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

Tell me we are in trouble without telling me we are in trouble 😅

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NEW - Capital outflows at a new record level: $132 billion more in direct investment flowed out of Germany last year than into the country.

📈 t.me/TheEconomyNews

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 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

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

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

Chinese economy is only numbers on paper! 🤡 This is enough for stupid Blackrock and WEF but not enough for reality.

🇺🇸 t.me/huimak

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.

📈 t.me/TheEconomyNews

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

US Consumers Are Suffering In A Less Than "Robust" Economy

The author argues that Keynesian policies, such as massive government spending and currency printing, have had negative effects on the US labor market and citizens. Nonfarm payroll data shows a weak recovery and the labor force participation rate and employment-population ratio remain below pre-pandemic levels. The author argues that workers are not satisfied due to elevated inflation and negative real wage growth. US citizens are surviving on record levels of debt, with credit card debt at a record high and personal savings well below pre-pandemic levels.

📈 t.me/TheEconomyNews

'Britcoin' "Will Change Everything", Analyst Warns

A Bank of England (BoE) digital pound could result in a "complete restructure" of the UK's financial system and hand the government greater control over how people use their money, warned financial analyst Susie Violet Ward. There are some 130 countries exploring the idea of a central bank digital currency (CBDC), and the BoE and the UK Treasury are anlysing feedback on how to lay the groundwork for such an initiative. If launched, firms such fintech companies would offer customers digital wallets, applications that are needed to manage the digital currency.

📈 t.me/TheEconomyNews

📈 Gold today: +0,36%

📈 Silver today: +0,051%

🟡 t.me/GoldSilverCryptoTrade

🦌 Today‘s best Krugerrand price:
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🦌 t.me/Ounce_Gold

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💣 t.me/GoldSilverCryptoTrade

Not Just Bud Light: Anheuser-Busch’s Other Beers Are Also Suffering

Sales of other Anheuser-Busch-owned beer brands are also being affected by boycotts amid Bud Light and Budweiser's decline. According to Bump Williams Consulting, Michelob Ultra and Busch Light have both seen a decline in sales. On a comparative basis, there has been a 4.3% drop in Michelob Ultra sales and an 8.5% decrease in Busch Light sales, based on NielsenIQ data. There has been a 10.2% fall in Budweiser sales, while Bud Light sales mirrored the previous week with a 27.5% decrease.

📈 t.me/TheEconomyNews