TRUNEWS with Rick Wiles - BRICS Gold-Backed Currency, Fed Now, and Global Governance Reform

Episode Date: July 10, 2023

Big changes in the global financial system are coming in the second half of 2023. The BRICS alliance of nations is expected to announce next month the establishment of a gold-backed currency. Meanwhile, the US Federal Reserve will launch Fed Now later this month. Fed Now will be a new system to instantly transfer financial payments between institutions. Before I review today’s top headlines, I must tell you that Doc Burkhart is not here today. Doc had an accident in his home yesterday. Thank God he is ok and resting at home. Doc fell in his shower and got a deep gash in his head. He blacked out and was transported by ambulance to our local hospital emergency room and was released several hours later. Please pray for Doc. He told me today he had a severe headache. All of us want him to recover quickly and return to work. Sitting in for Doc is one of our team members. Mr. Eddie. Eddie came to us from the US Marine Corp and is currently serving as our new Podcast Production Manager. Rick Wiles, Doc Burkhart. Airdate 7/10/23 You can partner with us by visiting TruNews.com/donate, calling 1-800-576-2116, or by mail at PO Box 690069 Vero Beach, FL 32969.

You are listening to True News with Rick Wiles. We appreciate you tuning in. To find out more information regarding the broadcast, including prayer and financial support, please visit our website at truenews.com. Our mailing address for all correspondence is True News. The truth, the whole truth, and nothing but the truth. So help us God. Big changes in the global financial system are coming in the second half of 2023.

The BRICS Alliance of Nations is expected to announce next month the establishment of a gold-backed currency. Meanwhile, the U.S. Federal Reserve will launch FedNow later this month. FedNow will be a new system to instantly transfer financial payments between institutions. Now, before I review today's top headlines, I must tell you that Doc Burkhart is not here today. Doc had an accident in his home yesterday. Thank God he is okay and resting at home. He fell in his shower and got a big gash in his head. Doc was blacked out and had to be transported by ambulance to our local hospital emergency room, but he was released several hours later. Doc is at home resting. I asked you to pray for him. He told me today that he has a severe headache and all of

us want him to recover quickly and return to work. In fact, I'm surprised he didn't come in here with bandages on his head today knowing Doc. Well, sitting in for Doc is one of our team members, Mr. Eddie DeCunha. Eddie came to us from the U.S. Marine Corps, and he is currently serving as our new podcast production manager. And this is his first time co-hosting a podcast. So please email us at info at truenews.com and tell Eddie he did a good job filling in for Doc. You ready to go, Eddie? Oh, yes, I am. yes i am all right all right well we're going to go at it and uh you know i i really i really admire eddie stepping up because i didn't know what i was going to do today without doc here and eddie volunteered and said i'll go out there i'll

do it that that takes courage but he's a marine, right? Semper Fi, always ready. That's right. You're always ready. Well, today's true news consists of two main themes, a reordering of a global financial system and a world war to stop it. So let's start with this article from the Straits Times in Singapore. And Eddie, I'll let you go with it. The headline there, Xi Jinping says Russia and China should lead global governance reform. Go ahead, Eddie. Yes, definitely. So the Singapore's Straits Times newspaper reported that China and Russia need to lead the correct direction of global

governance reform. According to Chinese President Xi Jinping, who hailed the two countries partnership at a meeting with the top Russian politician in Beijing on Monday. All right. And so Xi said that the development of relations between the two countries was a strategic choice made by both countries based on the fundamental interests of their respective countries and peoples. This was according to the CCTV network in Beijing. And we got another quote from that article. Definitely. Both sides also need to strengthen communication and collaboration within multilateral mechanisms, such as the Shanghai Cooperation Organization and the BRICS countries, lead the correct direction of global governance reform, and safeguard the common interests of emerging market countries and developing countries. The statement continued. All right, Eddie, did you notice there's one country not mentioned in this restructuring of global governance?

Oh, yeah. That's us the united states of america so xi jinping said china and russia will reform global governance in other words they will decide the new world order that's replacing the dying new world order from world war ii this next story is from the new york post u.s treasury secretary janet yellen commits embarrassing bow during the beige her beijing visit i haven't seen this much bowing from a u.s official since the days of barack obama he used to bow to every head of state that he met. This is embarrassing. It's a very short video. We'll play it multiple times.

But this is America's Secretary of the Treasury in Beijing meeting Xi Jinping and bowing before her master. Watch. Okay, it wasn't Xi Jinping. It was her counterpart. It was the Minister of Commerce of the Central Bank of China. But the point is, she bowed three times one of the i mean it's so it's such a basic elementary rule in diplomacy you don't bow when you're representing your country you don't bow to an official of another country because

bowing represents submission definitely and she should have had somebody in her in her group or that would take her over there that would teach her you know some sort of some sort of customs i mean as a marine we wouldn't leave without some sort of class about the culture of the country we're going to so we would know sort of customs and cultures and as representing the marine corps in this case she's representing us what not to do and what to do so okay so now that that's a that's being that's being kind to her saying that she wasn't trained by the state department of how to make a visit to a foreign country but she's been the secretary of the treasury now for three years. And before that, she was in charge of the Federal Reserve.

And she's made a lot of foreign trips. I'm of the view she deliberately bowed. Yeah. That's my view. The Chinese are her masters. This is the Biden administration. Yeah. are her masters this is the biden administration yeah can you imagine can you imagine donald trump going to china and bowing definitely not they're not that's not going to happen it's just not going to happen i mean biden's already a 30 million or was it 30 trillion at a bribe millions they're

talking 30 maybe even 40 million dollars of bribes. Next one, I just threw this in here because it kind of fits. I didn't know where else to put it. Pope's new doctrine watchdog assures everybody, I'm not a Soros spy. He also said he wasn't a Freemason. We're talking about Argentine theologian, Archbishop Victor Manuel Fernandez. so eddie what's the story about

hey definitely so crooks now.com reported that pope francis's new top theologian theological advisor has attempted to reassure voices in the united states and elsewhere who've questioned his adherence to catholic teaching and tradition vowing that he's not a Soros spy infiltrated in the church." So according to the article, the list, he said that... Yeah, go ahead. Yeah, so he says, I am not a Freemason nor an ally of the New World Order nor a Soros spy infiltrated in the church those are pure fantasies said Archbishop Victor Manuel Fernandez an Argentine theologian so we're at we're we're at a place in time now that a senior Archbishop in the Vatican has to say I'm not a spy for George Soros I'm not a Freemason I've not infiltrated the Vatican on behalf of

the New World Order. That's a commentary on where we're at in time. I want to move on to this reordering of the world order, because that's what's taking place right now. It's been underway for quite some time, particularly since the last financial crisis, 2008. Quite frankly, I'm surprised it took this long because we were following it very closely in the aftermath of the 2008 banking crisis. I really didn't think it would take until 2023 to roll out these things, but it now happening bitcoin.com bricks bank official discusses common currency as reports of look at this gold backed bricks currency gain attention it's actually coming a new currency for the world backed by gold.

We have this article from Mexico Daily. 41 countries ready to accept BRICS currency a month before the summit. The summit is August in South Africa. So, Eddie, who are these countries? Yes, it's really interesting. So, according to the article, the list of the countries ready to join the BRICS alliance and accept its new currency has increased from 19 to 41 in just two months. The new countries expressing interest to enter the bloc and ditch the U.S. dollar are mainly from Asia, Africa, and Eastern Europe. The decision to

expand the alliance and form a new currency will be taken at the upcoming BRICS summit in South Africa. All right. And we have a list of those countries that are showing interest in joining the BRICS alliance. This is just before the summit. Do you want to go ahead and read this? Yeah, of course. Right. So we've seen the list here. It starts with Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe. So it's expanded a lot. It is. This is a significant number of countries are abandoning the u.s dollar and what are they going to embrace well apparently there's a new currency a lot of people think

that they're going to make the announcement next month others are saying don't count it may not happen it they may simply announce that they're going to announce but we're going to have to wait until the summit in in south africa this this is a tweet though from the russian embassy in kenya so this is an official embassy post from the russian government definitely it's there the BRICS countries are planning to introduce a new trading currency which will be backed by gold more and more countries recently expressed desire to join BRICS so are planning to introduce a new trading currency, which will be backed by gold. More and more countries recently expressed desire to join BRICS. So, again, it's talking about what we've been talking here, that the BRICS currency is going to be backed by gold, which we were many decades ago before we switched to the petrodollar. That's right.

That's right. We were backed by gold. And now it's been an oil-based currency. And some people say it's lead-based. The U.S. military. If you don't go along with the program, you'll get some lead. We've got a video from RT.com about this monumental decision. This is big, folks.

This is really big. We've heard about this. We've heard speculation for years. It's now in the headlines saying they're going to make the announcement next month. RT reporting BRICS is set to introduce a new currency backed by gold. Here's the report from RT.com. The BRICS group is set to introduce a new currency backed by gold. Here's the report from RT.com. The BRICS group is set to introduce a new currency backed by gold in contrast to the credit-backed US dollar with countries lining up to join the growing initiative. The BRICS countries are planning to introduce a new trading currency which will be backed by gold. More and more countries recently expressed desire to join BRICS. The decision comes a month ahead of scheduled alliance summit in Johannesburg,

South Africa. 41 countries have since shown their interest in BRICS membership and its new currency implementation. Russia's foreign ministry has stated that if African states show enthusiasm, the group's expansion may also be on a Russia-Africa summits agenda in the end of July. As of now, the BRICS group remains comprised of Brazil, Russia, India, China, and South Africa. Former Statistician General of South Africa, Pali Lahola, says the gold bank's currency

will facilitate the advancement of developing countries. So it is coming, and the world is going to change. The U.S. dollar will no longer be the dominant currency in the world and the American ruling class have literally shot themselves

in both feet with their arrogance and pride and just the way that they have uh mistreated other countries now countries are saying we've had enough of you we're done we don't we don't want to be part of it anymore we're going a new direction and one of the groups that's group of nations that's that's definitely going to be in the BRICS alliance are the Arab nations and that's being led by Saudi Arabia well Saudi Arabia is our partner in the petrodollar it goes back to the days of Richard Nixon and and Henry Kissinger when Nixon took the dollar off of gold

and then Kissinger came up with this brilliant, it was brilliant, came up with a brilliant idea. Let's back it with oil from Saudi Arabia. And Saudi Arabia agreed that all oil transactions in the world would be done in U.S. dollars. And the U.S. agreed that we would militarily protect Saudi Arabia. Saudi Arabia further agreed that a significant portion of their oil profits would be invested in U.S. treasury debt. So the Saudis have been financing Washington's debt for many decades. This is all coming an end it's it is coming to an end this year now when i say coming to an end officially because i don't think this currency i might be wrong i don't think this currency is actually going to be out on the marketplace this year i might be totally surprised find out it is but i think the announcement is going to be made and that we're probably going to see two to

three years of a transition to this new currency but everything in america is going to change financially it's going to change nothing is going to be the same i'll tell you this i can't i can't imagine the price of gold i don't see how they can the the international banksters can continue to suppress the price of gold i just don't see it i think gold is going to skyrocket in in price in the coming several years so that's what i see coming now the next uh segment is i watched an interview today that was uh on kitco news and if you want to watch the entire uh interview you can go to kitco.com many of you know that company it's a precious metals company been around for a long long time and they have their own news uh uh operation and so i watched this interview with mr simon hunt who is a

an investment strategy advisor yes and the entire interview is about a half hour so we're only going to show you several minutes of the interview uh in in i think four parts. But I chose the best segments, the most important things that Mr. Hunt said on this Kitco.com program. So we're going to start this first one. He said that the new BRICS currency will be a serious challenger to the US dollar. Let's watch. How seriously, Simon, should we be taking this idea of theirs to launch a new currency? I think it's a very serious attack on the dollar world that has existed since World War II. What has created this new growing organization is frustration with the way that America has used the dollar for its own purposes.

And what BRICS is really all about is the development of a multipolar world instead of the world being dominated essentially by one country. And it's that growing frustration that is leading to so many other countries wanting to join BRICS+. So, Eddie, according to Mr. Hunt, this is going to be a serious challenge to the U.S. dollar. In some of these other segments, he goes into detail about when he sees this new currency fully out on the market and challenging the dollar.

But in this next one, he talks about a few of the points we've covered previously, but look, he goes into a little more detail about how it'll be backed by gold instead of commodities like the dollar is backed right now through the petrodollar and whatnot. So I'm interested to see what you have to say. Let's watch. I think that there will be a lot of discussion. I think a roadmap has been planned. How much will be announced at the BRICS meeting is questionable. It clearly requires an awful lot of work to see that whatever is the new currency, how it will work um so we will probably see hints of what they are going to do now the original idea was to link the currency to a basket of commodities that brix produces i think that has has evolved into whatever is the currency will be convertible into gold and again you can watch

that entire interview at kitco.com it's about a 30 minute interview um eddie he he also said that he expects to see the world do a full return to the gold standard this is a massive that's huge change it is huge that the fiat money funny money that's what we have we have funny money paper money that has nothing behind it and there have been something, I want to say 800 fiat currencies in the history of mankind, and not one of them succeeded, not one. And the U.S. dollar is not going to be the one that breaks the rule. What Mr. Hunt is saying is that we are going to see the return of currency backed by gold, which means you can redeem it for gold. If he's correct, that's where we're going with this new BRICS currency. Let's watch. All right, Simon, a lot to unpack there, but I have to start off by focusing on the point where

you said that you expect this currency to be convertible into gold. Is that to say that when this currency is launched, whoever holds it can take that and redeem it for physical gold? Is that what you mean by convertible? Or is it just an idea that this will be backed by gold, but not necessarily redeemable? I think eventually, I suspect because I don't know, it will be a step-by-step approach. I think at the end of the, say, in the mid-2020s, which is only a few years away, it will be convertible into gold. And what people don't...

I mean, we're in 2023. Yeah, I know. Mid to late 2020s this will happen like um okay what people don't appreciate or some don't is the size of the gold reserves which china has and russia has china has in total 50 000 tons plus and russia probably north of 12 000 tons so their central banks are only holding a small part of the total as i mentioned earlier since the inception of the shanghai gold exchange something like 25 000 tons has passed through the exchange into Chinese households and institutions. The remaining 25-odd thousand tons,

most of that is held by different ministries, including the PLA. So you're suggesting a full-on return to the gold standard, perhaps even more acutely than it was before, if you expect this currency to be convertible into gold. I'm assuming not on a one-to-one basis, clearly. I think that's what we will eventually see. A full-on return to the gold standard. I think that will probably happen before 2030 by countries who are now and will be members of BRICS+. So to be clear, if somebody holds this new BRICS currency, they can go and exchange it for gold from the countries issuing it, not?

Eventually, yes. As I said, I think it'll be a step-by-step approach. Do you see other commodities being involved here? Because reportedly the thinking has been that this would be a currency backed by a basket of commodities representing the natural resources of the various members, for example, oil or rare earths. That was the original idea, but I think it's now evolved into being a gold-backed currency. So this is happening at this time that the Federal Reserve is reportedly getting ready to release a CBDC, a central bank digital coin. We're going to go beyond fiat money, you know, paper money that nothing behind it. Now we're going to go to an invisible dollar.

So if you can have confidence that a piece of paper that's backed by nothing, can't you have confidence in an imaginary coin that the center bank is going to give you? A coin that they can turn on and off. They can program it. They can geof fence you where you can spend it tell you what products you can buy what you can't buy with it and tell you where you

can travel to spend it that's what the federal reserve wants to do that is coming out at the same time this group of bricks nations is planning to launch a new currency backed by real gold. If you had a choice, which one are you going to go with? The imaginary Fed CBDC or a new global currency that's backed by gold? Which one are you going to want? I mean, this is a no-brainer where this is going. There I don't

know. I don't think the Fed I mean, some people would say this is all part of the plan. This is all part of the drama to get us into this new current. No, you would think that the globalists running

western europe and the united states and canada and australia they seem to be going in a different direction than what the people are in the other nations of russia china india brazil they're they're establishing a much more solid, financially solid financial system that will not be operating like the American system, which is really the Rothschild. We're in the Rothschild system, and the Rothschild system is gasping for its breath. And we're watching this happen right now in front of us so eddie we have one more segment from this interview and again if you want to watch the entire interview it's at kidco.com i appreciate them letting me use uh this interview today but we have one more segment with simon hunt yes we do and this last one's really interesting because

he talks about how any existing or new members who default on loans to Western countries will not be debarred from joining BRICS. And I find that interesting because, I mean, earlier this year, SWIFT, right, or the U.S., a lot of those countries started putting sanctions on Russia and seizing their property, right? And barred Russia from using rubles to pay for their debt. They said they had to pay it in dollars, but they couldn't acquire it. They're basically forcing Russia to default on their loans. They weaponized their system against them. That's right. They weaponized against any other country.

Now they don't have an obligation to pay it. They can just leave and go to a whole other system. You got it. You got it. You hit it right on the head. So the thugs running the West, just as you said, they tried to force russia to default somehow russia got got out of that trap and was able to make its loan payments on its national debt what they're saying here is exactly what you just said the brICS nations are saying to all the other nations if you default on your your national debt To another country. Yeah

That will not Prohibit you from joining BRICS. Well, what do you what is that saying to those other countries? Yeah, it's saying don't feel pressure to give in to them I mean today is Russia, but tomorrow it could be any other country that doesn't want to accept any of the LGBTQ ideas or anything else. If you don't want to accept that, then you can't pay off your loans. I think, Eddie, they're actually encouraging these smaller nations to default on their debt to America. Two things. to america the dam is two things there will be damage to the united states if think about 15 20 30 small countries default on their debt yeah but those countries will be debt free yeah they will

go into the bricks with a clean a clean account and it might just be a domino effect because if enough countries do that other countries will lose faith in the u.s and the swift system that's right that's where it's going let's this is the final segment uh kitco news here's simon hunt the first thing to note is that the russian economist who is in who is heading up the team to develop this new currency in an interview he gave the end of last year to a moscow-based newspaper laid out a very important point whether it's pursued or not i don't know but he made the point that any existing member or new member who defaults on loans to western banks and financial institutions will not be debarred from joining BRICS. So that is a very, very important point if they pursue it. That would mean that all the debt that these countries owe the IMF, the US, the World Bank

essentially gets wiped out when they launch those currencies, what you're saying? So that's the first point. The second point is the BRICS Bank will eventually grow into being the BRICS World Bank. So a country like Zambia needs loans to continue to develop its mining industry. That's where they will go, not to a World Bank or Western banks. The entire post-World War II financial system is crashing, is being replaced. When I say crashing, I don't think it's going to just crumble overnight although it could have if if the earthquake the financial earthquake is strong enough

but i think it's going to be a a steady decline of the western financial system the imf the world bank uh all these structures that have been in place since World War II, the Bretton Woods Conference, where the nations, the European nations, America got together and decided after World War II, we're going to let the American dollar be the currency of the world. That's when they set up the IMF and the World Bank and all those structures. These things are coming to an end what mr hunt said in the earlier segment he said he expects this uh gold convertible currency to be available in the mid to late 2020s uh so he kind of threw out 2025 to 2030 that he that's when he's expecting to actually see this currency on the market where you can actually redeem it for real physical gold. Where you can participate in it. But what he just said in this last segment, that nations that default on their Western debt will be welcomed into bricks yep eddie this is like

this will be like a torpedo into the western financial system yeah they'll they'll be encouraging these small nations uh i mean i don't know if you recall the list that you know that we read off uh uh argentina algeria bangladesh belarus egypt indonesia iran kazakhstan mexico nicaragua this whole list of countries that are joining bricks the bricks leaders which is russia china india south korea south africa, they will be encouraging those small countries, just go ahead and default. Yeah. Why finish that payment? Yeah, just wipe out your debt. Now you're coming into BRICS, you owe nothing.

Not only that, but it's a more stable currency. It's based on gold. Yes. And you'll have a new financial system. So going into the 2030s, this is going to be a completely new world order. And these aren't small countries per se. I mean, you have Egypt, the Suez Canal. You have the United Arab Emirates with oil.

You have Sudan. You have big Venezuela with oil. I mean, they have their own problems. But these are big countries. Venezuela and Saudi Arabia, just the two of them with oil. This is huge yeah now if there's something else coming this month the end of July that is part of the new financial system on the western side it's called FedNow very few people know about it Fed. The Federal Reserve says 57 financial institutions are ready to use FedNow instant payments after a late July launchS. Federal Reserve to use its FedNow instant payment system when it launches in late July.

The precise launch date was not provided, but 41 banks and 15 service providers, including major institutions like JPMorgan Chase, Bank of America Mellon, U.S. Bancorp, and Wells Fargo, have finished testing and are set to offer instant payments once the service is live. This news gives a significant boost to the adoption of digital payment methods, which are rapidly becoming more popular among consumers and businesses alike. Okay, so Eddie, the Federal Reserve Bank is going to go in business to compete with PayPal, Zype, Zelle, all these instant payment systems, systems platforms i know that i've read some stories some articles like zype very very nervous about fed now because they could so it could be put out of business by the federal reserve the federal reserve i mean you want to talk about fascism the federal reserve is now going directly into business to compete with american businesses in delivering money so you will have instant transfer of cash instant the

moment a bank trans transfers money let's say you know bank wire how long does it usually take on a bank wire you know so it could be a day, it could be hours. Not now. With FedNow, it's instant. The moment the sent button is pushed, the recipient has the money instantly. So it's going to change the way money is transferred. Not only that, but it's one less step

that the government has to take now to monitor what you pay and what you're doing, what area you're in based on your purchases. Because the Fed's doing it for you now. Exactly. Before, they don't have to request it from Zelle.

They have to request it from that, get the information. Now they know it already. They don't have to even bother for it. That's a very good observation. And you compare that with their CB, however they're going to pair the digital coin with it too.

And now they're going to, they'll get a whole picture of a better picture of what you're doing who you are and they can probably garner other information from that i think the fed plan is to eliminate all banks and that you will only have an account with the fed that's ultimate control i mean why would you need if if you have a central bank digital coin, a CBDC, there's no paper money left. There's no gold money, no silver money. It's just all funny money in an imaginary coin. Why do you need a bank? Are you going to go to your local bank and say, here, I have some imaginary coins. I'd like to deposit them. Or I'd like to withdraw some imaginary coins. You don't need a bank anymore. If money can transfer from one institution to another instantly, why do I need to go to a bank to wire funds?

Yeah. See, I don't need a bank anymore. If you can, if if a mortgage, if you say, I think you're going to get your mortgage from the Federal Reserve. Yeah, they'll they'll hold your house. They'll own your house. This is where they're going. So I thought, where how how can I explain Fed now? Well, the best source is the Federal Reserve. So they have an educational video. It's about three or four minutes long. It's an educational video produced by the Federal Reserve to educate the public about this new FedNow system that's going to be launched in about two to three weeks. Here's the video. In today's fast-paced world, time is money. More people, businesses, and organizations are demanding instant payments.

That's why the Federal Reserve is developing the FedNow Service, a safe and efficient instant payments infrastructure that will modernize the U.S. payment system. The FedNow Service will give financial institutions the opportunity to innovate, enabling their customers to send and receive money in seconds, 24 hours a day, 7 days a week, 365 days a year. Funds will settle between financial institutions in real time, which means there's no buildup of interbank obligations, and end users will have access to the funds in seconds.

How will the FedNow service work? Imagine the owner of a coffee shop is running low on coffee beans and needs to schedule a quick delivery. She places an order, and the coffee bean company sends her a request for payment. She responds to the request for payment and pays for the coffee beans right then and there through an app from her credit union, which uses the FedNow service. Once she initiates the payment, her credit union screens the payment and sends an ISO 2022 compliant payment message, either directly or through a service provider to the FedNow service

over the Federal Reserve's FedLine network. The FedNow Service instantly validates the payment message and passes it along to the Coffee Bean Suppliers Bank. In real time, the Suppliers Bank confirms to the FedNow Service that it intends to accept the payment, and the FedNow Service debits and credits the master accounts of both the shop owners and the Coffee Bean Suppliers financial institutions or the master accounts of their correspondents. The FedNow Service also immediately sends a payment message with an advice of credit

to the supplier's bank and notifies the shop owner's credit union that settlement is complete. Finally, the supplier's bank credits the supplier's account in near real time, making the funds available. The supplier's bank will have the option of sending a confirmation to the shop owner's credit union that the payment has been posted to the supplier's account, providing the coffee shop owner with certainty that the payment was received. The FedNow service will be designed to be flexible and support a broad range of potential use cases. Banks, credit unions, and other industry providers can use it as a springboard for innovation to support a range of applications such as account-to-account transfers and bill pay. For example, now imagine it's after hours and the shop

owner gets a reminder that her car insurance bill is due today. She may be able to avoid a late fee by initiating a bill payment in her credit union app and selecting to pay it now. Later, she repays a friend for a pizza they shared using an app provided by her credit union that clears and settles through the FedNow service. With this service, banks and credit unions can remain competitive by offering the type of payment options customers increasingly expect in today's fast-paced world. The FedNow service will support flexible adoption, allowing financial institutions the option to work with aggregators,

processors, and correspondents to adopt the service. Banks and credit unions will also have the option to adopt the full set of FedNow capabilities, or sign on as a receive-only participant. The initial launch of the FedNow service will focus on core clearing and settlement capabilities. Additional features will be released in phases to meet evolving industry demands and changes in technology. Get ready for the FedNow service. Learn more at FedNow.org. Watching it, I realized you hit it right on the head. This FedNow system will give the Federal Reserve Bank complete knowledge of every transaction in the United States

using money. They still haven't eliminated old-fashioned cash yet, but the identities of the parties in the transaction, the amount of money exchanged, the products and services purchased, the location of the transactions. This will all be in the records of the Federal Reserve Bank. Definitely. This is a huge change. A government agency. It's not a government agency. I shouldn't say that.

The Federal Reserve is not a government agency. It is a private bank. It's a privately owned bank that has a special legislative arrangement with the U.S. government. But it is a privately owned bank. Next story. This is CNBC. A lot of stuff today about the economy changing. I spotted this trend early today, and I said, I know where today's true news is going.

It's a shift in the financial system and war. And they go together. The reason we're having the war is to stop this change. CNBC reporting, the American banking landscape is on the cusp of a seismic shift. Expect more pain to come. Yeah, so in the article, a quick synopsis, American banks are expected to face more challenges in the coming years due to risks to their bottom lines. This is because of factors such as rising interest rates, a decrease in interest revenue and increased federal oversight as a result many banks including smaller ones may end up being acquired by stronger banks which will lead to a significant shift in the american banking landscape as we have some

quotes here from the cnbc uh says you're going to have a massive wave of M&A among smaller banks because they need to get bigger. So that's mergers and acquisitions. Definitely. It said the co-president of the top six U.S. bank who declined to be identified speaking candidly about industry consolidation. We're the only country in the world that has this many banks. Interpret that. The big banks are going to eat up. Yep.

The little banks and the medium-sized banks. And then there will just be a handful of really big banks. And then one day, there'll just be one bank called the Fed. Yep. Yeah, and I went on to say the fundamental issue with the regional banking system is the underlying business model is under stress. This said incoming Lazard CEO Peter Orszag. Some of these banks will survive by being the buyer rather than the target. We could see over time fewer but larger regionals.

And there's going to be a lot more costs coming down the pipe that's going to depress returns and pressure earnings, said Chris Wolfe, a Fitch banking analyst who previously worked at the Federal Reserve Bank of New York. Higher fixed costs require greater scale, whether you're in steel manufacturing or banking, he said said the incentives for banks to get bigger have just gone up materially so just as you said i mean the larger banks are going to eat up the smaller ones and you're going to lose your small not mom and pop but the smaller credit unions that you know would give you better service maybe and they were yeah they're going to be eaten up and consolidated so eddie the the next story follows the same theme. This is Financial Times today in London. Big U.S. banks to post largest rise in loan losses since the COVID pandemic.

Yeah, so according to recent reports, the largest U.S. banks are expected to reveal a significant increase in loan losses in their second quarter results. This is due to the impact of rising interest rates, which is putting pressure on borrowers in various sectors of the economy. While the banks have benefited from higher interest rates in terms of lending and investment income, the effects of inflation and higher rates are starting to have a negative impact on borrowers, following several years of low defaults fueled by government assistance during the pandemic. The Financial Times reported that the nation's six largest banks, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley, are predicted to have written off a collective $5 billion tied to defaulted loans in the second quarter of this year, according to the average estimates of bank analysts has compiled by Bloomberg. The six lenders will set aside

an estimated additional $7.6 billion to cover loans that could go bad. These are massive losses. Huge. Yeah, huge numbers, huge losses. It goes on to say that credit cards are the biggest source of pain for a number of banks. JP Morgan's card loan charge-offs total $1.1 billion in the quarter analysis estimate, up from $600 million in the same period a year ago. That's a huge increase from last year. At Bank of America, credit card loans represent about a quarter of its charge-offs it will become more difficult for people with uh poor credit to get credit cards yes um they'll be pushed into a different uh other classes of of uh of uh cards such as uh you know prepaid security deposit cards and so forth.

This article from Financial Times also said that commercial real estate loans are also proving a drag on banks' performance. Property owners face reduced demand for office space as remote and hybrid work arrangements persist, even though the pandemic has ended wells fargo the biggest commercial real estate lender among the nation's largest banks told investors this month that it added one billion dollars to its loan loss provisions to cover potential losses tied to office buildings and other poor performing properties yeah and tied to what we were talking about earlier with with bricks talking about going back to the gold standard there's certain countries as well in the wake of the sanctions against russia just we were talking about earlier that they're uh repatriating

gold imagine that eddie these are reuters look at this countries repatriating their gold in wake of sanctions against Russia. So you realize what's going on here? They see the system collapsing. They're getting afraid. There's nothing to stop the bleeding of the whole system. So a lot of countries, a lot of smaller countries, their central banks have gold, large quantities of gold and they will store it in other countries that have secure vaults yes england is one of them the united states is another and so they will ship their gold to the bank of england or to the the federal reserve of new york that's usually where it's at the federal reserve of new york um sometimes it's at, the Federal Reserve of New York. Sometimes it'll be a, the custodian will be a major bank like J.P. Morgan Chase or something like that. And so these countries, these smaller countries, they decide it's, our gold would be

more secure in another big country where there's more security, there's better protection than in our little country where we don't have that's better protection than in our little country where we don't have that kind of infrastructure what this is saying is that countries after watching the united states and western europe uh just try to break off the arm of russia and and seize their assets yeah and take take personal property of Russian citizens, their billionaires, who did nothing wrong. You just happen to be a billionaire.

And so there's no crime in being a billionaire unless you're a Russian billionaire. And then the West has gone in and said, oh, you have a yacht. You have a bank account. We're taking it because you're Russian. These countries are looking at us going, oh, my gosh, we've got to get our bank. We've got to get our our gold bars out of the Bank of England.

We've got to get our gold bars out of the New York Federal Reserve Bank. We've got to bring them back. They'd be safer if we dug a hole in the ground than to allow the Americans or the Brits to continue to hold our gold. That's what's happening. And this is all part of the movement towards BRICS. That many countries not only have lost confidence in the United States, they're afraid. And this has more to do with fear the fear that that the ruling class of america and western europe will just seize whatever they have and and take it from them because they're saying if if they can take russia i mean the us and and

europe has seized literally hundreds of billions of dollars from russia that was in bank accounts in banks in financial institutions and they just seized it assets as well i mean yachts anything they could get their hands on yeah so these these smaller countries are looking at this thing if they can do that to russia what are they going to do to us we have no way of posing them we can't go to war with them they're just going to take whatever they want so it is a big change and this is a reuter story um and we'll give you a couple quotes from it one central bank official uh quoted anonymously who said we did have it our gold held in london but now we've transferred it back to our own country to hold it as a safe haven asset and to keep it safe. To keep it safe from whom? The Brits and the Americans. They don't trust them anymore.

And so the countries are taking it back and saying we'd be better off to have it in our own country yeah it also go ahead yeah it goes on to say that rod ringrow invest invest goes head of official institutions who oversaw the report said that it is a broadly held view if it's my gold that i wanted in my country has been the mantra we have seen in the last year or so he said so okay heady can we do world war three in eight minutes? Oh, let's try. Okay, here we go. So why are we having a war? Because of all the news we just told you about the banking system and currencies and gold. That's why we're having a war with Russia. It has nothing to do with Ukraine.

It certainly isn't about democracy. It's not about fighting for American values. It's about fighting for the Rothschild banking system. That's what it's all about. And so we are at war with Russia because Russia is in the forefront of challenging the Rothschild banking system of the United States and Western Europe. That's why we're having a war. And so now I want to take you into World war three news this is rt not a lot of press about this over the weekend ukraine failed with new missile attack on the crimean bridge according to moscow the ukrainian military attempted to destroy the kurch strait bridge

over the weekend and the r the Russians shot down several cruise missiles that came from Ukraine. Eddie's got the details. Definitely. So according to the Russian defense minister, Ukraine attempted a missile strike on the Crimean Bridge and targeted other Russian regions, but the attack did not cause any casualties or damage. Ukraine reportedly used modified S-200 air defense missiles in the strike. Russian air defenses successfully destroyed two missiles and jammed two others using electronic warfare measures. According to RT, they quoted Viktor Azalov, the chief of the general staff of the Russian Air Force, air defenses destroyed two S-200s and another two were jammed by electronic warfare measures.

Yeah, he noted that one missile targeted the strategic Crimean Bridge, another one was flying towards a military airfield in the Rostov region. Kiev fired another two projectiles at a military airport in the Kaluga region, both of which were deflected by electronic warfare means, as Aslov said. Okay, so you might be thinking, well, that's over there and I'm over here. Yeah. How does that affect me? Well, I'm going to tell you, because this is what the Russians said today. Next story is from Novasti News Service. The Russian foreign ministry said attacks on Russian territories on July 9 were impossible without the help of the United

States of America. That's how it affects you. The Russians are deliberately pointing their finger at at the united states and saying the u.s was involved in the attempted destruction of our bridge and you're going to see in the next several two articles how serious this is what happened over the weekend okay the the american newspapers and i've seen very little reporting about this it was hard to find anything about it it was like they covered it up because it failed you know instead they're reporting on that film sound of freedom and they're reporting against it saying it's a q anon instead of reporting on oh yeah yeah that's another topic but that blew my mind when i started seeing those articles oh yes so now you know who are the pro-pedophile people in the news media.

Yeah. When they're attacking a film trying to stop pedophilia. That's how sick and demented and perverted the ruling class is in America. from the russian foreign ministry that attempts by ukrainian troops to attack the kurch strait rostov and kaluga regions would have been impossible without the assistance of the united states according to the ministry of foreign affairs of russia yeah it goes on to say with a direct quote the neo-nazi regime attempted to carry out a terrorist attack on russian territory to strike on the kursh transport crossing and the morozovskis airfield thank you in rostov region on the same day the armed forces of ukraine tried to strike at the another airfield in the kaluga

region uh we need doc here it's shikovka i believe it's shik shakofa yes you got it doc we need you come back i gave up doing foreign words a long time ago go ahead he's the best at that he's already got a system so at the kaluga region such actions would not have been possible without the financial technical and logistical assistance of the u.S.-led Western coalition, the statement said. So, Eddie, you were in the Marine Corps. What does this sound like to you? What are the Russians saying? Well, it sounds like they're getting ready to retaliate. Yeah. They're just setting up their reasons to retaliate, right? So if they were to retaliate, they can't say that it was for nothing.

They're setting up their reasons. Well, this is why. Because it's impossible for Ukraine to have done this without your help there somebody's helping them it's got to be the u.s yep and they're and just making their case they're making their case so that they can retaliate against the united states of america um we have a one more quote from this uh this article thus washington and its allies in fact sponsor the criminal activities of Volodymyr Zelensky. All perpetrators will be prosecuted. These and other terrorist acts of the Kiev regime will be answered by the Russian armed forces, which will achieve the elimination of threats to the security of the country

and citizens emanating from Ukrainian territory. I said the elimination. So these attacks that came over the weekend to blow up the Crimean Bridge will be answered by the Russian armed forces and that the people behind it will be eliminated which to me indicates that the Russians are about to launch the they've they've held back their firepower so far they really haven't used what they're capable you know the the military might that they have they haven't used it i don't think they're going to use nukes on ukraine i don't think that's where

it's going but there's a they have a lot of in their arsenal they have not used and i think they're getting ready to use it because they know that the united states is behind these attempts to hit their bridge and other important infrastructure. Now, this next one is what Dmitry Medvedev, the former president and the current vice chairman of the Russian National Security Council. He said the response to the attack on the Smolensk nuclear power plant may be a strike on nuclear facilities in Europe. So one of the targets in Russia over the weekend was a nuclear power plant. Yes. And Medvedev said our response may be to destroy nuclear power plants in Europe. Do you know?

When I read that, I was like, oh, my God. That's catastrophic. The kind of damage that can cause. It would last for... I mean, Chernobyl is a great example. I mean, you still can't go to Chernobyl and live a normal life. Everything's irradiated. Nobody's been able to get anywhere near there.

Well, let's read what Mr. Medvedev said today. Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation, made the toughest response to reports of a missile attack. He said, if an attempted attack on nuclear power plants is confirmed, it is necessary to consider the scenario of a simultaneous Russian attack on the South Ukrainian nuclear. Now, here he just names the targets. Simultaneous Russian attacks on the South Ukrainian nuclear power plant, the Rivne power plant, the Khamensky nuclear power plant, as well as nuclear facilities in Eastern Europe. He named the targets. He didn't name the countries,

but Eastern Europe is out. He's saying we're going to hit targets outside of Ukraine. Is it Poland? Is it Latvia? Estonia? What countries does he, I mean, I would say certainly if there if there are nuclear power

plants in poland poland's high on the list and in eastern europe this is very serious folks we could wake up in the morning and four or five nuclear nuclear power plants could be destroyed yes and the world has an environmental disaster unlike anything we've ever seen. Human suffering and the tension of world war. This could happen. This could happen tonight while we're sleeping. This war is getting more dangerous, more severe. Every time NATO escalates the war.

And the Russians keep saying, you're pushing us to the point that we are going to punch you so hard you're going to regret the day that you did this to us. That's the mentality of the Russians. We're going... I just see that they've been restraining themselves,

but their fist is clenched. And at a certain moment, they're going to hit hard. And when they do, the Western world, the Western nations are going to say, oh, Mike, what did we do? Are we now ready to go all the way, total nuclear war? Are we really ready to do this over Ukraine? But it's not about Ukraine. It's about destroying Russia. This is about bleeding out Russia,

destroying their economic system so that they don't start a currency backed by gold that challenges the Rothschild fiat money. The U.S. regime did this to Gaddafi in Libya. We did it to Hussein in Iraq. Anybody that stands up and says, I'm going to have a gold-backed currency, they get whacked. And so Russia is getting whacked.

The difference is Russia has nukes. And they are not going to take it. They are not going to let this regime destroy their country. I want to go in a couple more. We've got the U.S. is sending cluster bombs to Ukraine. NSA National Security Advisor Jake Sullivan made a statement defending, sending these very, very dangerous cluster munitions to Ukraine because what it is, is this is a bomb that opens up and bomblets come out. And the bomblets fall and they explode when they touch something now sometimes they land on the ground and they don't explode but they explode when a child picks picks it up and thinks it's a toy yeah so they're extremely dangerous many nations of the world ban them

but the united states has not banned them. And Mr. Sullivan said, hey, we've got to send them. Yeah, yeah, it's going to, yeah, there's going to be people that are going to die from it. There are going to be civilians, but it's, that's, that's life. That's, listen to Jake Sullivan. Russia has been using clustered munitions since the start of this war to attack Ukraine. In this environment, Ukraine has been requesting cluster munitions in order to defend its own sovereign territory. We recognize that cluster munitions create a risk of civilian harm from unexploded ordnance. This is why we've deferred the decision for as long as we could. But there is also a massive risk of civilian harm if Russian troops and tanks

roll over Ukrainian positions and take more Ukrainian territory and subjugate more Ukrainian civilians because Ukraine does not have enough fertility also President Joe Biden did an interview on CNN over the weekend and uh he said he had a difficult time making the decision but in end, he knew that he had to send these cluster bombs to Ukraine. Here's a segment of that CNN interview. You have news today. The news is that the administration is going to provide cluster munitions to the Ukrainians. These are weapons that 100 nations ban, including some of our closest NATO allies. When there was news that the Russians might be using it admittedly against civilians, your then press secretary said this might constitute war crimes.

What made you change your mind and decide to give them these weapons? Two things, Farid. And it was a very difficult decision on my part. And by the way, I discussed this with our allies, discussed this with our friends up on the hill. And we're in a situation where Ukraine continues to be brutally attacked across the board by munitions, by these cluster munitions that have dud rates that are very, very low, I mean very high, that are dangerous to civilians, number one.

Number two, the Ukrainians are running out of ammunition. The ammunition, they call them 155-millimeter weapons. This is a war relating to munitions, and they're running out of those that ammunition and we're low on it and also in that interview he he let something slip uh this is a new york post biden let slip during interview u.s low on artillery ammunition rounds as it tries to send aid to ukraine uh sparking a bash like a. But in the interview that you just watched, he's talking about the ammo and he says,

we, meaning the United States, we're low on it. So Mr. Biden has depleted the American Pentagon stock of ammo to fight the Russians in Ukraine. Lindsey Graham tweeted, I support and appreciate the Biden administration sending cluster munitions to Ukraine. We must provide the Ukrainians the tools they need to evict the Russian invaders. That's not going down with a lot

of Republicans. uh um in the u.s house and senate uh opposing this uh uh this uh plan um also uh he doubles down on that too yeah yeah uh the second tweet go ahead i'll be working with republicans and democrats in the senate to pass a resolution urging the admission of Ukraine into NATO. The best way to prevent future wars and promote peace is to create security guarantees that make aggressor nations think twice before starting wars. Ukrainian NATO membership is vital to the future security of Europe and the world. I believe there is an overwhelming majority of senators supporting this proposition. I don't think there is a majority, an overwhelming majority of senators supporting this proposition i don't think there is a majority

an overwhelming majority of senators supporting him right now well there's no there's no vote they just they just pass bills with appropriations in it and but there's never been a vote you know this united states at war with russia they're not going to have that kind of a vote yeah um so uh fox news reporting uh republicans blast uh graham's efforts to pass resolution urging ukraine's admission into nato uh senator ram paul is one of them um he uh is pushing back and saying absolutely not this is exactly wrong as usual and could very well lead us to war with russia something no one should want thank you senator paul how popular is lindsey graham in his home state of south carolina well he would like you to believe he's the most popular politician there but

last week i think it was a around the 4th of July weekend, he appeared at a political event in South Carolina, in Pickens, South Carolina. And his fellow South Carolinians just didn't care for him. And they gave him a rousing welcome of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car.

I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the back of the car. I'm going to put you in the name of the Father, and of the Son, and of the Holy Spirit, and of the Holy Spirit. Amen. Let us pray. Let us pray. Let us pray.

Let us pray. Let us pray. Let us pray. Let us pray. Let us pray. Let us pray. Let us pray. Let us pray.

Let us pray. Let us pray. Let us pray. Let us pray. Let us pray. Let us pray. Let us pray. wasn't going well there for lindsey you know maybe maybe the american people don't support the war lindsey who would have thought that that that's a that is a very important sign that lindsey graham at a trump rally was booed couldn't get his speech going people are booing not only republicans but they're booing democrats this just happened over the weekend in new jersey with the Democrat governor of New Jersey, Phil Murphy, who was invited onto stage at a rock music concert. And this is how the people responded to the governor's appearance. Hey, hey, hey, hey, hey. What did I tell you guys?

Hey, listen to me. Listen to me. He didn't want to hear that. He's a buddy of mine. This is not about politics. He's a friend of mine. Do not do that, please. Out of respect for my friend.

Don't do that. Please. My observation is this, that when you see a Democrat governor booed in New Jersey and a Republican senator booed in South Carolina, the mood of the voters in both parties is anger. Oh, yes. Disgust. Frustration. Frustration frustration fed up with both of them i'm going to tell you again the right third party could win the right third party ticket could win in 2024 the the people are fed up with republicans and democrats They're looking for something better. Eddie, thank you. This has been good. You did well here today. If you think Eddie did okay on his very first time, this is hard to just walk out here in front of cameras. Never done this

before. I think he did a good job. You can send him a message at info at truenews.com tomorrow night 7 p.m eastern i'm doing one more zoom call meeting to a selected group of people if you've received a a personal invitation to one of these zoom call meetings then you have another opportunity tomorrow night i'm going to try to get one more in in the daytime because we have a lot of people that just can't get to the zoom call because of the time zone we we may do another one late in the evening maybe 10 11 p.m eastern to catch all the people in other time zones um but we're doing quite well with the people that can do the 7 p.m. Eastern. You'll have one more tomorrow night at 7 p.m. So if you got an email from me

and you didn't attend one of these Zoom call meetings, please come to the meeting tomorrow. We've got some very important news for you, some very exciting news. Continue to pray for Doc. He's okay. he just knocked himself out in the shower yesterday and had to go to the hospital in an involuntary uh transportation mode called the ambulance but he's doing okay he's got a big gash in his head and um and a big

headache but well i just i just want him to stay home and rest whenever he feels like coming in that's okay i got eddie eddie will substitute we'll get through this week until doc's feeling better and um what else you got daddy yeah if i could add this this word came to me as we were talking about um how the world is seems to be going crazy and uh they're banding together others. And Psalms 2 came to my mind, a word of encouragement for us to know that God is always in control. It says, Why do the nations rage and the peoples plot in vain? The kings of the earth set themselves and the rulers take counsel together against the Lord and against his anointed, saying,

Let us burst their bonds apart and cast away their cords from us. He who sits in the heavens laughs. The Lord holds them in derision. Then he will speak to them in his wrath and terrify them in his fury, saying, quote, as for me, I've set my king on Zion, my holy hill, end quote. So there's the first six verses of the second Psalm, but it makes me think, you know, we think that people in these global organizations think that they have power, but God is in control.

He sees it. He's laughing at them. He's laughing at them. It's a game. The rulers of the world are conspiring against almighty God and his son. And it goes on in verse seven, it says, I will declare the decree of the Lord.

He said to me, you are my son this day have I begotten you this is God speaking to Jesus ask of me and I will give you the nations for your inheritance and the ends of the earth for your possession you will break them with a scepter of iron you will dash them in pieces like a potter's vessel now then now this is god speaking to the rulers of the world now then you kings be wise be adished, you judges of the earth. Serve the Lord with fear, tremble with trepidation, kiss the son lest he become angry and you perish in the way for his wrath kindles in a flash. Blessed are all who seek refuge in him.

That's you and me. Seek refuge in the Lord Jesus Christ. We love you very much. Pray for Doc. We'll see you tomorrow. Thank you. You have been listening to True News with Rick Wiles. Thank you for listening. To find out more information regarding the broadcast,

including prayer and financial support, please visit our website at truenews.com. Our mailing address for all correspondents is True News, PO Box 690069, Vero Beach, Florida, 32969.