A major part of China’s response to the latest tariff threats by President Donald Trump was to reduce the value of its currency to its lowest level relative to the dollar of the past decade. Trump fired back by having the Treasury Department officially name China a “currency manipulator.”
Markets have been reeling over the past week due to the ramping of the trade war between the U.S. and China.
While much of the focus has been on the tariffs, here’s a look at the impact a devalued yuan could have on the U.S. and Chinese economies….CLICK for complete article
After two days of grilling by US politicians (including demands for a moratorium and fearmongering of the end of banking and the ease of funding terrorism) and endless byelines supporting and denigrating Facebook’s new digital currency concept, Libra, one would suspect that it is Americans that should be most interested in Zuckerberg’s latest idea for world domination.
That would be wrong.
Perhaps not entirely surprising, it is in fact the Chinese, based on global search volumes, that are the most interested in Libra.
This is ironic since, as we noted in 2015, it was soft capital controls by Chinese authorities that sparked the big run-up in cryptocurrencies as an alternate store of wealth (to avoid government interference)….CLICK for complete article
Some things never change, like the Megalithic Temples built in Malta over 5,000 years ago. These days, however, that may be the only thing that remains unchanged in Malta. With a population of just under half a million and being mostly famous as a destination for European teenagers to study English during their summer vacation, Malta has recently become a star on the crypto map.
Having already had a positive experience hosting online gambling companies, which makes up a very significant portion (13%) of Malta’s GDP, the island is now turning its head toward the world of crypto in an effort to repeat its previous success. A lucrative tax incentive system, government initiatives, and clear and friendly crypto regulation are bringing fruitful results: Many large cryptocurrency exchanges, such as OKEx and Binance, have already established their headquarters in Malta….CLICK for complete documentary
Fans of the improvisational comedy program Whose Line Is It Anyway? may recall host Drew Carey describing it as “the show where everything’s made up and the points don’t matter.”
Interestingly, if we replace “show” with “economic doctrine,” and “points” with “money,” we end up with a near-accurate description of modern monetary theory (MMT).
You may have noticed MMT trending in the news in the past few months, thanks in large part to the fact that it’s supported by a number of far-left socialist politicians such as Bernie Sanders and Alexandria Ocasio-Cortez (AOC).
I’m bringing it up now because the first round of Democratic presidential debates were held last week, and if you happened to tune in, you were likely treated to some policy proposals that seem to fall into the MMT camp, even if the term was never uttered. Think “Medicare for all,” free college tuition and the wholesale cancellation of $1.6 trillion in student loan debt. Then there’s the Green New Deal, which AOC recently admitted could cost upwards of $10 trillion….CLICK for complete article
Bitcoin (BTC) corrected as low as $10,380 before rebounding above $11,000 on June 27 as commentators remain highly bullish about the market’s potential. Data from Coin360 showed the bitcoin price dipping down from recent highs of $13,800 in a pullback many had anticipated.
BTC/USD gained rapidly throughout this week and last, adding thousands of dollars over several days before resistance at $14,000 finally checked the speed of the growth.
Estimates had said the pair could go as high as $16,000 before reversing, with Cointelegraph reporting on Thursday that breaking the $13,800 barrier could now prove significant….CLICK for complete article
BTC broke the $12,000 level earlier today, and has continued surging to trade at $13,252 at press time. The leading coin has gained over 16% on the day. Today, Bitcoin’s market dominance climbed to over 60% for the first time since April 2017.
Bitcoin’s recent rally has caused a stir in the crypto community, wherein some of its players have made predictions on its further price dynamics. Today, eToro analyst Simon Peters claimed that BTC prices could match their all-time high of $20,000 within the next two weeks — and could hit $50,000 or $100,000 by the end of the year….CLICK for complete article