and get into this thing okay so now let's start here okay let's start here shout out to xrp crypto wolf world bank president david malpass talked about the following global topics for today's virtual g20 finance ministers and central bank governor's meeting debt reduction debt suspension debt transparency debt resolution mechanisms let's take a look at some of this stuff this stuff is important guys and i'm going to tell you why because we know that there was a liquidity crisis before the pandemic hit the planet we knew that kryptopoulos and myself have been reporting on it extensively there was a shortage of capital flow people were running out of funds well let's take a look at just some of the bullet points here debt suspension i urge you to extend the time frame of debt service suspension initiative the dssi which i covered with you uh i believe last week we went over some of these documents we'll take a look at those again just to reaffirm this conversation and how deeply this conversation is being had because what i can say here is this we're going to look at this information now i i don't know about a complete debt cancellation uh for the globe or the u.s but what i can tell you is is we're going to have a serious conversation about the debt suspension a forbearance if you will for many countries and wait till you hear the tune of this forbearance okay so all right so he urges everyone to extend the time frame of the debt service suspension initiative through the end of 21 and commit to give the initiative as broad a scope as possible we've made a great deal of progress in the dssi in a short period of time but more needs to be done they're recognizing the severity of the situation across the globe okay so uh here we go this type of broad scope for the dssi can help achieve large benefits for the poorest countries to give a rough qualification borrowing countries participating in dssi uh have identified 8.4 billion in eligible savings in their 2020 debt service payments but data provided by the g20 by creditors have identified only 5 billion in debt service deferrals a 3.4 billion gap in shortfall of debt relief not exactly pocket change but hey we're talking about the globe the number could be worse right so let's keep going down here all right so now debt reduction with immediate steps longer suspension of debt payments a dssi scope that includes more debt and more official bilateral creditors participation by commercial creditors and the world bank's largest large positive net flows many of the poorest countries won't be able to make the resulting debt burden sustainable in the medium term the economic repercussions from the pandemic are expected to inflict lasting scars on the growth through lower investment erosion of human capital and retreat from global trade and supply linkages now i urge the g20 to open the door to consultations about debt overhang itself in effective ways to reduce the net present value of both official bilateral commercial debt for the poorest countries now it's important to note here as we move through this stuff that you know what we're what they're really addressing here is think about debt all right somebody's the debtor and somebody's the dead e right if you are holding someone's debt that's where the problem is the problem isn't as simple as uh country a can't pay the bills so we're just going to excuse them because country a has borrowed the money from somebody like lender one right well lender one needs to be made whole how does that happen it either has to happen by a larger creditor coming in and buying the debt from the holder and making them whole or you're going to refinance or restructure the debt that is existing between the two entities and if you do that we're looking at more like a forbearance situation where there is either it is going to halt or as you hear in some of the stuff that we talked about already where they try to keep a positive net flow coming in although it might not be the full balance of what is due just to keep the water running to the actual holder of the debt this is i mean this is very real this is a global conversation about a lot of countries and the shape that they're in right now okay let's keep this going so let me do debt transparency here and i'm just taking you through these sections the sustainab substantial resistance to this degree of transparency because many parts of the current system rely on asymmetric information where one party or another takes advantage as the contract is written pay attention to that part that's the cycle is hard to break and there is noticeable reluctance of creditors and debtors to go in the direction of balanced debt resolutions and transparency of debt and investment contracts balancing the built-in protection of vested interest will be hard but it is critical for better development outcomes in conclusion the situation in developing countries is increasingly desperate time is short we need to take action quickly on debt suspension debt reduction and debt resolution mechanisms and debt transparency well how about that for a call to action this is david malpass in the world bank this is not a youtuber not a podcaster not somebody who believes in conspiracy theories if you want to see what a debt cancellation debt forgiveness you know uh debt suspension looks like well this is it you don't need to look at a conspiracy theory they're doing it now what stage are they in of doing it implementing this well they're in the stage of suspension of debt to a great degree right a forbearance if you will what i find interesting is is he he really addresses the situation here is where because many parts of the current system rely on asymmetric information where one party or another take advantage as the contract is written basically saying when the contract favors the creditor or even the debtor to bail on the debt or what happens in the creditor and what they get if the debtor bails on the debt this causes a gridlock because maybe a situation where the creditor goes no i want to take the possessions that were put forward to be able to satisfy that debt because that was our contract i get a b c one two three if they don't pay the debt right or maybe the contract is written where the debtor is saying hey we're better in this situation to default and they can have abc123 because i want out from underneath of this thing and there's your gridlock right there and what what it causes is the conversation that we're having not just on youtube but at the level of the world bank and the g20 and the finance ministers let's keep going so again this supported by what we covered last week a letter from the world council of churches to the finance ministers of the central bank of governors of the group of the g20 this is was them and they are begging for a debt cancellation it is not as simple as just a debt suspension they basically are saying yeah we got the debt suspension but this needs to go further right that's where they're at and it is quite impressive and there's another letter that i've shared also with all the signatures from all the different faith leaders around the world it's pretty remarkable and let's go here and we covered this last week as well where they talk about the dssi which is the g20 debt service suspension initiative it's an initiative this is look how recent these documents are july 18th july 20 i mean this is where we're at here right collectively all of these these entities these firms that are involved with the uh committee on sovereign risk management collectively these firms represent 45 trillion in assets under management we have some serious people looking at this stuff right so i'm not going to go back over this document i'm just tying all of this in for you guys to realize that at this point you have the faith leaders of the world who are boots on the ground and see the poorest of poorest effects happening to human humans of mankind all over the planet begging for debt cancellation to alleviate the pain of what's going on in the pandemic then we come on to here and now i want to remind everybody that july 20th 21st today and tomorrow is the fourth digital economy task force virtual meeting with the g20 we also have tomorrow the vote on judy shelton here domestically in the united states we also have the rule going into effect for the consumer financial protection bureau that considers xrp a solution to the new effect of the rule to be able to see the cost of your remittance before it actually takes place they see xrp as a currency a virtual currency and a solution to the system so keep that in mind here is a communique from the g20 finance minister shout out to michael c july 18th just a couple days ago and we'll go to the sigh of relief i'm not gonna read this whole thing right sire relief okay so here we go section six we welcome the progress achieved under the debt service suspension initiative as of july 2020 42 countries have requested benefits of the dssi amounting to the estimated usd 5.3 billion of 2020 debt service to be deferred the international monetary fund and the world bank group have proposed a fiscal monitoring framework and process distracting the quality of consistency debt data and improved debt disclosure to provide maximum support to dssi eligible countries we will continue closely coordinate in these implementation all official bilateral creditors should implement these initiative uh fully and transparent manner while protecting their current ratings and low cost of funding multilateral development banks known as mdbs are encouraged to go further on their collective efforts in supporting the dssi including through providing dssi eligible countries with net positive financial flows over the suspension period so in other words if they can pay the debt we want them to right let's keep the water running where we can keep the water running but if they need to be in a suspension period let's get that too so you can see that look i mean this is what's the current conversation as of two days ago here at the g20 now i know a lot of people have been calling for a disarrasar which is a national uh dismissing cancellation of that as well as a global cancellation of that hey maybe we grow into that because this is a huge problem and i'll tell you something going through this you can see clearly how big the problem really is let me if i could just get to one other spot here that i wanted to show you i'm not gonna go through this whole document although it's quite compelling uh let me see here okay here's some numbers right here and and some good information let's just finish it out right here so okay uh well one second maybe it's the next one i want there's so much information in these documents i'll tell you this it's just remarkable you can hear the depth of the conversation from what we're talking about here okay let's go with this the imf wb world bank have provided three updated reports to international financial architectural working group ifa or implementation of the dssi the imf and wb have developed fiscal monitoring framework to ensure additional fiscal space created by dssi is used to mitigate the social health or economic impacts of the crisis the imf and the world bank have developed a proposal for debt data reconciliation to promote full disclosure of public debt the institute of finance developed terms of refer reference to voluntary private sector participation in debt service suspension initiative as a toolkit for the dsi eligible sovereign borrowers that request debt service suspension from their private creditors again remember when i talked about somebody's holding the debt now you either have to make them whole or you're going to have to get them to work with you to refinance the debt or restructure the debt agreement right the iff has prepared draft waiver for cross-default clauses and commercial debt contracts in relation to requests of the dssi and official bilateral loans the iff provide a progress note on the private creditors dsi implementation status that's where we are so look at the end of the day the imf the world bank and a lot of instances come in and will buy up the creditors debt to bond holders of the debt and then restructure refinance a deal for these poorest countries and they usually get bonds in sdr and they'll work out a restructure for them all i want to do in this video is just make you guys aware of the fact that look this is david malpass from the world bank and the g20 these conversations are extremely real and you could see how deep they are have they reached the point of debt cancellation yet not that i see it this time but i will tell you something i know that they're talking about debt suspension that's very real and that's one step away from debt cancellation if this problem continues what i want you to take away with you is this imagine if we do globally get another second wave of this pandemic might that move the globe and the g20 and the world bank into a conversation about debt cancellation at that point what does all this have to do with cryptocurrency the world needs a bailout in the last financial crisis it was the hedge funds that took that took a fall and it was the central banks that bailed them out well now we're in the next crisis and it's the central banks that need to be bailed out only they don't have it they don't have someone to turn to in walks xrp that's right i really believe that xrp was designed for a moment just like this and they knew this day would come now did they know it would come exactly in order of these things no i'm sure they didn't but they knew that this day would come and there has to be a solution i believe for liquidity of the wo ld they need another asset that they can call money and that's why i believe xrp will be deemed and designated a currency all right guys that's going to do it for me hit the like and subscribe make sure you share with somebody you know i'll catch all of you on the next one