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Showing posts from September, 2021

Descentralicing Finance.

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 Source: The economist The beguiling promise of decentralised finance www.economist.com T HE SCEPTICS  have plenty of fodder. The earliest adopters of bitcoin, the original cryptocurrency, used it to buy drugs, while cyber-hackers now demand their ransom in it. Hundreds of millions of dollars of ether, another digital money, were stolen this year after hackers found a bug in some code. Many “believers” are in reality trying to get rich quick from the global mania that has seen the value of cryptoassets reach $2.2trn. Others are freakishly devoted. The entrepreneur who announced in June that El Salvador was adopting bitcoin as an official currency sobbed on stage, claiming it would save the nation. The crooks, fools and proselytisers are off-putting. Nevertheless, the rise of an ecosystem of financial services, known as decentralised finance, or “DeFi”, deserves  sober consideration . It has the potential to rewire how the financial system works, with all the promise and perils that ent

CMI | Spot Price as of the Close of Trading in New York.

 Source: CMI GOLD & SILVER Spot Prices as of close of trading in New York Thursday, September 30, 2021 GOLD TODAY $1,755.60 CHANGE + $33.32 WEEK AGO $1,752.00 MONTH AGO $1,809.77 YEAR AGO $1,912.85 SILVER TODAY $22.11 CHANGE + $0.62 WEEK AGO $22.69 MONTH AGO $23.90 YEAR AGO $24.18 PLATINUM TODAY $966.00 CHANGE + $17.00 WEEK AGO $1,001.00 MONTH AGO $1,000.53 YEAR AGO $910.71 PALLADIUM TODAY $1,906.60 CHANGE + $51.55 WEEK AGO $1,998.00 MONTH AGO $2,405.10 YEAR AGO $2,396.03 GOLD/SILVER RATIO 79.40

U. S. Market at Close Report: The Dow Drops 500 Points on September 's Final Day and S&P Suffers Worst Month Since March 2020

 Source:  cnbc.com S4-5 minutes U.S. stocks pulled back on Thursday as Wall Street wrapped up its worst month of the year on a sour note. The Dow Jones Industrial Average dropped 547 points, 1.6%, after rising at the opening bell. The broader S&P 500 was down more than 1%, while the tech-heavy Nasdaq Composite fell 0.4%. The weakness for the market came on the final day of what has been a rough month for equities, as rising rates, inflation fears and the Chinese property market have roiled stocks. The S&P 500 finished September down more than 4% for its worst

China News: China owed $385bn – including ‘hidden debt’ from poorer nations, says report

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 Source:  theguardian.com Helen Davidson 6-7 minutes Researchers have identified debts of at least $385bn (£286bn) owed by 165 countries to China for ”belt and road initiative” (BRI) projects , with loans systematically underreported to international bodies such as the World Bank. The four-year study by US-based research lab AidData said the debt burdens were kept off the public balance sheets through the use of special purpose and semi-private loans, and were “substantially larger than research institutions, credit rating agencies, or intergovernmental organisations with surveillance responsibilities previously understood”. It found 42 low-to-middle income countries (LMICs) had debt exposure to China exceeding 10% of their GDP, including Laos, Papua New Guinea, the Maldives, Brunei, Cambodia and Myanmar. Laos had significant proportions of its debt classed by AidData as “hidden”, the report revealed. The $5.9bn China-Laos r

China News: China News Reality is Rife With Danger is bein waging by Xi Jinping

 Source:  economist.com Oct 2nd 2021 6-8 minutes X I JINPING IS waging a campaign to purge China of capitalist excesses. China’s president sees surging debt as the poisonous fruit of financial speculation and billionaires as a mockery of Marxism. Businesses must heed state guidance. The party must permeate every area of national life. Whether Mr Xi can impose his new reality will shape China’s future, as well as the ideological battle between democracy and dictatorship. Listen to this story Enjoy more audio and podcasts on iOS or Android . His campaign is remarkable for its scope and ambition. It started to rumble in 2020, when officials blocked the initial public offering of Ant Group, an affiliate of Alibaba, a tech giant. It is thundering onward, having so far destroyed perhaps $2trn of wealth. Didi, a ride-hailing outfit, has been punished for listing its shares in America. Evergrande, an indebted property develop

Europe Markets at Close Report:

Source:    cnbc.com European stocks close slightly higher but snap seven-month winning streak Elliot Smith 3 minutes European stocks closed slightly higher on Thursday but still wrapped up the month in negative territory. The pan-European Stoxx 600 provisionally closed up 0.2%, paring some of its earlier gains. The index is down 3.2% since the start of the month, ending a seven-month winning streak. Germany's blue-chip DAX fell 3.6% for the month, marking its first negative month since January 2021 and its worst month since October last year.

The Upshot: How to Build a Paid Family Leave Plan That Doesn’t Backfire?

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 Source:  nytimes.com Claire Cain Miller 8-10 minutes Congress is designing a policy as part of Democrats’ safety net spending plan. Evidence from around the world suggests what works and what doesn’t. Credit... Yara Nardi/Reuters Sept. 29, 2021 Paid family leave could become law in the United States, if Democrats succeed in pushing through their large social safety net spending plan. But lawmakers are still debating the details of the policy. Policy design matters a lot, experts say, because depending on the choices made, paid leave could be inaccessible to those who need it , or even end up backfiring by penalizing people who take it. Also, lawmakers may not get a second chance anytime soon. When Congress passed 12 weeks of unpaid leave in 1993, proponents hoped it was a first step toward a paid benefit. But little has changed in 28 years. What is the best evidence about what works and what doesn’t? There’s lots of resear

The Fed | Analysis: U.S. Fed navigates policy minefield with impending digital dollar report.

 Source:  reuters.com 6-7 minutes Sept 30 (Reuters) - The U.S. Federal Reserve board will soon issue a hotly-awaited report exploring the potential adoption of a digital dollar, but with its governors and other policymakers divided on the issue - and with so much at stake for the financial industry - the central bank will likely tread carefully. Worried that an explosion in cryptocurrencies could weaken their grasp on the economy, central banks from China to Europe are exploring issuing their own digital currencies (CBDCs), and the Fed is under growing pressure to catch up. Unlike cryptocurrencies which are typically run by private actors, or the electronic money used in billions of transactions daily that is mostly created by commercial banks, some CBDCs would be equivalent to cash, issued and backed by central banks . CBDCs could be issued for wholesale use, speeding up and reducing the cost of cross-border payments between corporations, a

Today's Cryptocurrency Prices on Thursday, September 30, 2021

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Source:  moneycontrol.com Cryptocurrency Prices Today On September 30: Bitcoin Up More Than 2% Moneycontrol News 3 minutes Cryptocurrency Prices Today on September 30: The global cryptocurrency market capitalisation is currently $1.9 trillion, up 3.69 percent in the past 24 hours. September 30, 2021 / 08:00 AM IST Cryptocurrency (Representative image: Reuters) Most major cryptocurrencies are trading in the green on September 30. The global cryptocurrency market capitalisation is currently $1.9 trillion, up 3.69 percent in the past 24 hours. The total cryptocurrency market volume over the last 24 hours is $91.84 billion, a decline of 0.07 percent. Bitcoin's price is currently Rs 33.5 lakh and its dominance is 42.56 percent, an increase of 0.09 percent over the day. Vahdam, a digitally nativ

Oil Price Report (Morning Edition) on Thursday, September 30, 2021.

 Source:  cnbc.com Oil shrugs off higher U.S. crude stocks, strong dollar Reuters 2-3 minutes Oil prices held steady on Thursday after rising above $80 a barrel this week, shrugging off bearish factors such as rising U.S. crude oil inventories and a strong dollar amid consensus that a supply deficit will stay for coming months. Brent crude for November delivery was up 21 cents at $78.85 a barrel by 0856 GMT on its expiry day while December loading crude was at $78.35. U.S. oil rose 32 cents to $75.15 a barrel. U.S. oil and fuel stockpiles increased 4.6 million barrels in the week to Sept. 24 to 418.5 million, the U.S. Energy Department's Energy Information Administration (EIA) said on Wednesday. In another typically bearish development, the U.S. dollar held near one-year highs, making oil more expensive for holders of other currencies. But expectations of a continued supply deficit supported prices. Citigrou

Gold Price Report (Morning Edition on Thursday, September 30, 2021

 Source:  cnbc.com Gold rises, but still on shaky ground as Fed taper looms Reuters 2 minutes Gold bars at Solar Capital Gold Zrt. in Budapest, Hungary on March 10, 2016. Akos Stiller | Bloomberg | Getty Images Gold stabilized on Thursday after two days of losses, helped by a slight pullback in the dollar, but gains were kept in check by expectations that the U.S. Federal Reserve would soon start tapering its monetary support. Spot gold rose 0.2% to $1,729.26 per ounce by 5:20 a.m. ET. U.S. gold futures were up 0.5% at $1,730.70. Gold is being of