Following the day-to-day twists and turns of a banking crisis can make us lose sight of the bigger picture. It is tempting to think that the banking authorities are in control, and they will secure the integrity of their commercial banking networks. Unfolding events may or may not prove this to be true. The bigger picture is that the forty-year decline in interest rates is over, as well as the financial bubble that has built up with it. And we should also be aware that there is a cycle of bank credit, the downturn of which is long overdue. The two have come together to create chaos in credit markets
‘Hunting rifles’ — really? China ships assault weapons and body armor to Russia
Chinese companies, including one connected to the government in Beijing, have sent Russian entities 1,000 assault rifles and other equipment that could be used for military purposes, including drone parts and body armor, according to trade and customs data obtained by POLITICO. The shipments took place between June and December 2022, according to the data provided by Import Genius, a customs data aggregator.
Federal Reserve confirms July launch for FedNow instant payment service
The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies and stablecoins. The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks. It does not rely on blockchain technology. It’s a significant step for the government, as it is controlled by the Federal Reserve. Clearing House’s RTP network, which also offers real-time payments, is operated by a consortium of large banks.
Operation Choke Point 2.0: Is the US Coming for Crypto?
If FTX was a butterfly flapping its wings in the Amazon rainforest, “Operation Choke Point 2.0” is the torrential rain now pouring down over the US crypto industry. Biden’s White House, the Federal Reserve, the OCC, FDIC and the DOJ, alongside “influential members of Congress” are all in cahoots; hell bent on yoinking crypto’s fiat access to suffocate the industry once and for all. That’s the theory posited by long-time crypto supporter and venture capitalist Nic Carter.
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