Interest rates have been negative in Europe for years. But it took the flood of savings unleashed in the pandemic for banks finally to charge depositors in earnest. From a report: Germany’s biggest lenders, Deutsche Bank and Commerzbank, have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them. The banks…
Tag: Interest Rates
Bitcoin Surges 50% in Just One Month. CNN Ponders ‘Insane’ Record Run
The price of Bitcoin increased 50% — in the last four weeks. Now priced at $26,579, “Bitcoin is crashing — upward,” quips CNN Business: The digital currency has a market value north of $500 billion. Think Bitcoin is just a fad? It’s worth more than Visa or Mastercard. Or Walmart… Its rapid rise has been remarkable — or insane, depending on…
Opera Accused of Offering Predatory Loans Through Android apps
“It’s no secret that Opera isn’t doing so well in the era of Chrome dominance,” reports Android Police. “According to a report published by Hindenburg Research, the company’s losses in browser revenue have apparently led it to create multiple loan apps with short payment windows and interest rates of ~365-876%, which are in violation of new Play Store rules Google enacted…
The New Payday Lender Looks a Lot Like the Old Payday Lender
Apps promising to “advance” a user’s wages say they aren’t payday lenders. So what are they? From a report: Earnin does not call its service a loan. Rather, it’s an “advance”: Users are borrowing from their own paychecks — not from the app. It does not require a credit check, and promises no hidden fees or additional financing charges, even if…
Report: Herman Cain says he doesn’t plan to withdraw from consideration for the Federal Reserve
Source: https://www.vox.com/policy-and-politics/2019/4/10/18302032/herman-cain-trump-federal-reserve-senate-republicans…
Modern Monetary Theory, explained
A very detailed walkthrough of the big new left economic idea. Modern Monetary Theory is having a moment. The theory, in brief, argues that countries that issue their own currencies can never “run out of money” the way people or businesses can. But what was once an obscure “heterodox” branch of economics has now become… Continue reading Modern Monetary Theory, explained
As Fed Chief, Jerome Powell Navigates an Angry President and Turbulent Markets
How Jerome H. Powell handles the next few months will be a critical test of his leadership skills, as he tries to guide the bank through a highly uncertain moment in the global economy. Source: https://www.nytimes.com/2019/04/13/business/jerome-powell-fed-trump.html?partner=rss&emc=rss…
Trump Says Fed Should Cut Rates and Lift Economy
President Trump said on Friday that he wants another round of quantitative easing from the central bank. Source: https://www.nytimes.com/2019/04/05/business/economy/trump-fed-interest-rates.html?partner=rss&emc=rss
Modern Monetary Theory Finds an Embrace in an Unexpected Place: Wall Street
M.M.T.’s fans include Alexandria Ocasio-Cortez, Bernie Sanders — and financial analysts at Goldman Sachs, Nomura and GMO. Source: https://www.nytimes.com/2019/04/05/business/economy/mmt-wall-street.html?partner=rss&emc=rss
The March Job Numbers Tell Us the Economy Is (Still) Doing Fine
After a weak showing last month, a sigh of relief as this expansion seems to have room to run yet. Source: https://www.nytimes.com/2019/04/05/upshot/the-march-job-numbers-tell-us-the-economy-is-still-doing-fine.html?partner=rss&emc=rss