_{ECONOMIC NEWS}

BRICS Summit Targets U.S. Dollar’s Collapse as Putin Reveals New 'BRICS Banknote'

The BRICS nations—Brazil, Russia, India, China, and South Africa—are accelerating plans to move away from the U.S. dollar as the world’s reserve and petro currency, aiming for a multi-currency or "basket system." This shift, anticipated by alternative economists, could spell severe inflationary consequences for the U.S. if foreign-held dollars flood back into the economy. At a recent summit in Kazan, Russia, Vladimir Putin underscored this agenda, presenting a symbolic "BRICS banknote" and discussing a new currency system.

The summit also focused on creating an alternative to the SWIFT payment network, which is controlled by the U.S. and Europe. Following Russia's SWIFT ban after its invasion of Ukraine, BRICS members have deepened trade ties and even military connections, driven in part by NATO sanctions. Central bank digital currencies (CBDCs) are central to this plan, with global entities like the IMF and BIS already testing digital alternatives to the dollar, aiming for a cashless economy within two years. The dollar's replacement as the world reserve currency may be closer than many predict. Read More.

_{FINANCIAL NEWS}

Police Seize $225,000 From 70-Year-Old Man Without Evidence of Crime, Plunging Him Into a Years-Long Legal Nightmare

A 70-year-old California truck driver, Rae Young Chung, has fought a years-long legal battle to retrieve his life savings after police seized $225,000 during a 2020 traffic stop in Mississippi. Pulled over for minor traffic violations, Chung, who has limited English, faced questioning by an officer who suspected drug trafficking after discovering the cash in his truck. Chung explained that he had accumulated the money over a decade, keeping it in his truck because he lived on the road. Despite a loose link found between his trucking company and an unrelated investigation, the State’s forfeiture petition lacked sufficient evidence. Four years later, the Mississippi Court of Appeals ruled in Chung’s favor, ordering the return of his funds but leaving him responsible for significant legal fees, which his attorney is addressing through a contingency plan. Read More.