Following the downturn in bitcoin’s price on Friday, the hashprice of bitcoin has declined from slightly above 9 per petahash per second to marginally over 6 per PH/s on a daily basis. Should the prices remain low leading up to the forthcoming halving event scheduled for next week, certain mining devices may only be viable […]
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UN Secretary General Antonio Guterres Calls for Reform of ‘Outdated, Dysfunctional, and Unfair’ Global Financial Architecture
Antonio Guterres, Secretary General of the United Nations (U.N.), has noted changes that need to happen with today’s financial institutions to fit into the current multilateral world. During the recent BRICS leaders summit, Guterres said that the current “outdated, dysfunctional, and unfair” financial system needs to be reformed, including Bretton Woods institutions.
UN Secretary General Antonio Guterres: We Must Urgently Reinvigorate Multilateralism
Antonio Guterres, Secretary General of the United Nations (U.N.), has called to embrace cooperation and multilateralism, explaining that there was “no choice” as the world becomes more multipolar. At the recent BRICS leaders summit in Johannesburg, Guterres stated that multipolarity was not guaranteed to achieve peace and that more should be done to grow a “global community.”
Guterres blasted the global establishment, stating:
As the global community moves towards multipolarity, we desperately need a strengthened and reformed multilateral architecture based on the U.N. Charter and international law.
Furthermore, Guterres acknowledged current institutions were outdated and answered to a deprecated world configuration, calling for reforms that would “reflect today’s power and economic realities, and not the power and economic realities of the post-Second World War.”
“This is particularly true of the Security Council of the United Nations and the Bretton Woods institutions,” Guterres specified, including the International Monetary Fund and the World Bank in his call for reform.
The U.N. Security Council has been widely criticized as small and ineffective by several scholars consulted by the Carnegie Endowment for International Peace.
Financial System Reform
Guterres reinforced the need to reform the current financial system as part of what he called “priorities for action and justice.” Nonetheless, he recognized that this is unlikely to happen quickly in today’s geopolitical situation.
Guterres stated:
Redesigning today’s outdated, dysfunctional, and unfair global financial architecture is necessary, but I know it won’t happen overnight. Yet we can – and must – take practical action now.
The BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa, has been moving to create a new alternative financial architecture away from Western traditional power centers and the influence of the U.S. dollar. The BRICS “Johannesburg II Declaration” stressed the need to transact in national currencies and called for the consideration of “the issue of local currencies, payment instruments and platforms” for the next summit that will be held in Kazan.
What do you think about Guterres’ criticism of current financial institutions? Tell us in the comments section below.
UN Secretary-General Says Global Financial System ‘Outdated, Dysfunctional, Unfair’ — Calls for Reform
United Nations Secretary-General António Guterres says the current international financial system is “outdated, dysfunctional and unfair.” He stressed: “There is a systemic and unjust bias in global economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.”
UN Secretary-General Calls for Reform of Global Financial System
United Nations Secretary-General António Guterres, who served as the prime minister of Portugal from 1995 to 2002, has called for a reform of the global financial system.
He shared during a press conference on Sunday in Hiroshima, Japan, where he attended the Group of Seven (G7) summit: “My message to G7 leaders is clear: while the economic picture is uncertain everywhere, rich countries cannot ignore the fact that more than half the world — the vast majority of countries — are suffering through a deep financial crisis.”
The UN secretary-general added:
There is a systemic and unjust bias in global economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.
“Rich countries recovered from the economic impact of the pandemic with expansionary monetary and fiscal policies. Trillions and trillions were spent. Basically, they printed money and spent their way out of trouble,” Guterres continued. “But developing countries, many with substantial debts, were unable to do so. If they did, they would have seen their currencies sinking.”
Emphasizing “the needs for reform of the international financial system,” the UN secretary-general explained that “the Bretton Woods system and the Security Council reflect the power relations of 1945.” However, he stressed:
This has changed. The economy has grown … The global financial architecture became outdated, dysfunctional, and unfair.
“What I believe is clear. It’s that there is a growing conscience in developed countries — and I felt it in the G7 — that not enough is being done, both to reform outdated institutions and, at the same time, to … remove the frustration of the Global South [Latin America, Asia, Africa, and Oceania] by an effective policy of solidarity with the Global South,” the UN secretary-general concluded.
Do you agree with the UN secretary-general that the current financial system is “outdated, dysfunctional and unfair”? Let us know in the comments section below.
Why All Existing Messengers Except e-Chat Are Out-Dated
Everybody has a clear understanding of how the next-generation messenger should look like as has seen the dubious principles of which the leaders of the sector work under in these days. Simply stated, each person is using between 5 to 7 apps at the least, just proves that there isn’t one unique enough that could serve the requirements of all clients. The research is done on the leading messenger apps such as Skype, WhatsApp, Viber, Telegram, Hangouts, Line, and e-Chat.
However, there is a more concerning issue at stake: the current circumstance undermines the correspondence itself. It’s not a secret that the majority of apps for communication are owned and controlled by organizations. Just for the simple fact that this sector is highly monopolized, leads to an evident conclusion. The current state of events, where all messengers are ruled by certain bodies, makes online communication unsafe and limits the freedom of users.
Complex state regulations force messengers to succumb to their every request, although it’s the messengers who control the exchange of data. Yet, if a company neglects to provide that data, then they would be apt to certain risks by the government, due to the simple fact that all content is stored on physical storage media, also known as servers, under obvious government control in that given country.
Decentralization is the answer to the predicament. The team behind e-Chat provides a unique system specifically for the protection of its users, with technologies such as IPFS, P2P, and blockchain in order to take on the project in full-swing.
* e-Chat network encryption scheme
e-Chat works together under the conditions of a classic instant messenger, using up-to-date tools to manage the finances of users. The multicurrency crypto-wallet is one-of-a-kind, connecting bank cards along with various payment services directly to the messenger, permitting users to maintain, transfer, and invest both digital and fiat currencies all-in-one.
e-Chat developers are certain that shortly they will witness drastic changes in online correspondence. Nowadays, it has become the main channel of communication. However, if the existing messengers don’t change their policies and principles of operation, then the users will just have the increasing number of disconnected apps on their phones together with all the inconveniences such situation brings.
The cryptocurrency market boom is undeniable, increasing more than 7 times from billion up to billion just this year alone. Meanwhile, the mobile payments market in 2017 amounted to 0,000,000,000, clearly on their path to modern messenger. e-Chat helps users make instant transactions to friends, pay for online and offline services, and even make payment for the services within the internal messenger ecosystem.
Throughout extensive research among existing messengers, it has been discovered that some considerable drawbacks, therefore everything was under consideration for the creation of e-Chat. The first decentralized messenger was created, refined, and ready to incorporate such promising protocols such as blockchain, IPFS, and P2P. With this messenger everybody can enjoy high level of protection, safety, a built-in wallet, and end-to-end encryption, plus much more.
It is forecasted by the developers that the scope of the application will reach 1,000,000 installations and 100,000,000 messages per day. Consequently, it is expected to significantly increase the price of the ECHT token. During the pre-ICO period, the token price is set at the level of 0.7 as it runs until November 15th!
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