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johnd • Sep 25, 2023, 3:36 pm EDT

BRICS 11: A New Geopolitical Powerhouse with Global Implications?

Last month’s announcement of the BRICS consortium’s expansion marked a pivotal moment in global economic geopolitics. What began as BRIC in 2006, with Brazil, Russia, India, and China, evolved into BRICS in 2010 with the addition of South Africa. Now, as we approach 2024, the association has expanded further, embracing Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The birth of “BRICS 11” signals a shift in global economic influence.

3 minutes

carlp • Aug 22, 2023, 10:58 am EDT

Crucial BRICS Summit Begins in Johannesburg: A Tipping Point for Global Finance?

The BRICS Summit: Shaping Global Trade The international spotlight is on Johannesburg this week, August 22-24, as it hosts the much-anticipated BRICS summit. Comprising Brazil, Russia, India, China, and South Africa, BRICS as a bloc has been steadily and increasingly reshaping the economic landscape with its significant impact on global trade. This year, the summit carries considerable weight as two pressing matters dominate the discussions: the possibility of expansion and the ongoing war in Ukraine.

2 minutes

carlp • Aug 18, 2023, 3:19 pm EDT

China Evergrande’s Files for U.S. Bankruptcy

China’s real estate market is falter, Evergrande, one of the world’s largest property developers, filed for bankruptcy protection today in the United States bankruptcy court in the Southern District of New York. This dramatic turn follows more than two years after the company defaulted on its debt, a move that ignited a chain of defaults among smaller developers in China, highlighting the vulnerabilities in one of the nation’s most critical economic sectors. Evergrande’s meltdown in 2021 marked the beginning of a slow decay in China’s real estate industry, which now threatens the broader Chinese economy. Another giant in the sector,

3 minutes

johnd • Aug 15, 2023, 2:48 pm EDT

Investigating the TSB Bank IT Meltdown: The Bank of England’s Ongoing Inquiry

The extensive IT failure at TSB Bank that occurred last year continues to be the subject of a meticulous investigation, as confirmed by Sam Woods, the Bank of England’s Deputy Governor. A Significant Operational Failure In a formal session with the Treasury Select Committee in Parliament this Wednesday, Woods detailed the TSB IT disaster as an “enormous inconvenience” and labelled it as a “very severe operational failing”. This statement highlights the significant impact of the event, which notably strained the bank’s standing and placed substantial stress on its clientele, disrupting services for nearly 2 million customers. Collaborative Examination The Bank

3 minutes

Kenneth Shortrede • Aug 14, 2023, 10:56 am EDT

Javier Milei: The Candidate Shaking Up Argentina’s Political Landscape

In Argentinian politics, Javier Milei, an outsider known for his bold rhetoric and radical economic plan, has emerged as a significant force in the recent primary elections, securing 30.2% of the votes. Outpacing the massive political structures of both “Juntos por el Cambio” and the current far-left government “Union por la Patria”, Milei has captured the attention and support of a populace weary of the traditional “parasitic political caste,” as he terms it.

3 minutes

carlp • Aug 10, 2023, 3:33 pm EDT

President of Eritrea Calls for New Financial Architecture Beyond the Dollar and Euro

In a recent meeting during the second Russia-Africa Summit in Saint Petersburg, Eritrean President Isaias Afwerki expressed his concern about the established global financial system, emphasizing its weaponization by Western nations. President Afwerki, in an address to Russian President Vladimir Putin, underscored the need for a new global financial system, separate from the stronghold of dominant currencies such as the dollar and the euro. The Eritrean leader candidly remarked on the tactics of Western nations: “They are printing money. They are not manufacturing anything at all; it’s all about printing money.” President Afwerki His remarks touched upon a broader issue:

2 minutes

johnd • Aug 9, 2023, 2:37 pm EDT

Bank of England Creates CBDC Academic Advisory Group

The rollout of the CBDC marches on. A few weeks ago we took a look at the possibility of a Britcoin which included cautions expressed by Susie Violet Ward, a financial analyst, who expressed her concerns on NTD’s “British Thought Leaders” programme. Today, the Bank of England, in collaboration with HM Treasury, issued an open call of interest for scholars and researchers to join the newly formed CBDC Academic Advisory Group (AAG). With the ever-evolving financial landscape moving swiftly towards digitization, the AAG aims to be the bedrock of expertise and research, bringing together professionals from diverse fields including monetary policy, behavioural science,

2 minutes

arusso • Aug 8, 2023, 10:46 am EDT

The Integration of CBDCs and Stablecoins Continues On: Japanese Startup Leads in Asian

Cash money, in its traditional paper form, is gradually becoming an artifact of the past. Leading the charge in Asia into the digital frontier is Soramitsu, a Japanese blockchain startup, is moving into the growing ecosystem of central bank digital currencies (CBDCs) and fiat-pegged stablecoins. Their latest endeavor aims to bridge the major economies of Asia, using Cambodia’s groundbreaking CBDC as the cornerstone. Pioneering an Asian Payment Network The project creates an ambitious goal: to knit together Japan, India, China, and Southeast Asia into a cohesive digital payment network. To achieve this, Soramitsu will harness the power of Cambodia’s CBDC

3 minutes

arusso • Aug 4, 2023, 2:28 pm EDT

Understanding the Risk of a Recession Despite Rising Stock Markets

While a surging S&P 500 index may seem like a comforting signal of economic prosperity, this view might be overly optimistic, perhaps even misleading. It’s essential to remember that stocks’ gains are not an unequivocal indication of confidence that there’s no imminent recession. The popular notion that the stock market is a forward-looking economic predictor is a flawed belief that reinforces a self-sustaining cycle of misplaced confidence. Examining the S&P 500 US equity benchmark data dating back more than 95 years uncovers a different narrative. Of the 15 recessions recorded in this period, the stock market only foresaw a downturn

3 minutes

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