Forwarded from The Economy News
NEW - German IFO business climate index deteriorated substantially to 88.5 in June, more than expected.
Above all, the weakness in the manufacturing sector is steering the German economy into turbulent waters.
The promised "green miracle" does not seem to be working.
📈 t.me/TheEconomyNews
Above all, the weakness in the manufacturing sector is steering the German economy into turbulent waters.
The promised "green miracle" does not seem to be working.
📈 t.me/TheEconomyNews
Forwarded from The Economy News
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NEW - WEF propagandist & ECB President Lagarde now claims that "climate change affects inflation, and inflation is the beast that all central bankers — whether they wear a 'green jacket' or not — want to tame and discipline" while wearing a green jacket.
Strange but in China & Russia it does not affect inflation! There is a deflation!
📈 t.me/TheEconomyNews
Strange but in China & Russia it does not affect inflation! There is a deflation!
📈 t.me/TheEconomyNews
Forwarded from The Economy News
NEW - Germany's central bank may need a bailout to cover losses of €650 billion on the debt it hoovered up.
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Forwarded from The Economy News
German Central Bank May Need Bailout After ECB Bond Scheme Losses: Audit Office
Germany's federal audit office, the Bundesrechnungshof, has warned that the Bundesbank may need a government bailout to cover losses incurred by the European Central Bank's bond-buying scheme. "The possible Bundesbank losses are substantial and could necessitate a recapitalisation of the [bank] with budgetary funds," says the report. The document criticises the ECB's €2.7tn ($3.2tn) public sector purchase scheme, which was launched in 2015. Purchasing masses of bonds to cut borrowing costs has long been contentious in Germany; the Bundesbank argued against such purchases in 2015 but was outvoted.
📈 t.me/TheEconomyNews
Germany's federal audit office, the Bundesrechnungshof, has warned that the Bundesbank may need a government bailout to cover losses incurred by the European Central Bank's bond-buying scheme. "The possible Bundesbank losses are substantial and could necessitate a recapitalisation of the [bank] with budgetary funds," says the report. The document criticises the ECB's €2.7tn ($3.2tn) public sector purchase scheme, which was launched in 2015. Purchasing masses of bonds to cut borrowing costs has long been contentious in Germany; the Bundesbank argued against such purchases in 2015 but was outvoted.
📈 t.me/TheEconomyNews
Forwarded from The Economy News
NEW - Capital outflows at a new record level: $132 billion more in direct investment flowed out of Germany last year than into the country.
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Forwarded from The Economy News
JUST IN - Swiss Federal Council rejects export request for German-made Leopard 1 A5 tanks destined for Ukraine.
The sale would contravene the War Materiel Act and would result in a shift from Switzerland's policy of neutrality.
https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-96172.html
📈 t.me/TheEconomyNews
The sale would contravene the War Materiel Act and would result in a shift from Switzerland's policy of neutrality.
https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-96172.html
📈 t.me/TheEconomyNews
www.admin.ch
Federal Council rejects export request for Leopard 1 A5 tanks destined for Ukraine
Current information from the Federal Administration. All press releases from the Federal Administration, the departments and offices.
Forwarded from The Economy News
The Governor of the Bank of Israel, Amir Yaron, at the World Economic Forum in Davos last January, talks about the CBDC "Icebreaker" project in which Israel participated, and presents its achievements. Listen from minute 7:27 - 13:13.
https://www.weforum.org/events/world-economic-forum-annual-meeting-2023/sessions/in-the-face-of-fragility-central-bank-digital-currencies
Yaron says, among other things: "We are in the midst of a technological revolution in payment systems with the help of digital currencies of central banks for the benefit of the public."
It is interesting that this revolution is talked about from the platforms in global forums around the world, but does not reach the homes of Israeli citizens who are not aware of this revolution.
A reminder of what CBDC (Central Bank Digital Currency) is and why it is dangerous:
https://www.youtube.com/watch?v=aUGtwc5ttLo
📈 t.me/TheEconomyNews
https://www.weforum.org/events/world-economic-forum-annual-meeting-2023/sessions/in-the-face-of-fragility-central-bank-digital-currencies
Yaron says, among other things: "We are in the midst of a technological revolution in payment systems with the help of digital currencies of central banks for the benefit of the public."
It is interesting that this revolution is talked about from the platforms in global forums around the world, but does not reach the homes of Israeli citizens who are not aware of this revolution.
A reminder of what CBDC (Central Bank Digital Currency) is and why it is dangerous:
https://www.youtube.com/watch?v=aUGtwc5ttLo
📈 t.me/TheEconomyNews
Forwarded from The Economy News
Turkish Lira Hits All-Time Low
The Turkish lira was trading flat on Tuesday, remaining at a record low against the US dollar after Türkiye’s central bank stopped using forex reserves to maintain the national currency’s exchange rate.
Last week, Bloomberg reported that Türkiye had spent some $200 billion to support the lira in the previous 18 months, depleting reserves as it kept interest rates artificially low.
The central bank’s net international reserves dropped to a 21-year low of $2.33 billion in the week to May 12, as forex demand surged ahead of elections.
The bank stated that the latest steps were meant to free up markets and ensure stability over the weekend, while a senior official said it had adjusted its foreign exchange policy, Reuters reported.
📈 t.me/TheEconomyNews
The Turkish lira was trading flat on Tuesday, remaining at a record low against the US dollar after Türkiye’s central bank stopped using forex reserves to maintain the national currency’s exchange rate.
Last week, Bloomberg reported that Türkiye had spent some $200 billion to support the lira in the previous 18 months, depleting reserves as it kept interest rates artificially low.
The central bank’s net international reserves dropped to a 21-year low of $2.33 billion in the week to May 12, as forex demand surged ahead of elections.
The bank stated that the latest steps were meant to free up markets and ensure stability over the weekend, while a senior official said it had adjusted its foreign exchange policy, Reuters reported.
📈 t.me/TheEconomyNews
Forwarded from The Economy News
Russia And Belarus Complete Integration Of Payment Networks
The nations will now be able to bypass Western-dominated networks, according to the Belarusian Ambassador to Russia, Dmitry Krutoy.
Integrating the Belarusian national payment system Belkart with Russia’s Mir enables users to buy goods and pay for services in Belarus and Russia, marking a “complete replacement of Visa and MasterCard,” the envoy said.
Currently, Mir cards are accepted in Cuba, Armenia, Belarus, and Venezuela, with at least 15 other countries also considering allowing their operation.
📈 t.me/TheEconomyNews
The nations will now be able to bypass Western-dominated networks, according to the Belarusian Ambassador to Russia, Dmitry Krutoy.
Integrating the Belarusian national payment system Belkart with Russia’s Mir enables users to buy goods and pay for services in Belarus and Russia, marking a “complete replacement of Visa and MasterCard,” the envoy said.
Currently, Mir cards are accepted in Cuba, Armenia, Belarus, and Venezuela, with at least 15 other countries also considering allowing their operation.
📈 t.me/TheEconomyNews
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Chinese economy is only numbers on paper! 🤡 This is enough for stupid Blackrock and WEF but not enough for reality.
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Forwarded from The Economy News
Egypt Emerges As Top Buyer For Russian Grain — Wheat Imports Soar To New Heights
Egypt was the largest buyer of Russian wheat in the 2022-2023 agricultural year, according to data from the Russian Grain Union (RGU) cited by the Agrotrend news outlet.
The North African country imported 11.9 million tons of Russian wheat, 22.5% of all Russian exports during the stated period. Türkiye was the second biggest importer with 10.2 million tons (19.3% of Russian exports), followed by Algeria (3.3 million tons), Iran (3.1 million tons), and Saudi Arabia (3.1 million tons).
Russian traders exported upwards of 53 million tons of wheat to foreign markets, almost one and a half times more than the previous year, while exports in June surged to record highs of 4.2 million tons.
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Egypt was the largest buyer of Russian wheat in the 2022-2023 agricultural year, according to data from the Russian Grain Union (RGU) cited by the Agrotrend news outlet.
The North African country imported 11.9 million tons of Russian wheat, 22.5% of all Russian exports during the stated period. Türkiye was the second biggest importer with 10.2 million tons (19.3% of Russian exports), followed by Algeria (3.3 million tons), Iran (3.1 million tons), and Saudi Arabia (3.1 million tons).
Russian traders exported upwards of 53 million tons of wheat to foreign markets, almost one and a half times more than the previous year, while exports in June surged to record highs of 4.2 million tons.
📈 t.me/TheEconomyNews
Forwarded from The Economy News
Puzder: Bidenomics Spin Vs. Economic Reality
The Biden administration is facing criticism for its handling of the economy amid surging inflation rates. A recent video released by the administration claimed that inflation has fallen under the Biden-Harris administration, but the data shows otherwise. Inflation has actually increased since President Biden took office and is currently at a rate of 4%, nearly three times higher than when he took office. The video also claimed that wages have increased, but adjusted for inflation, average hourly earnings have actually declined. These misleading claims are contributing to the Biden administration’s low approval ratings on the economy.
📈 t.me/TheEconomyNews
The Biden administration is facing criticism for its handling of the economy amid surging inflation rates. A recent video released by the administration claimed that inflation has fallen under the Biden-Harris administration, but the data shows otherwise. Inflation has actually increased since President Biden took office and is currently at a rate of 4%, nearly three times higher than when he took office. The video also claimed that wages have increased, but adjusted for inflation, average hourly earnings have actually declined. These misleading claims are contributing to the Biden administration’s low approval ratings on the economy.
📈 t.me/TheEconomyNews