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CEO of Goldman Sachs, David Solomon just issued a warning that inflation's not going down anytime soon, and it's going to stay around longer than Americans — and the Fed — want.
Jamie Dimon of JPMorgan, who's no stranger to credit crunches and bank rescues, said that any further constricting in lending conditions will likely come down hard on real estate.
Stress in the commercial real estate sector has already been mounting for months thanks to higher rates as well as work-from-home trends that have crushed demand for office buildings.
"I think everyone should be prepared for rates going higher from here," Dimon said on Monday.
The question always comes – why isn't the S&P 500 signalling a recession? Answer: it is," the Rosenberg Research chief said in a tweet on Thursday.
Markets guru Larry McDonald also warned of an oncoming recession in a recent Insider interview, saying the S&P 500 could crash nearly 30% by December as dwindling corporate profits, less government spending and banking stress weigh on stocks.
"The most economic sensitive areas are down -33%: transports, consumer discretionary and banks. Behaving as they did heading into the 1990-91, 2001 and 2007-09 downturns," he added.
The high prices of essential goods, particularly food and housing, has made it tough for many folks to afford the soaring cost of their energy bills.
That has helped drive up the number of households behind on their utility payments to nearly 20 million as of March, up from 17.6 million a year earlier, according to the National Energy Assistance Directors Association. The households owe a total of $19.5 billion, up from $15.7 billion in March 2022.
Fitch put the United States' AAA long-term foreign-currency issuer default rating on negative watch Wednesday evening, pointing to brinksmanship over the debt ceiling.
"The Rating Watch Negative reflects increased political partisanship that is hindering reaching a solution to raise or suspend the debt limit despite the fast-approaching x-date," the rating agency said.
Wall Street is breaking out its Doomsday Playbook for how to survive a U.S. default.
If the US is not able to pay all its bills for the first time ever, senior citizens could quickly feel the pain.
Unless President Joe Biden and House Republicans hammer out a deal to address the debt ceiling soon, the Treasury Department may not have enough funds to fully satisfy all of the nation’s obligations as soon as June 1.
The two-day 51st annual Asian Clearing Union (ACU) meeting began on Tuesday in Tehran, with participation from officials representing members of the Asian Clearing Union (ACU) as well as several others. The meeting was hosted by the central bank of Iran and de-dollarization was a key topic discussed at the event, Tasnim news service reported.
Commenting on the role of the U.S. dollar in the world economy and a growing number of countries shifting away from using the USD in trade settlement, Iran’s First Vice President Mohammad Mokhber said at the meeting:
De-dollarization is not a voluntary choice by countries anymore, it is the countries’ inevitable response to the ‘weaponization project of the dollar.’
The BRICS countries (Brazil, Russia, India, China, and South Africa) have also pushed to reduce their reliance on the U.S. dollar. The economic group is discussing creating a common currency that is set to be discussed at its upcoming leaders’ summit. Ten Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), also recently agreed to encourage the use of national currencies instead of the U.S. dollar.
The BRICS nations are reportedly working on developing a new form of currency, which is expected to be discussed at the next BRICS leaders’ summit, according to a top Russian official. “The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future,” the deputy chairman of the Russian State Duma was quoted as saying.
Babakov left open the possibility of a unified currency arising within BRICS, potentially backed by gold as well as other commodities, such as rare-earth elements or land.
At the India-Russia Business Forum on Thursday, Babakov emphasized that India and Russia “should institute a new economic association with a new, shared currency,” but noted that China could play a crucial role in developing a common currency for the three nations.
From helping with speeches, to computer coding and cooking, all of a sudden, AI appeared real and useful.
But all that would not be possible without some very powerful computer hardware.
And one hardware company in particular has become central to the AI bonanza - California-based Nvidia.
What Nvidia is to AI is almost like what Intel was to PCs," adds Dan Hutcheson, an analyst at TechInsights.
ChatGPT was trained using 10,000 of Nvidia's graphics processing units (GPUs) clustered together in a supercomputer belonging to Microsoft.
Nvidia shares soared almost 30% after it released first quarter results late on Wednesday. The company said it was raising production of its chips to meet "surging demand".
Its AI chips, which it also sells in systems designed for data centres, cost roughly $10,000 (£8,000) each, though its latest and most powerful version sells for far more.
So how did Nvidia become such a central player in the AI revolution?
In short, a bold bet on its own technology plus some good timing.
Startup’s ForgeOS “no code” software, which features NVIDIA Isaac Sim, enables robot programming for non-coders.
AI-themed cryptocurrencies got a lift on Thursday from excitement around Nvidia and its increasing demand for chips that power artificial intelligence applications.
In a certain pocket of the technology world, some market participants have long believed that the wild west of AI can benefit from blockchain technology and potentially be a positive catalyst for the crypto market at large. Specifically, as AI gets smarter and better at manipulating people's identities on the internet, blockchain technology could potentially help using its ability to deploy digital identity solutions at scale.
originally posted by: watchitburn
If this is going to keep going, I might as well share this information on the Missouri v Biden case.
This is probably the single most important legal proceeding going on in the country. It concerns the government censorship of COVID, election, Ukraine, and other information the regime doesn't approve of.
And somehow, they scored a legit judge who has been handing the regime lawyers their asses.
Enjoy: Missouri v. Biden
Missouri v. Biden was filed on May 5, 2022. Since it was initially filed, it has taken quite a trip through the court system. The complaint has been amended 3 times, with the most recent amendment being to transform the case into a class suit - this due to the overwhelming evidence of broad harm to the constitutional rights of all Americans.
House lawmakers are leaving Washington for the long holiday weekend Thursday afternoon — just one week before the Treasury Department says the U.S. is at risk of a debt default — without a deal to raise the debt ceiling.
Following the first-ever public hearing held by the New York City Banking Commission today, all three members voted to freeze deposits at Capital One and KeyBank after the banks failed to submit required plans demonstrating their efforts to root out discrimination. New York City Comptroller Brad Lander, one of three members of the Commission, also voted against designating three other banks to hold public funds: International Finance Bank, PNC Bank, and Wells Fargo.
“Banks seeking to do business with New York City must demonstrate that they will be responsible managers of public funds and responsible actors in our communities,” said Comptroller Brad Lander. “Unfortunately, despite several opportunities to do so, five banks failed to comply with the New York City Banking Commission’s designation process – leaving us to conclude that they are not taking meaningful actions to combat discrimination in their operations and are not responsible stewards of public dollars. I’m grateful to the Mayor, Finance Commissioner Niblack, Treasurer Jackman, Banking Commission Member Jenerette, and our partners at the Department of Finance for working with us to strengthen oversight over the banks that profit from public funds.”