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carlp • Jul 24, 2023, 1:26 pm EDT

Profiteers of Destruction: Reconstruction in Ukraine

As Ukraine faces the Herculean task of rebuilding from the ruins of war, financial behemoths BlackRock and JPMorgan Chase are poised to transform this adversity into a trillion-dollar golden opportunity, according to recent reports. These corporations, long associated with financing and indirectly prolonging the conflict, have been granted no-bid contracts by the Biden administration to orchestrate the reconstruction, a move reminiscent of Halliburton’s lucrative involvement in Iraq. Under the altruistic guise of a “humanitarian effort,” these financial juggernauts are spearheading the creation of the Ukraine Development Fund, a reconstruction bank designed to channel public seed capital into projects. The aim?

3 minutes

satoshin • Jul 21, 2023, 11:42 am EDT

Rising Net Interest Payments: Is the U.S. Economic Stability at Risk?

Is the ticking time bomb of rising net interest payments endangering U.S. economic stability? Explore the potential risks and delve into the intricate web of financial consequences as interest burdens grow, shedding light on the challenges that lie ahead for the nation’s fiscal health.

3 minutes

johnd • Jul 20, 2023, 4:13 pm EDT

Embracing FedNow: Unveiling the Centrally Controlled Instant Payment Infrastructure, a New Era Beyond CBDCs

Discover FedNow: A closer look at the centrally controlled instant payment infrastructure poised to transform transactions. Explore its implications beyond CBDCs, as real-time payments redefine the landscape of digital finance.

6 minutes

arusso • Jul 20, 2023, 4:00 pm EDT

Federal Reserve’s Instant Payment System, FedNow®, Goes Live

The Federal Reserve made a landmark announcement on Thursday, rolling out the FedNow® Service, a new system that will enable instant payments. This move is expected to overhaul the banking sector, allowing banks and credit unions of all sizes to instantly transfer money on behalf of their customers 24/7. Unlike consumer applications that enable instant peer-to-peer transactions, FedNow® isn’t a retail facing app in the traditional sense, it is a payment rails system that will enable banks with the ability to instantly move customer funds. More than 50 financial institutions, including powerhouses like JPMorgan Chase, Wells Fargo, and Peoples Bank,

3 minutes

carlp • Jul 20, 2023, 11:01 am EDT

A Harrowing Credit Tale: American Credit Scores Plunge Amid Mounting Debt

In recent years, tens of millions of American consumers have witnessed a significant boost in their credit scores. Thanks to government stimulus checks, low interest rates, and a pause on student loan repayments, an economic reprieve seemed to be in sight. However, that all seems to be unravelling as the nation confronts the abrupt plunge of credit scores.

4 minutes

carlp • Jul 12, 2023, 9:43 am EDT

Russia Set to Launch ‘Digital Rouble’ on August 1, 2023

After years of speculation and development, Russia is set to launch a digital version of its national currency, the rouble, in just a few weeks on August 1, 2023. As reported by the Interfax news agency and the Russian government, the country will begin testing the ‘Digital Rouble’ with consumers starting in August, after receiving the green light from the Russian Duma, the lower house of parliament. The move forms part of a broader global trend, with central banks worldwide exploring the possibilities of implementing Central Bank Digital Currencies (CBDCs). However, Russia, pending President Putin’s approval of the legislative proposition,

3 minutes

satoshin • Jul 11, 2023, 1:39 pm EDT

How An Economy Grows and Why It Doesn’t: Timeless Economic Lessons For Everyone

The American economic landscape is filled with complex theories and intricate practices. However, understanding these concepts doesn’t always require an economics degree. Sometimes, the simplest stories can capture the essence of complex economic ideas. Such is the case with Irwin Schiff’s classic educational comic from the 1980s, “How an Economy Grows and Why It Doesn’t.”

4 minutes

satoshin • Jul 11, 2023, 12:20 pm EDT

Bank of America Slapped With $250M Fine for Exploitative Banking Practices

In a recent crackdown on exploitative banking practices, Bank of America has been hit with a $250 million fine. Federal regulators have accused the bank of executing dubious maneuvers like double-charging customers fees, opening unauthorized accounts, and withholding promised credit card perks.

3 minutes

johnd • Jul 11, 2023, 11:25 am EDT

The Bank of England’s Digital Pound and Its Implications

The Bank of England’s prospective digital pound, dubbed “Britcoin” by Prime Minister Rishi Sunak, heralds a transformative shift in the financial ecosystem, increasing government control over financial transactions. This is according to Susie Violet Ward, a financial analyst, who expressed her concerns on NTD’s “British Thought Leaders” programme. An unprecedented 130 nations are exploring central bank digital currencies (CBDCs), as the Atlantic Council reports, and the BoE is at the forefront of the movement. Still in the deliberation phase, the Bank and the Treasury are examining public opinions about the implementation of Britcoin. If Britcoin becomes a reality, it could

3 minutes

satoshin • Jul 8, 2023, 1:24 pm EDT

The Undesirable Programmable Dollar: A Digital Leap Forward Amidst Chokepoint 2.0

In an era where cryptocurrencies and blockchain technology are reshaping the global financial landscape, a milestone has been achieved in the United States. A coalition of leading banking institutions, including the New York Federal Reserve, has successfully completed the testing phase of a dollar-based Central Bank Digital Currency (CBDC). The development promises significant implications for the future of digital finance in the country. However, the path to this future is fraught with regulatory hurdles and controversies.

5 minutes