class Akismet_REST_API { /** * Register the REST API routes. */ public static function init() { if ( ! function_exists( 'register_rest_route' ) ) { // The REST API wasn't integrated into core until 4.4, and we support 4.0+ (for now). return false; } register_rest_route( 'akismet/v1', '/key', array( array( 'methods' => WP_REST_Server::READABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'get_key' ), ), array( 'methods' => WP_REST_Server::EDITABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'set_key' ), 'args' => array( 'key' => array( 'required' => true, 'type' => 'string', 'sanitize_callback' => array( 'Akismet_REST_API', 'sanitize_key' ), 'description' => __( 'A 12-character Akismet API key. Available at akismet.com/get/', 'akismet' ), ), ), ), array( 'methods' => WP_REST_Server::DELETABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'delete_key' ), ) ) ); register_rest_route( 'akismet/v1', '/settings/', array( array( 'methods' => WP_REST_Server::READABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'get_settings' ), ), array( 'methods' => WP_REST_Server::EDITABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'set_boolean_settings' ), 'args' => array( 'akismet_strictness' => array( 'required' => false, 'type' => 'boolean', 'description' => __( 'If true, Akismet will automatically discard the worst spam automatically rather than putting it in the spam folder.', 'akismet' ), ), 'akismet_show_user_comments_approved' => array( 'required' => false, 'type' => 'boolean', 'description' => __( 'If true, show the number of approved comments beside each comment author in the comments list page.', 'akismet' ), ), ), ) ) ); register_rest_route( 'akismet/v1', '/stats', array( 'methods' => WP_REST_Server::READABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'get_stats' ), 'args' => array( 'interval' => array( 'required' => false, 'type' => 'string', 'sanitize_callback' => array( 'Akismet_REST_API', 'sanitize_interval' ), 'description' => __( 'The time period for which to retrieve stats. Options: 60-days, 6-months, all', 'akismet' ), 'default' => 'all', ), ), ) ); register_rest_route( 'akismet/v1', '/stats/(?P[\w+])', array( 'args' => array( 'interval' => array( 'description' => __( 'The time period for which to retrieve stats. Options: 60-days, 6-months, all', 'akismet' ), 'type' => 'string', ), ), array( 'methods' => WP_REST_Server::READABLE, 'permission_callback' => array( 'Akismet_REST_API', 'privileged_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'get_stats' ), ) ) ); register_rest_route( 'akismet/v1', '/alert', array( array( 'methods' => WP_REST_Server::READABLE, 'permission_callback' => array( 'Akismet_REST_API', 'remote_call_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'get_alert' ), 'args' => array( 'key' => array( 'required' => false, 'type' => 'string', 'sanitize_callback' => array( 'Akismet_REST_API', 'sanitize_key' ), 'description' => __( 'A 12-character Akismet API key. Available at akismet.com/get/', 'akismet' ), ), ), ), array( 'methods' => WP_REST_Server::EDITABLE, 'permission_callback' => array( 'Akismet_REST_API', 'remote_call_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'set_alert' ), 'args' => array( 'key' => array( 'required' => false, 'type' => 'string', 'sanitize_callback' => array( 'Akismet_REST_API', 'sanitize_key' ), 'description' => __( 'A 12-character Akismet API key. Available at akismet.com/get/', 'akismet' ), ), ), ), array( 'methods' => WP_REST_Server::DELETABLE, 'permission_callback' => array( 'Akismet_REST_API', 'remote_call_permission_callback' ), 'callback' => array( 'Akismet_REST_API', 'delete_alert' ), 'args' => array( 'key' => array( 'required' => false, 'type' => 'string', 'sanitize_callback' => array( 'Akismet_REST_API', 'sanitize_key' ), 'description' => __( 'A 12-character Akismet API key. Available at akismet.com/get/', 'akismet' ), ), ), ) ) ); register_rest_route( 'akismet/v1', '/webhook', array( 'methods' => WP_REST_Server::CREATABLE, 'callback' => array( 'Akismet_REST_API', 'receive_webhook' ), 'permission_callback' => array( 'Akismet_REST_API', 'remote_call_permission_callback' ), ) ); } /** * Get the current Akismet API key. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function get_key( $request = null ) { return rest_ensure_response( Akismet::get_api_key() ); } /** * Set the API key, if possible. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function set_key( $request ) { if ( defined( 'WPCOM_API_KEY' ) ) { return rest_ensure_response( new WP_Error( 'hardcoded_key', __( 'This site\'s API key is hardcoded and cannot be changed via the API.', 'akismet' ), array( 'status'=> 409 ) ) ); } $new_api_key = $request->get_param( 'key' ); if ( ! self::key_is_valid( $new_api_key ) ) { return rest_ensure_response( new WP_Error( 'invalid_key', __( 'The value provided is not a valid and registered API key.', 'akismet' ), array( 'status' => 400 ) ) ); } update_option( 'wordpress_api_key', $new_api_key ); return self::get_key(); } /** * Unset the API key, if possible. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function delete_key( $request ) { if ( defined( 'WPCOM_API_KEY' ) ) { return rest_ensure_response( new WP_Error( 'hardcoded_key', __( 'This site\'s API key is hardcoded and cannot be deleted.', 'akismet' ), array( 'status'=> 409 ) ) ); } delete_option( 'wordpress_api_key' ); return rest_ensure_response( true ); } /** * Get the Akismet settings. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function get_settings( $request = null ) { return rest_ensure_response( array( 'akismet_strictness' => ( get_option( 'akismet_strictness', '1' ) === '1' ), 'akismet_show_user_comments_approved' => ( get_option( 'akismet_show_user_comments_approved', '1' ) === '1' ), ) ); } /** * Update the Akismet settings. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function set_boolean_settings( $request ) { foreach ( array( 'akismet_strictness', 'akismet_show_user_comments_approved', ) as $setting_key ) { $setting_value = $request->get_param( $setting_key ); if ( is_null( $setting_value ) ) { // This setting was not specified. continue; } // From 4.7+, WP core will ensure that these are always boolean // values because they are registered with 'type' => 'boolean', // but we need to do this ourselves for prior versions. $setting_value = Akismet_REST_API::parse_boolean( $setting_value ); update_option( $setting_key, $setting_value ? '1' : '0' ); } return self::get_settings(); } /** * Parse a numeric or string boolean value into a boolean. * * @param mixed $value The value to convert into a boolean. * @return bool The converted value. */ public static function parse_boolean( $value ) { switch ( $value ) { case true: case 'true': case '1': case 1: return true; case false: case 'false': case '0': case 0: return false; default: return (bool) $value; } } /** * Get the Akismet stats for a given time period. * * Possible `interval` values: * - all * - 60-days * - 6-months * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function get_stats( $request ) { $api_key = Akismet::get_api_key(); $interval = $request->get_param( 'interval' ); $stat_totals = array(); $request_args = array( 'blog' => get_option( 'home' ), 'key' => $api_key, 'from' => $interval, ); $request_args = apply_filters( 'akismet_request_args', $request_args, 'get-stats' ); $response = Akismet::http_post( Akismet::build_query( $request_args ), 'get-stats' ); if ( ! empty( $response[1] ) ) { $stat_totals[$interval] = json_decode( $response[1] ); } return rest_ensure_response( $stat_totals ); } /** * Get the current alert code and message. Alert codes are used to notify the site owner * if there's a problem, like a connection issue between their site and the Akismet API, * invalid requests being sent, etc. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function get_alert( $request ) { return rest_ensure_response( array( 'code' => get_option( 'akismet_alert_code' ), 'message' => get_option( 'akismet_alert_msg' ), ) ); } /** * Update the current alert code and message by triggering a call to the Akismet server. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function set_alert( $request ) { delete_option( 'akismet_alert_code' ); delete_option( 'akismet_alert_msg' ); // Make a request so the most recent alert code and message are retrieved. Akismet::verify_key( Akismet::get_api_key() ); return self::get_alert( $request ); } /** * Clear the current alert code and message. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function delete_alert( $request ) { delete_option( 'akismet_alert_code' ); delete_option( 'akismet_alert_msg' ); return self::get_alert( $request ); } private static function key_is_valid( $key ) { $request_args = array( 'key' => $key, 'blog' => get_option( 'home' ), ); $request_args = apply_filters( 'akismet_request_args', $request_args, 'verify-key' ); $response = Akismet::http_post( Akismet::build_query( $request_args ), 'verify-key' ); if ( $response[1] == 'valid' ) { return true; } return false; } public static function privileged_permission_callback() { return current_user_can( 'manage_options' ); } /** * For calls that Akismet.com makes to the site to clear outdated alert codes, use the API key for authorization. */ public static function remote_call_permission_callback( $request ) { $local_key = Akismet::get_api_key(); return $local_key && ( strtolower( $request->get_param( 'key' ) ) === strtolower( $local_key ) ); } public static function sanitize_interval( $interval, $request, $param ) { $interval = trim( $interval ); $valid_intervals = array( '60-days', '6-months', 'all', ); if ( ! in_array( $interval, $valid_intervals ) ) { $interval = 'all'; } return $interval; } public static function sanitize_key( $key, $request, $param ) { return trim( $key ); } /** * Process a webhook request from the Akismet servers. * * @param WP_REST_Request $request * @return WP_Error|WP_REST_Response */ public static function receive_webhook( $request ) { Akismet::log( array( 'Webhook request received', $request->get_body() ) ); /** * The request body should look like this: * array( * 'key' => '1234567890abcd', * 'endpoint' => '[comment-check|submit-ham|submit-spam]', * 'comments' => array( * array( * 'guid' => '[...]', * 'result' => '[true|false]', * 'comment_author' => '[...]', * [...] * ), * array( * 'guid' => '[...]', * [...], * ), * [...] * ) * ) * * Multiple comments can be included in each request, and the only truly required * field for each is the guid, although it would be friendly to include also * comment_post_ID, comment_parent, and comment_author_email, if possible to make * searching easier. */ // The response will include statuses for the result of each comment that was supplied. $response = array( 'comments' => array(), ); $endpoint = $request->get_param( 'endpoint' ); switch ( $endpoint ) { case 'comment-check': $webhook_comments = $request->get_param( 'comments' ); if ( ! is_array( $webhook_comments ) ) { return rest_ensure_response( new WP_Error( 'malformed_request', __( 'The \'comments\' parameter must be an array.', 'akismet' ), array( 'status' => 400 ) ) ); } foreach ( $webhook_comments as $webhook_comment ) { $guid = $webhook_comment['guid']; if ( ! $guid ) { // Without the GUID, we can't be sure that we're matching the right comment. // We'll make it a rule that any comment without a GUID is ignored intentionally. continue; } // Search on the fields that are indexed in the comments table, plus the GUID. // The GUID is the only thing we really need to search on, but comment_meta // is not indexed in a useful way if there are many many comments. This // should help narrow it down first. $queryable_fields = array( 'comment_post_ID' => 'post_id', 'comment_parent' => 'parent', 'comment_author_email' => 'author_email', ); $query_args = array(); $query_args['status'] = 'any'; $query_args['meta_key'] = 'akismet_guid'; $query_args['meta_value'] = $guid; foreach ( $queryable_fields as $queryable_field => $wp_comment_query_field ) { if ( isset( $webhook_comment[ $queryable_field ] ) ) { $query_args[ $wp_comment_query_field ] = $webhook_comment[ $queryable_field ]; } } $comments_query = new WP_Comment_Query( $query_args ); $comments = $comments_query->comments; if ( ! $comments ) { // Unexpected, although the comment could have been deleted since being submitted. Akismet::log( 'Webhook failed: no matching comment found.' ); $response['comments'][ $guid ] = array( 'status' => 'error', 'message' => __( 'Could not find matching comment.', 'akismet' ) ); continue; } if ( count( $comments ) > 1 ) { // Two comments shouldn't be able to match the same GUID. Akismet::log( 'Webhook failed: multiple matching comments found.', $comments ); $response['comments'][ $guid ] = array( 'status' => 'error', 'message' => __( 'Multiple comments matched request.', 'akismet' ) ); continue; } else { // We have one single match, as hoped for. Akismet::log( 'Found matching comment.', $comments ); $current_status = wp_get_comment_status( $comments[0] ); $result = $webhook_comment['result']; if ( 'true' == $result ) { Akismet::log( 'Comment should be spam' ); // The comment should be classified as spam. if ( 'spam' != $current_status ) { // The comment is not classified as spam. If Akismet was the one to act on it, move it to spam. if ( Akismet::last_comment_status_change_came_from_akismet( $comments[0]->comment_ID ) ) { Akismet::log( 'Comment is not spam; marking as spam.' ); wp_spam_comment( $comments[0] ); Akismet::update_comment_history( $comments[0]->comment_ID, '', 'webhook-spam' ); } else { Akismet::log( 'Comment is not spam, but it has already been manually handled by some other process.' ); Akismet::update_comment_history( $comments[0]->comment_ID, '', 'webhook-spam-noaction' ); } } } else if ( 'false' == $result ) { Akismet::log( 'Comment should be ham' ); // The comment should be classified as ham. if ( 'spam' == $current_status ) { Akismet::log( 'Comment is spam.' ); // The comment is classified as spam. If Akismet was the one to label it as spam, unspam it. if ( Akismet::last_comment_status_change_came_from_akismet( $comments[0]->comment_ID ) ) { Akismet::log( 'Akismet marked it as spam; unspamming.' ); wp_unspam_comment( $comments[0] ); akismet::update_comment_history( $comments[0]->comment_ID, '', 'webhook-ham' ); } else { Akismet::log( 'Comment is not spam, but it has already been manually handled by some other process.' ); Akismet::update_comment_history( $comments[0]->comment_ID, '', 'webhook-ham-noaction' ); } } } $response['comments'][ $guid ] = array( 'status' => 'success' ); } } break; case 'submit-ham': case 'submit-spam': // Nothing to do for submit-ham or submit-spam. break; default: // Unsupported endpoint. break; } /** * Allow plugins to do things with a successfully processed webhook request, like logging. * * @since 5.3.2 * * @param WP_REST_Request $request The REST request object. */ do_action( 'akismet_webhook_received', $request ); Akismet::log( 'Done processing webhook.' ); return rest_ensure_response( $response ); } } De-dollarisation: In gold the world will trust | Modern Business International
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Saturday, June 14, 2025
HomeMarkets NewsDe-dollarisation: In gold the world will trust

De-dollarisation: In gold the world will trust

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The US dollar has been the de-facto world reserve currency for more than half a century, with no questions asked about the greenback’s exceptionalism. However, the Ukraine war potentially begets an inflection point wherein nations are endeavoring for a multipolar world. Countries are now increasingly finding an alternative to settle trades in other currencies.

Sanctioned nations have long been trying to reduce their dependence on the US dollar, but the unsanctioned ones are also working towards a non-dollar trade. As a case in point, oil economies are looking forward to trading their produce in Yuan. India is working on Rupee-trade settlements with a host of countries.

The global reserve currency is characterised by steady supply, liquidity, and absence of capital controls. However, the freezing of Russia’s central bank assets by the US political regime has dented the credentials of the greenback as a reserve currency. Needless to mention, the recent US sovereign downgrade by Fitch, citing steady deterioration in fiscal and debt situation over the last 2 decades. US Treasury Secretary disagrees with Fitch’s downgrade, calling it arbitrary and based on outdated data.

However, we beg to differ and think that a downgrade was long overdue given the $13 trillion rise in US debt during Presidents Biden and Trump eras and no impression of fiscal discipline coming out of Washington, characterised by the recent bipartisan agreement to suspend the debt limit until January 2025. We think that Fitch’s action is a catch-up with S&P’s downgrade in 2011 and endorses the structural issues with the US debt situation, which is projected to worsen further in the coming years.

Having said that, dollar’s reserve status is still intact given that no other fiat currency cannot compete with it in terms of liquidity. So, de-dollarisation is still at an embryonic stage, but there is a strong resolve among the non-western world to tread on this path given the increasing use of the US dollar by Washington as a weapon to sanction its adversaries (read political and economic rivals). Geopolitical experts see the US manifesting the syndrome of the Thucydides Trap, which will tilt it towards the blatant use of sanctions and other financial warfare.

After the erstwhile US President Trump’s trade war and the pandemic, the world is staring at fragmented globalisation and the formation of blocs, which necessitates the need for an alternative to the world reserve currency. This is an evolving landscape, there could be a lot of moving parts and an array of possibilities, including currency diversification, bilateral/multilateral currency swap, formation of regional payment systems, and settlement mechanisms.

Amid the varied possibilities, we reckon that gold will emerge as a certain beneficiary. Early signs of de-dollarisation are evident when seen through the prism of currency diversification. This can be manifested in a falling share of the greenback in Global FX reserves. Global central banks have been diversifying their reserves from dollars and will continue to do so by building assets in gold and other currencies. This can also be corroborated by persistent purchases of gold by the central banks, wherein they constitute 25 per cent of the global gold demand.

Central banks, particularly the ones in emerging markets have added 6,815 tons of gold to their reserves in the last 12 years. Global central banks on a cumulative basis have never sold gold between 2010 and 2022. Central bank surveys convey that appetite for gold will continue given its credentials as a store of value, a liquid global asset, and a hedge in times of crisis. This tells us that gold as an asset class is under-rated and undervalued, bearing the potential of a long way to run on the upside.

The writer is VP- Equity Strategist, YES Securities (India) Ltd. Views are personal.





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