the largest gold reserve in... until recently , the united states of america had the largest gold reserve, in my memory it was about 7.00 tons, a huge gold reserve, and then china became very quickly increase their purchases of gold, they do not disclose the volume they contain, but at the pace of purchases, at the quantity that china produces, i am sure that we are already talking about many thousands of tons of gold that the people's republic of china stores, i think this is correct ... politics, especially in light of the fact that we now see that currencies themselves are becoming an unreliable way of storing purchasing power for states, for governments, gold has been such an important means of preserving purchasing power for thousands of years value, not just by individuals, but by entire nations, entire states. over time, power came to large rich mines. technology, there are different estimates by economists, in general, it is assumed that , according to some, the gold reserve of the ussr, at the time of the collapse of the ussr, was about 150-200 tons, this is nothing, according to

federal reserve is keeping their roubles. yeah. and in the russian central bank, so i don't think that that's going to happen. but we're here in davos and i was just, i'm having a dinner on monday night. and, and one of the attendees was a senior executive from the hon di company in korea. and they had a $3000000000.00 investment in, in, in car manufacturing in st. petersburg. and they were forced to sell it for a $114.00 back to the russian some, some russian. and so the expropriation on the private sector side has already happened, is that, as i like um, western corporate assets are now at risk. they, they, they, they, they, they, they either been liquidated voluntarily by, by these western companies, or they're being expropriated by the russian government. now, even before this happens. and so i would say that that's a, a sort of red herring that, that, that shouldn't be standing out there. what else could russia do? they can huff and they can pause and they can scream bloody murder as they will. and that will be that and, and f

so at all that could somehow a point that the federal reserve is super concerned. so that's what they don't want and an increase of more than $25.00 point. so probably would also not be too smart, or was all of the after the trouble that we're having in the financial system at the moment. so important decisions ahead next week. thank you so much and kata. now swimmers have been faced with a tricky choice during the energy crisis toughen up and embraced the cold or pay more for your work out in a heated pool, but not for the swimmers. exmouth leisure center in the u. k. they're doing lots in the heated pool and won't see any price hikes. that's because excess heat from a nearby data center is raising the water temperature. or most data center centers spend money to cool their service. these ones are immersed in oil. the oil gets warm and it's piped over to heat the water. the energy transfer has already expired . others 20 pools are currently adopting the technology and that's our show for more tech r d w dot com slash business, and the dw news youtube channel for m

so all those federal reserve bankers were not really allowed to talk to the media for instance. so they could not really comment em on what's going on in the banking system here in the united states. so that makes service a meeting next week, and especially the press conference or on wednesday, especially if the federal reserve would not increase interest rate. some at all that could somehow a point that the federal reserve is super concern, so that's what they don't want and an increase of more than $25.00 point. so probably would also not be too smart or was all of the after the trouble that we're having in the financial system at the moment. so important decisions ahead next week. thank you so much against kata. now swimmers have been faced with a tricky choice during the energy crisis toughen up and embrace the called, our pay more for your work out in a heated pool, but not for the swimmer as an excess leisure center in the u. k. they're doing laps and heated for and won't be any price hikes. and because excess heat from a nearby data center is raising the water temperature

from and the gold research, a gold reserves matter, to a certain extent go reserves are important. and there is certainly the governor of russian central bank or is a, well, she's a woman, i don't remember how to, certainly, but she implemented a policy of defending the reserve based on the central bank in a. busy breach, non keen on way, not printing money massively. so not printing money massively certainly has helped stabilize the rule in the situation that could have been, as you said before, very, very negative, obviously come back to the point capital controls. ready are very negative thing for the russian population that want to exchange those for euro's on for dollars. and the other hand, it has strengthened ties with china, undoubtedly there and with india. and those 2 have basically offset all of all of the negative impact on exports to, to the european union, and probably by a very, very large difference. well, the central bank governor in moscow, lena, came under attack. are you ready for leaving loads of money in the united states as russia went in to, as they saw it,

>> i think the most important basic thing is to get the level of reserves back up the reserves dumb reserves with some volatility. we don't want them to move below the level they were at in the beginning of september. which is between 1.45 and 1.5 trillion. that's the main thing that the first thing. we are on a path to do that between temporary open market operations and our bill purchases. in addition to that, we are looking at is a big complicated marketplace and one of the surprises was that bankston had told us that the lowest comfortable level of reserves was here they were well above that and yet they didn't deploy that liquidity when they were seen to be great opportunities to do that. that didn't happen. why is that? we are doing careful analysis of that. you ask would be lower capital liquidity requirements because of this? i don't think so. i don't think that's where this goes. i think where it might go is to look at intraday liquidity. which used to be a common thing is to be a common thing for banks to have intraday liquidity from what's called daylight overdrafts. that's someth

. $15.00 for chilly they put me in a legal jail to call it a reserve. and not part of canada. never decided so i was in school years missionaries, terrible people. it's impossible to forget what happened there. ah we always shy but tobacco. we call dish. wonder rock and it's a bit shaker. rock it here and it's a big, big rock. and we call it a grandfather rock. we sank a grandfather for looking after us and taken care of us as we travel in the school. they tried to tell us that this with savage, this was a pagan way of doing things here that's with the school. i was electrocuted twice. i was only 7 years old. first too high for me, so somebody put me in the chair and my feet, they're up can even touch the floor and they turn the power on electricity. and then the cat, when the electricity goes, you can like goal. cuz the gen the electricity makes you tighten it. if you can't like, go through you. you were fortunately i got ah, they made a booking because they went to their land, they broke their children. why did i go, did this soon? do anything. i was just a child with 30 bel

the us has the biggest reserves, many central bank, sol, tons of it. during the cobit 19 pandemic the shore opposite our economies, the gold reserves are kept. an underground volts are stored with central banks of broad including the u. s. federal because of of the bank of england. joining us now from single boys make us come out as who is managing director at metals focus. he's a global precious metals expert for teddy with this because it was russia's invasion of ukraine and the subsequent sanctions that triggered last he has gold rush. what's behind this? he is pine into gold. oh, you know, i think it's in many ways a continuation what we've been seeing for the last couple of years, really christ stuff, the crisis, the expectation, especially the early part of the year, the expectation that the federal reserve will be forced caught the rates uh, a lot sooner than the reality has proven it to be the case. that's what drove the price of back of up to $2000.00 announced and look more generally. the gold has basically proven its metal, and a lot of inve

is a river dolphin nation reserve.hey have been studying how to breed finless porpoises in as close to their natural habitat as possible. breeding the animals is a challenging task. their pregnancy lasts 11 months, and they can carry just one baby at a time. the porpoises can only give birth once every two years. over 18 years of work, the number of finless porpoises kept here has managed to grow from four to 11. there are now ten sanctuaries for the porpoises along the yangtze river. the porpoise reserves plan to continue breeding them so that they can eventually be released into the river. one executive has long studied the species of the yangtze river and worked toward their conservation. >> this area is scattered with small fishing villages, some 200 people once fished here. many people continue to live on their boats even after the ban. one couple has obtained a new form of work outside of fishing. this man and his wife made their living on the river for more than 40 years. their new job makes use of their fishing

welcome to the program, sri lanka has in crisis dwindling foreign reserves and skyrocket in kidding, debt levels have left the country struggling to import stable products for its 22000000 people. but the crisis moved into a darker phase this week when government supporters with sticks and clubs, tact demonstrators who had peacefully been demanding the president's resignation. ha, there's evil or food in sri lanka, at least if you asked these protesters, they're hoping his exorcism will help drive members of the ruling. russia. bucks a family from office, blaming them for the economy, hardship, bettering the island, nation, majoring for structure, project like the construction of this harbor funded in part which i need loans. i've driven up the national debt, but instead of boosting revenues, president roger pox up pushed through historic ducks cuts. the market responded with a credit downgrade and colombo found itself cut off from international lenders force in it to draw down its foreign reserves. they're currently below the $50000000.00 mark. at that time of exploding food prices,

with new currency, reserve.se , the sanctions pressure contributes to the rejection of the dollar in mutual settlements with the main trading partners. the blackmail of disconnecting from the swift international payment system has led to the fact that russia and belarus are switching to the chinese counterpart, while the share of dollar settlements has fallen to a record low of 40% when using funds is already clear to everyone. the era of dollar dominance is ending. the future belongs to trading blocks , calculations in which national currencies in belarus russia has already moved away from the dollar in basic calculations, it is important that other partners actively join this process in the formation of their own currency. thinking in the eu brazil-argentina conceived the creation of a single latin american currency. in case of successful implementation of this project , the new units of calculation will be approximately 5% of world gdp for comparison with the euro. worth 14% , the single currency could allow

that the federal reserve and congress is thrown at the u. s. economy, candidly vastly more than the economy needed relative to the type of economic shock that the pandemic created. the result of that, of course, is, is rapidly rising. prices were at 8 and a half percent inflation year over year, and candidly, given the pent up demand in our economy right now take, for example, auto inventories that are basically 0. it's hard to see anything slowing down, given these relatively modest moves on the part of the fed. ergo, i don't think they're going to even come close to slowing inflation down a given this kind of policy. inflation is on the rise around the globe, not just in the u. s. and the fed is not the only central bank to tighten its policy. the bank of australia has now raised its main lending rate by a quarter of a point that's its biggest rate hike in over a decade. in india. meanwhile, the r b i n d a central bank surprise markets by raising rates there to 4.4 percent . and without warning, or deli correspondence, her car to car has mor

and therefore obviously the federal reserve can take it a bit easier. i mean, we could have a lengthy debate why inflation is coming down as it really because of the interest rate increase it or is it also, for example, because some energy prices have come down quite a bit and that without the doing off the federal reserve, but what i find interesting is also what say paul said about the future because he entered at more increased fits. so not just one increase but maybe increase it. meaning that the next set meeting in march, we might be another interest rate increase that maybe another one in may. either way, the reaction on wall street was quite a bit especially tech stocks and then not start compet gained about 2 percent here in the red session. it's, i wrote that this has been walking, is trying to get inflation down, but also not tanking. the u. s. economy was the feeling. now whether or not this state is going to go into recession this year. i would say rob the jury is still out there. i mean, the federal reserve itself, it's saying that it sees

the u on is the world's 5th largest reserve currency. central banks held at least $319000000000.00 us dollars worth of you on reserves. in the 3rd quarter of 2021. some economists say there's an effort on the way to build an alternative financial system to that dominated by the us. they say that you are together with golden crypto currencies, a likely to gain market share at the expense of western currencies. well, to discuss this, i'm joined now by timothy ash. he's a senior emerging market sovereign strategist, that blew by asset management, joins us now from london. good, heavy with us. so has the one become rushes new dollars? it becoming rushes new door? i don't buy. i think what's interesting about this crisis is the unwillingness of, of the chinese to bankroll russia to kind of help the russian circumvent sanctions. and we've seen that kind of across the board. i mean, you know, lots of criticism of sanctions from the west and there in effectiveness. but actually the financial sanctions that have been lobbied sofa and the fund, th

it's an account directly with the federal reserve. it would be a direct account and that is not what we are proposing. you would go into your bank app, open it up there is a bank account with your commercial bank a digital currency and right below that. all that happens is the bank is holding a stock if you want to make a payment they would simply say to the central bank transfer one unit to this other bank. that is it. that is all there is. there is nothing revolutionary where it works different than the standard bank account which is a revalue to it stable coin is kind of like a commercial bank with the claim to a dollar. as long as that claim is honored they would circulate like money. the thing with stable coins is what is the business model that supports it? what are you trying to do with that? how are you going to make money? there different models but in order to be successful you have to tell me why you do it. every large bank i talk to they said has no interest they seen no value process. but at the end of the day if you did

we had to get authority to do it for bank reserves. it seems to me you would need congressional authority to do anything like that. the fact it is a payment instrument being created, we need input from congress. this is to make sure the fed is doing its job, staying in its lane, doing what it is supposed to do with congressional authority. to me, that is critically important, not to go outside the bounds of doing things congress may or may not like. from congress, there is a very -- to do, financial inclusion, also concerns about the reserve currency and national security aspects. these are issues for congress. i'm not necessarily convinced, but if congress were to want us to do it, we would do it. >> a lot of discussion about digital currencies has assumed a normal environment, an environment of healthy and equal growth, normal functioning of the financial system, let's discuss what might be the implications of the existence of a cbdc in a period of financial stress if we had another financial crisis similar to 2008, would having a di

but yet we still have a lot of reserves. if we like go, we really are seeing what's happening here, which is that we are an oil and gas dependent economy both here and globally alternative energy. it's just not enough to carry the weight. we have one more type of disaster, whether it be a hurricane, the 2nd wave, or what have you, or the anticipation that consumption will continue to grow while supply issues remain a problem. then we could see energy is going much higher. and i want to go back to something you were talking about earlier, which is the debt ceiling, because as us lawmakers, they work on a deal to raise the debt, feeling the president of the federal reserve bank of new york ward. that failing to actually increase that limit could have an extreme kind of reaction in market while treasury secretary janet yellow and she said it could lead to a catastrophic event for the economy. what are investors really keeping an eye on when it comes to these negotiations? well, i think today move down really didn't have much to

bitcoin reserve fund. mr. sacks: i guess a lot of you are asking why are are we doing a strategic bitcoin reserve today. i think the truth is it should have been done a long time ago. over the past decade or so, the federal government has accumulated something like 400,000 bitcoin through civil or criminal asset fort chures or seizures, we did not have a long-time strategy for maximizing the value of this asset as a country so roughly half that bitcoin was sold. today it would be worth over $17 billion if we held it. we think the number is around 200,000 bitcoin. we think it's a strategic asset and should be held long term for the value of the country and to maximize the value of this asset for taxpayers so that's what we're doing and i'll take questions. reporter: do you plan on buying more bitcoin or are you going to take whatever you see from assets and put into the reserve? mr. sacks: the reserve is capitalized with existing bitcoin that the government already owns on its balance sheet. we don't have a pla

s. dollar reserve currency. and that is that there is in a fire or it is the house largest number of windows and doors. it's liquidity . so the problem that one finds, when do you see alternatives to the u. s. data, they may be non state owned, but state fear currencies that could be an alternative to us dollar. is that the, the perverse incentive of central banks and governments of implementing covered and controls immediately make it impossible for that currency to be a world reserve currency ok. but then perhaps we should define what decoupling is. and history is seeming to move much quicker every other week. you can still have a kind of peg to the dollar while being the couple that he probably not a buyer of us treasury bills. and debt cannot you. i mean, the, you on is kind of pegged to the dollar, isn't it? yeah, yeah, in a way, absolutely, honest. the u. n. is fully back to the you are starting to think about it the, the way that the p, b, o. c, the central bank of china managers fixing on the un is fully

it's an account directly with the federal reserve. it would be a direct account and that is not what we are proposing. you would go into your bank app, open it up there is a bank account with your commercial bank a digital currency and right below that. all that happens is the bank is holding a stock if you want to make a payment they would simply say to the central bank transfer one unit to this other bank. that is it. that is all there is. there is nothing revolutionary where it works different than the standard bank account which is a revalue to it stable coin is kind of like a commercial bank with the claim to a dollar. as long as that claim is honored they would circulate like money. the thing with stable coins is what is the business model that supports it? what are you trying to do with that? how are you going to make money? there different models but in order to be successful you have to tell me why you do it. every large bank i talk to they said has no interest they seen no value process. but at the end of the day if you did

he served as federal reserve chair from 1979 to 1987. he accomplished many things during his long and distinguished career and elsewhere and best known for leading the fight to detain them placement that he inherited as chair the foundation for the prosperity and price stability we enjoy today. but what is most admirable, more than his accomplishments is his character. he believed there is no higher calling than public service and he dedicated the lion share of his life. with courage, integrity and tenacity he pursued the policy that he believed would ultimately benefit all americans. my colleagues and i draw inspiration from his example. turning to today's meeting my colleagues and i decided to leave the policy rate of lowering it three quarters of a rate of the previously three meetings. we base our decisions on judgment of how best to achieve the goal congress has given x mom employment of price stability. it remains a favorable one despite global developments in ongoing risks, with the decisions of the course of the past year we beli

the federal reserve that south it's road map for ending it's pandemic stimulus. we'll see with that could mean for the recovery in the u. s. and the rest of the world and the volcanic eruption triggers an oil fill, an ocean away, and peru where people now wonder who's going to pay for the damage. and what was the winter wonderland without snow? will take you to colorado where climate change has to do is we're making her own powder. chelsea delaney welcome to the show. interest rates are on their way up. that's the word from washington where the federal reserve has laid out plans for paring back stimulus to fight surging inflation. prices in the us are increasing ad rates not seen since the early 19 eighties, driven largely by energy and food. and march, the central bank is likely to raise the cost of borrowing for the 1st time in nearly 2 years and wind down at asset purchasing program that could help cool inflation, which is running at a fastest rate in 40 years. now fed chairman jerome powell addressed fears that are rate hike would hurt the job market. i think

that's the reserve currency, that's what everyone more, that's what they know you can depend on. you have a bond, we know that the united states stands behind the current to the united states stands behind it to get obligations. we default on that debt and it just throws it all into payoff. so low congress take action before it's too late and how does the market stand to be impacted if they don't? joining me now to discuss is michelle snyder, partner and director of training research and education for the market age group. now, michelle, we all know that this fight between democrats and republicans is nothing new, but what is the risk if the u. s. does default on its debt, and how does that imply, or how does that impact rather the countries on the global stage? well, the clips you just paid. rachel really shows the, the polarity of the political parties. but there's 2 issues here. there's paying for the debt that we've already incurred, and then there's the new debt. and that's really where the negotiation might come in. so at this point right now, i would say that the risk of t

and we reserve the right tempos, further sanctions like to on the e u, the u. s. britain and canada quickly introduce sanctions against russia. russian banks are now excluded from the swift payment system. leading banks have been shut out of western capital markets. russian treasury bonds, and bonds of some companies can no longer be traded. that makes it difficult for the kremlin to refinance its debt. the west has frozen $85000000000.00 worth of russian assets and introduce travel bands. more than 500 people have been affected, including vladimir putin rushes access to computer chips. computers and other high tech products has been blocked. the latest sanctions sent, the russian rouble tumbling more than 30 percent, and the russian central bank more than doubled its key interest rate to 20 percent . some of the countries banks are expected to collapse, and analysts believe the sanctions will cripple the russian economy for years to come. but the full effects could take months or even years. ah, it's been a month since the winter olympics opened in beijing wit

, one's armed forces, bought of that has been to try out doubling the training time for ty, one's reserve force. that force is made up of the roughly 1650000 young men who served the mandatory full months in the countries military. did look on respondents . zachary lee was at one such training event. juan hong way received his call up letter weeks ago. to day, long as saying good bye to his friends before he begins to weeks in an intensified military training program. locals are calling at the toughest taiwan has ever seen him. yet 14 days is a bit too long. it's like basic training for military service, and it's kind of a waste of time also. it's also a huge inconvenience for my employer. but since the russia ukraine war began us, i've thought about a war between china and taiwan. what if china, really a texas by and with that in mind, kwong is joining 15000 other reservists for the program. he'll spend 10 hours a day on combat training, such as shooting weapons. and no days off. taiwan president says taiwan cannot let down its guard. you know, the situation ukraine has once again proven

dollar as world reserve currency is that it provided this. blanket for globalization ok but then it also provided a way that social banks could collude to make it easier for bad actors to milk the system or built the system and that has led to the black press or the yellow best's in france an occupy wall street in the revolutions in cairo you know as that certain you know social bank related class of drain the system of vital capital so that has now led to a reaction so we're going to actually get to the u.s. central bank and their plans for the future because of course our competitor nation in this situation is china china comes up with long term plans and they have 5 year plans 10 year plans and this is part of the reason they've been able to outcompete us because we only have quarterly plans and whatever the shareholder dividends are that quarter and that's all we care about that has always that creates a long term result and consequence which is the dust realisation of america because shareholders were always going to if they could extrac

i was they say reservation which he said he saw. cross large. she i. coming coming from what he. said wa. with the intention to take take control. will that israel railroad line behind the wheel will know no. does not a race. issue. is not. sh from little rock it yeah. for instance. china china wanted nothing. while the french presidented michael and it is really really. anw. go around. the globe. we should we should meet zz you some of some of the day they right right behind me. they live it. is it really a line. my. and. the six month months of m many many of the palestinianunions. say thati do they did he's these people. horrible at thatse b it was my my what little welcome. and now yeah. forces liberated. killed three return. are wearing of the friends insignia a day a day. you anyway and and the sea and he really rely on line. now is. want to mention that there are not. many many protesters about about at two hundred i want one in less using that in a long lt weight weight loss i don't like are now expected to cut that. night i. will it. has has reported that women women and

in the lake says and see forms part of a high altitude nature reserve. it's one of the famous chito room internees years principal waterway starts its journey. but if you come down the sun down to the top to bottom i've got a septic tank up. it runs 300 kilometers from source to mouth and there are over $200.00 industrial facilities ranged along its bangers. and mash and your muscle. to do 3 things. i've selected out of them and to be in. the room here again over 4000 rice fields and supplies drinking water to 25000000 people. government forgets a pool or so made by so many of us about us a member of our people me at. all. welcome back to the kaiser report i'm max keyser time out of to dan collins. dan colonies recently returned to america from doing business in china for 20 years is the head of research at heisenberg cap at all oh i love the firm stand walk alone at the back a max thanks if you're back there already dead collins they say nobody wanted to trade war talked about china and russia america so which side is losing less than the other than wel

federal reserve to raise its benchmark interest rate by just half a percentage point in an effort to beat back record price increases. inflation in the u. s. is at a 40 year high. the rate hike is actually the largest single optic by the fed in more than 2 decades. and some investors feared the fed might do more. higher interest rates make borrowing more expensive, cutting into business profits and restraining growth in fed. chairman jerome powell said yesterday, the cutting inflation was critical. the economy in the country have been through a lot over the past 2 years and approved resilient. it is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all more rate hikes are expected in the months ahead. but can monetary policy actually bring down us inflation that's been pushed up by stimulus policy? as well as energy costs. when we asked economists, chris for thornburg when he expects prices to come down, who's quite candid. i never, i look, the increase in price is we're saying, of course, is, is largely driven

i, i think that it is more a function of their desire to diversify their reserves. and again, this gets back to what we've seen over the last few years with the united states government levying sanctions, you know, on russia, on iran or north korea or china. so it's become more evident that any time in the past that there is risk in holding dollars, even though the dollar is the global reserve currency. it, you know, most transactions in the global financial system occurred in us dollars. all that, that's starting to change to you starting to see these uh, these new relationships pop up. but there is, there is a recognition now on the part of central banks that, you know, there's, there's some geo political risk. there's some sanction risk inherent in the dog. and so they want to diversify into some other assets. so we're seeing goal become a part of that. and also i have to say, i don't remember, i think it was like 2 years ago that the bank of international settlement says like the central bank for central banks, they read classified goals as a tier one asset. mea

administered rates of interest on reserves, as well as the offer rate on the overnight reserve reverse repo facility, without managing the supply of reserves actively. as the minutes of our recent discussions have indicated, the fomc strongly believes that this approach provides good control of short-term money market rates, in a variety of market conditions, and effective transmission of those rates to broader financial conditions. settling this central question clears the way for the fomc to address a number of further questions regarding the remaining stages of balance sheet normalization. the decision to retain our current operating procedure means that after allowing for currency in circulation, the ultimate size of our balance sheet will be driven principleably by financial institutions' demand for reserves, plus a buffer so, that fluctwaketses -- fluctuations in reserve demand do not require us to make frequent, sizable market interventions. estimates of the level of reserve demand are quite uncertain. but we know that this demand, in the post-crisis environment, is far larger t

on nevada, lebanon says it has wheat reserves for just one more month. it's largest silos were destroyed in a massive explosion of bay roots harbor 2 years ago. the country depends on wheat and ports with nearly 60 percent coming from ukraine. the government is now looking for alternative sources. not in the least, we've reached out to a number of countries, including the u. s. india, canada, and europe. that produce the soft wheat that's needed for the air, bread styles we produce, and lebanon. by now, the ellena by net, that canada turkey depends on weed imports from russia, the countries in the midst of an act, a mom at crisis, with runaway inflation. there have been massive protests over rising food prices. when we talk about relations with russia, we usually think about weapons or energy. but much more significant is that turkey is very dependent on the russian agricultural sector, especially for wheat, barley, soybean, some flowers and corn. i. we buy everything from russia, even chic peas. many turks for the war will make matters worse and continu

that is true of the tech lab group of the federal reserve board and also of the federal reserve bank of boston's partnership with mit on project hamilton to build and test hypothetical digital currency platform using leading-edge technology. that research aims to explore the feasibility of the core processing of a cbdc while remaining agnostic about a range of policy decisions. a white paper is scheduled to be released next quarter that will document the billy to meet goals on geographically dispersed transactions with core processing and create an open source license for the code. some schoolwork will explore how additional requirements such as resiliency privacy and anti-money laundering and fact core processing performance and design. so just wrapping up in light of the going role of digital private money and the broader migration of digital payments, the potential use of foreign cbdc ease is an cross-bords and forced financial inclusion, we're stepping up our research in public engagement on the digital version of the u.s. dollar. to support this effort the federal reserve plans