John Petersen and Robert Steele on the Near Future
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Article: Former SEC chair on the market risks even meme stock traders can’t afford to ignore
Article - MediaFormer SEC chair on the market risks even meme stock traders can’t afford to ignore
Eric Rosenbaum, 20 June 2021
The Wall Street establishment and the Reddit, Robinhood-fueled meme stock traders don’t see eye to eye, on just about anything. In fact, rolling eyes at the stock market’s traditional ways is inherent in trades like GameStop and AMC Entertainment.
Warnings from the market greats, like Warren Buffett, may as well be a badge of honor among the new traders. But one thing Buffett hasn’t noted in his criticisms of the “casino” atmosphere of this bull market and companies like Robinhood, which he has thoroughly beat on, is that when he was a young investor himself he had a fondness for “cigar butt” stocks — the dregs of the market, companies with a few puffs left in them — before he graduated to a more refined kind of investing that made him a billionaire. And that Buffett footnote raises an important point about the market’s newest investors. Continue reading “Article: Former SEC chair on the market risks even meme stock traders can’t afford to ignore”
Article: China to shut down over 90% of its Bitcoin mining capacity after local bans
Article - MediaChina to shut down over 90% of its Bitcoin mining capacity after local bans
GT staff reporters, 20 June 2021
Many Bitcoin mines in Southwest China’s Sichuan Province – one of China’s largest cryptocurrency mining bases – were closed as of Sunday, according to after local authorities ordered a halt to mining in the region on Friday amid an intensified nationwide crackdown against cryptocurrency mining.
The ban also means that more than 90 percent of China’s Bitcoin mining capacity is estimated to be shut down, at least for the short term, as regulators in other key mining hubs in China’s north and southwest regions have taken similar harsh steps. Continue reading “Article: China to shut down over 90% of its Bitcoin mining capacity after local bans”
Article: SPRK to check if Augstsprieguma tīkls imports Belarusian electricity from Russia
Article - MediaSPRK to check if Augstsprieguma tīkls imports Belarusian electricity from Russia
LETA, 19 June 2021
SPRK has received a request from Nord Pool. In it the exchange requests SPRK and Lithuanian National Energy Council to check if Latvian transmission system operator Augstsprieguma tīkls and Lithuanian transmissions system operator Litgrid AB haven’t breached Regulation (EU) No 182/2011 of the European Parliament and of the Council of 25 October 2011 Article 5 of Regulation (EU) No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT). Article 5 states that any involvement in market manipulation is strictly prohibited. Continue reading “Article: SPRK to check if Augstsprieguma tīkls imports Belarusian electricity from Russia”
Article: Pakistan Customs Uncovers Trade-Based Money Laundering
Article - MediaPakistan Customs Uncovers Trade-Based Money Laundering
Web Desk, 19 June 2021
KARACHI: The post-clearance audit of Pakistan Customs has unearthed an under-invoicing and trade-based money laundering case of an importer engaged in consignment clearance on fake invoices, the Federal Board of Revenue (FBR) said in a statement issued on Saturday.
It said the Directorate General of Customs Post Clearance Audit had conducted a detailed examination on the case forwarded by the Chief Collector of Customs Appraisement South, Karachi. Continue reading “Article: Pakistan Customs Uncovers Trade-Based Money Laundering”
Article: China Pushes Back Against Threat Of Inflation – Analysis
Article - MediaChina Pushes Back Against Threat Of Inflation – Analysis
Michael Lelyveld, 19 June 2021
China’s government has suffered a setback in its campaign against inflation as consumer prices accelerated last month despite pressure on producers to keep commodity costs down.
On June 9, the National Bureau of Statistics (NBS) reported that the consumer price index (CPI) for May rose 1.3 percent from a year earlier, quickening from the 0.9-percent pace the month before. Continue reading “Article: China Pushes Back Against Threat Of Inflation – Analysis”
Article: Court acquits Nwaoboshi of N322m money laundering charge
Article - MediaCourt acquits Nwaoboshi of N322m money laundering charge
Joseph Onyekwere, 19 June 2021
Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos, yesterday, discharged and acquitted a Peoples Democratic Party (PDP) chieftain, Senator Peter Nwaoboshi, of the N322 million money laundering charge levelled against him by the Economic and Financial Crimes Commission (EFCC).
The judge held that the case of the prosecution collapsed when it failed to call vital witnesses and provide concrete evidence to prove and establish its allegations. Continue reading “Article: Court acquits Nwaoboshi of N322m money laundering charge”
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Article: Influencers Are Luring Investors Flummoxed by Meme Stonks and Options
Article - MediaInfluencers Are Luring Investors Flummoxed by Meme Stonks and Options
Misyrlena Egkolfopoulou and Donald Moore, 18 June 2021
The U.S. was already doing a poor job of teaching people how to manage their money. Then meme stonks came along.
Now with everyone desperate for financial advice, a deluge of new companies and their influencer leaders are all at your service, fighting to be the first place you turn to chat about stocks, budgets or finances — at times, for a fee.. Continue reading “Article: Influencers Are Luring Investors Flummoxed by Meme Stonks and Options”
Article: The EU clears banks that ban bond transactions after the “declaration of honor”
Article - MediaThe EU clears banks that ban bond transactions after the “declaration of honor”
Agnes Zang , 18 June 2021
The previous eight banks Banned After promising “integrity” and providing evidence of “remedial measures” after historical violations of antitrust rules, the bond sales of the EU’s 800 billion euro recovery fund have been approved to process future transactions.
Earlier this week, the European Union launched the largest lending boom in its history, issuing 20 billion euros of bonds, but due to previous scandals involving market manipulation, 10 banks were unable to participate in the transaction. The European Commission stated that eight of the lenders are now free to deal with future bond syndicates under the plan. Continue reading “Article: The EU clears banks that ban bond transactions after the “declaration of honor””
Article: Bitcoin Ban Upheld at Danske Bank Amid Growing Client Demand
Article - MediaBitcoin Ban Upheld at Danske Bank Amid Growing Client Demand
Christian Wienberg and Niclas Rolander, 18 June 2021
Danske Bank A/S says it won’t lift a ban on trading Bitcoin and other cryptocurrencies on its platforms, despite growing interest from clients.
Denmark’s biggest bank pointed to a lack of transparency and regulation in crypto trading, in a statement on its website. It also warned of volatile and “opaque” pricing, and noted that the carbon footprint of mining cryptocurrencies is at odds with Danske’s goal of doing sustainable banking. Continue reading “Article: Bitcoin Ban Upheld at Danske Bank Amid Growing Client Demand”
Article: Silvergate Bank cuts ties with Binance, affecting deposits and withdrawals
Article - MediaSilvergate Bank cuts ties with Binance, affecting deposits and withdrawals
Alert Reader comment:
There seems to be a problem with SWIFT. Maybe it’s because it doesn’t exist anymore?
Article: Why Crime Could Kill Crypto
Article - MediaJustin Lahart and Telis Demos, 18 June 2021
The strongest argument against cryptocurrencies used to be that they had yet to show they were much good for anything. Now the strongest argument against them may be that they have become far too good at one thing: enabling crime.
Not long after the first of the private digital currencies, bitcoin, launched in 2009, crooks recognized its appeal. While law enforcement is proving increasingly adept at tracking bitcoin transactions and at times seizing ill-gotten money, the ability to make digital payments without financial intermediaries has facilitated activities such as the selling of illegal goods and services online and money laundering. In a 2019 paper, researchers Sean Foley, Jonathan Karlsen and Tālis Putniņš estimated that 46% of bitcoin transactions conducted between January 2009 and April 2017 were for illegal activity. Continue reading “Article: Why Crime Could Kill Crypto”
Article: Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion
Article - MediaStop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion
GILES KYSER , 18 June 2021
The U.S. public health system is part of our country’s center of gravity: a critical sustaining element of our society and a comparative advantage that sets us apart from—and supports—other parts of the world. But our system is not without its challenges. We witnessed during the COVID-19 pandemic how a vulnerable healthcare system exposes our communities to a cascading set of problems, highlighting just how important it is to strengthen our public health infrastructure. Continue reading “Article: Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion”
