Russia and China bypassing SWIFT

Russia and China bypassing SWIFT

Moscow and Beijing are developing a system of settlements which could allow cross-border transactions without using the Western financial messaging system, SWIFT, Deputy Prime Minister Aleksandr Novak revealed on Tuesday. The two countries have reportedly accelerated efforts to move away...
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Central bank strategies deployed since the financial crisis are destroying the real economy, worsening inequality, and creating societal chaos

Central bank strategies deployed since the financial crisis are destroying the real economy, worsening inequality, and creating societal chaos

Nomi Prins warns that central bank strategies deployed since the financial crisis are destroying the real economy, worsening inequality, and creating societal chaos. Economist, journalist, and former Wall Street exec Nomi Prins is here to explain the inexpl...
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New York Fed And 12 Banking Giants Launch Programmable Digital Dollar Test

New York Fed And 12 Banking Giants Launch Programmable Digital Dollar Test

Never let a crisis go to waste. With equity and bond markets stuck in brutal bear markets and providing a sufficient distraction to what is happening behind the scenes, the Fed and a group of banks have been quietly preparing...
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WSJ: Caroline Ellison said on the call that FTX used customer money to help Alameda meet its liabilities

WSJ: Caroline Ellison said on the call that FTX used customer money to help Alameda meet its liabilities

Citing ‘people familiar with the video’, the WSJ reports that Alameda employees held a video conference late Wednesday Hong Kong time, in which 27-year-old Alameda CEO Caroline Ellison (also known as @carolinecapital) said that she, Bankman-Fri...
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U.S. and EU Pension Funds Could Face Their Own “Lehman Moment”

U.S. and EU Pension Funds Could Face Their Own “Lehman Moment”

The Bank of England intervention this week was a result of pension funds potentially having a “Lehman Moment”. Reports noted that pension plans overseas were hastily selling bonds to try and meet margin calls, a scenario that I am certain we are...
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JP Morgan To Cannibalize Its Own Card Revenue In Race To Be First On Pay-By-Bank Processing

JP Morgan To Cannibalize Its Own Card Revenue In Race To Be First On Pay-By-Bank Processing

Pay-by-bank processing would abandon costly interchange fees charged by card companies like Visa and Mastercard. “If I hear that any of you aren’t sharing information with each other, or you’re hiding information, you’re fired.” That’s appa...
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Goldman Sachs’ Secrets Spill Out in New Book

Goldman Sachs’ Secrets Spill Out in New Book

Simon & Schuster just released a new book by Jamie Fiore Higgins, a woman who worked her entire Wall Street career at one firm. Over the span of just under 18 years, beginning on September 2, 1998 and ending officially...
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Russian ‘De-Dollarization’ Escalates

Russian ‘De-Dollarization’ Escalates

Begins “strategic” plan to buy billions In “friendly” currencies. Ever since March 2018, when Moscow dumped practically all of its US Treasury holdings, Russia has been at the forefront of a global process of ‘de-dollarization&#82...
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Banks to pay $1 Billion over traders’ use of WhatsApp

Banks to pay $1 Billion over traders’ use of WhatsApp

A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages. The banks...
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PayPal: $15 Billion buyback, new CFO

PayPal: $15 Billion buyback, new CFO

PayPal Holdings said on Tuesday Elliott Investment Management has an over $2 billion investment in the company, making the activist investor one of the largest shareholders in the fintech firm. The company also announced a slew of moves including appointing...
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Von Greyerz: Some numbers about the massive money creation

Von Greyerz: Some numbers about the massive money creation

The massive money creation by central and commercial banks in this century has resulted in a growth of global assets from $450 trillion in 2000 to $1,540 trillion in 2020. Debt To GDP Growth As the chart below shows US...
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ECB Will Buy Italian, Greek Bonds Using Proceeds From German, French Bonds To Avoid Crash

ECB Will Buy Italian, Greek Bonds Using Proceeds From German, French Bonds To Avoid Crash

Not that long ago analysts and media joked that the ECB’s cunning “market fragmentation” plan – which became critical after Italian bonds crashed when markets realized that QT is not, in fact, QE and without the ECB backstopping worthle...
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Russia Will Pay Its Foreign Debts in Rubles

Russia Will Pay Its Foreign Debts in Rubles

On June 23, Russian President Vladimir Putin signed a decree on the payment of foreign currency debt in rubles. Roughly speaking, transactions will be made through a ruble account at the domestic market rate. Payment of such debt on the...
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FED: Banks could withstand 10% unemployment, 55% stock price drop in annual stress test

FED: Banks could withstand 10% unemployment, 55% stock price drop in annual stress test

The Fed sees banks will have enough capital to keep lending even if unemployment rises to 10% under a hypothetical scenario. The Federal Reserve Board on Thursday projected the potential for a rockier road ahead for banks than it did...
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ECB Emergency Meeting Creates Emergency

ECB Emergency Meeting Creates Emergency

Were it not for the ECB calling an emergency meeting last Thursday, most market participants would not have realized there was an emergency in the bond market. Apparently, the sharp rise in yields on Italian bonds after the ECB stopped buying...
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