The UK’s financial regulators have formally scrapped the banker bonus cap, removing one of the key reforms introduced by the EU in the wake of the 2008 financial crisis. From Tuesday 31 October, EU rules that limit bonus payments to twice a banker’s salary will be removed in the UK, the Bank of England’s Prudential … Read more
The Office for National Statistics (ONS) said on Friday that Britain’s economy in the fourth quarter of 2021 was 0.6% larger than in the final quarter of 2019, compared with an earlier estimate that it was 1.2% smaller. Annual growth for 2021 was revised up by 1.1 percentage points to 8.7%, while the slump caused … Read more
The world continues to chisel away at the dollar’s reserve status. In the first of the two most recent examples of how non-western nations plan to avoid the weaponized dollar, late last week Argentina made a loan repayment to the International Monetary Fund worth the equivalent of $2.7 billion “without using dollars” on Friday, using Chinese … Read more
Conservative Government’s 13-Year Rule Plunges UK into Debt Crisis, Leaving Voters in Dilemma The UK has just hit a new and totally unwanted milestone as the country now owes more money than its entire economy is worth. And it’s only going to grow as government borrowing continues to soar. In a shocking turn of events, … Read more
Governments worldwide are trying to replace cash with CBDCs, and people worldwide are starting to wake up, but we need a lot more. A CBDC is a government-run crypto-token that replaces the national currency with a tracking ledger—a list of who owns what—that lets government surveil, control, and mandate every dollar you spend. They could … Read more
…why Goldman thought purchasing a shopping mall, nevertheless the largest one in Ireland, was a good idea, considering the rise of e-commerce, is beyond our comprehension. Bloomberg The latest warning sign the international commercial real estate market is sliding into a downturn is news from Bloomberg that Goldman Sachs is trying to unload Ireland’s largest shopping mall for … Read more
Speaking on a Columbia University Law School podcast, the chief economist of the Bank of England, Huw Pill, said Britons “need to accept” that they have been made poorer by the inflation perpetrated by the central bank. Price inflation today is a result of the record money creation by central banks, especially in the West, from 2020 … Read more
“This is how to think about the UAE” said the wealthy investor, a banker turned money manager, entrepreneur, an expatriate who left London with his young family. “They have built exceptional hardware, national infrastructure,” he said. “They enshrined English common law like Singapore and Hong Kong in various business-friendly jurisdictions like ADGM [here] and DIFC [here],” … Read more
Governor Christopher Waller of the Federal Reserve Bank of St. Louis has issued a statement that says the Federal Reserve should not treat climate change separately in its supervision of the financial system. “Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks … Read more
In March 2009, in the midst of recession, then Treasury secretary Timothy Geithner was pressed to respond on the question of whether or not another currency—possibly the IMF’s special drawing rights (SDRs)—might displace the US dollar as the dominant global reserve currency. Geithner responded that he’s open to more use of SDRs but then felt … Read more