The Financial Crisis continues...
Bank Freeze?
FedNow will control all payment transactions in July...
Ripple Launches CBDC Platform for the Development of CBDCs and Stablecoins... With more than 90% of countries exploring, developing and implementing Central Bank Digital Currencies (CBDCs) as a way to increase financial inclusion and lower the cost and risk of domestic and cross-border payment processes, today Ripple is announcing the Ripple CBDC Platform, a frictionless end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency. Leveraging the power of the same blockchain technology used on the XRP Ledger (XRPL), the enhanced platform will now allow its users to holistically manage and customize the entire life cycle of fiat-based central bank digital currency, transaction and distribution.
Deutsche Bank to pay $75 mln to settle lawsuit by Epstein accusers... Deutsche Bank AG (DBKGn.DE) agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking.
Biden Admin to Ban Bank Withdrawals Amid Decline in M2 Money Supply, Hugh Hendry Warns... Hedge fund manager Hugh Hendry has warned that the Biden administration is mulling a freeze on U.S. bank withdrawals amid the decline in M2 money supply โ a benchmark measure of how much cash and cash-like assets is circulating in the U.S. economy. โSometimes itโs kind of relevant to panic. I would recommend you panic,โ he said. โYouโve seen the biggest waterfall decline in M2 right now. M2 is deposits, not loans. Thatโs the deposits fleeing the system and going into money market funds,โ he explained. Hendry further warned that it could reach a point where the Department of the Treasury and the Federal Reserve will restrict the rights of Americans to withdraw their money. He recounted that back in 1934, the federal government confiscated gold held by U.S. citizens in a private capacity by means of the Gold Reserve Act. It was only in 1974 that citizens were allowed to freely own and deal with gold once more, thanks to an Act of Congress signed by former President Gerald Ford.
23 US states move to recognize gold and silver as legal tender... According to a recent article on Invezz.com, 23 US states have taken steps to recognize gold and silver as legal tender. The move comes as a response to concerns about the stability of the US dollar and increasing inflation rates. As the article notes, โProponents of the legislation argue that gold and silver are more stable forms of currency, as their value is not subject to the same fluctuations as fiat currency.โ The article also reports that Arizona, Wyoming, and Texas are among the states that have introduced legislation to recognize gold and silver coins as legal tender.
Argentina raises interest rate to 97% as it struggles to tackle inflation ... The Central Bank of Argentina raised its key interest rate Monday by six percentage points to 97% in an effort to tackle soaring inflation that has reached 30-year highs. Central banks across the globe are struggling to rein in inflation, but itโs a particular problem in Argentina, where the annual inflation rate soared above 100% last month. Thatโs the highest level since the early 1990s, and currently, Venezuela and Zimbabwe are the only two countries experiencing higher inflation than Argentina, according to International Monetary Fund data. (By comparison, inflation hovers below 5% in the US, where the central bank has raised key interest rates by five percentage points over 14 months.)
Biden optimistic about a debt limit deal, but McCarthy says White House isnโt being serious... President Joe Biden said he thinks the White House and congressional leaders can hammer out a deal to raise the debt ceiling. House Speaker Kevin McCarthy, however, said he thinks the sides are still โfar apart.โ Their remarks came ahead of a Tuesday meeting between Biden, McCarthy, House Democratic Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell.
Americansโ debt surpasses $17 trillion for the first time... Americansโ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable. Household debt balances set a fresh record high of $17.05 trillion during the first quarter, growing $148 billion or 0.9% from the fourth quarter of last year, the Federal Reserve Bank of New York reported Monday. That debt load has spiked by $2.9 trillion since the end of 2019.
Digital currency built on Texas gold? Here's what's being proposed.... A Texas Senate committee considered a proposal Monday that could give Texans the ability to purchase everyday goods with a new digital currency backed by Texas gold. Senate Bill 2334 proposes to: Establish a new gold and silver based digital currency through the office of the Texas Comptroller of Public Accounts. Back each unit of issued digital currency with a corresponding fraction of a troy ounce of gold or silver held in trust. Allow for individual accounts to be created at the Texas Bullion Depository that could be used to conduct transactions.
CHAPTER 404A. DIGITAL GOLD CURRENCY...
Fed's Monopoly At Stake: 100% Gold-Backed Digital Currency To Be Issued By Texas...
Iran Ramps Up Trade With BRICS Nations... Non-oil trade between Iran and members of the BRICS alliance of emergent economies โ Brazil, Russia, India, China, and South Africa โ reached $38.43 billion in fiscal year 2022-23, according to data released by the Islamic Republicโs Customs Administration. This represents a 14 percent increase from the previous fiscal year. China remains Iranโs main trade partner in the BRICS alliance, with $30.32 billion in trade, an increase of 37 percent. India comes next with $4.99 billion, a 47 percent hike; Russia follows with $2.32 billion, Brazil with $466.55 million, and South Africa with $322.04 million.
What does the FDIC do when your bank fails? (2009) | 60 Minutes Archive...
FDIC Title II...
Dodd-Frank Act: What It Does, Major Components, Criticisms... The Dodd-Frank Wall Street Reform and Consumer Protection Act is legislation that was passed by the U.S. Congress in response to financial industry behavior that led to the financial crisis of 2007โ2008. It sought to make the U.S. financial system safer for consumers and taxpayers.