NEWS ALERT Bank of England Cuts Interest Rates Ahead of Fed Meeting

The jury members, in the middle President Nawaf Salam, during a non-binding opinion on the legal consequences of the Israeli occupation of the West Bank and East #Jerusalem, at the International Court of Justice in The Hague, the Netherlands on Friday.

On Thursday, the European Central Bank cut its key interest rate for the first time since the Covid-19 pandemic. The move followed a similar reduction in Canada, a day earlier, while Sweden, and Switzerland made the move earlier this year.

Inflation is Theft - 1955 Quote. In 1955, Allan Sproul, then president of the #US Federal Reserve Bank of New York, testified before Congress calling out how inflation targeting robs the little guy and warned that #USD will be a 'badly depreciated coin' Today, it's hard to imagine any Fed official acknowledging this reality! If Allan were around today, he might be the only Fed official to understand the picture (and probably tell the truth to the American People). - InvestAnswers

#US #Bank #Crisis - Republic First Bancorp, distinct from the prior entity known as First Republic which ceased operations last year, has officially collapsed and is now subject to regulatory seizure. This development marks a significant downturn, with the institution experiencing a staggering 60% decline. Authorities are currently in the process of finalizing the takeover and subsequent sale of the Philadelphia-based bank to another financial entity. This event underscores a broader trend, as it potentially signifies the fourth notable bank failure since the spring of 2023. The impending sale and subsequent announcement of the bank's failure are anticipated to occur imminently, with Friday being cited as a possible timeline. However, critical details such as the identity of the acquiring institution remain undisclosed, and the transaction itself is subject to potential dissolution. Republic First Bancorp encountered challenges reminiscent of other regional banks that have faltered, notably stemming from losses incurred on bonds due to escalating interest rates and a substantial influx of uninsured deposits. Operating under the moniker Republic Bank, the institution currently holds assets totaling approximately $6 billion and maintains a presence across Pennsylvania, New Jersey, and New York. The broader stability of regional banks remains precarious, with heightened interest rates exacerbating deposit-related expenses, potential regulatory requisites looming on the horizon, and mounting pressures affecting commercial real estate loan portfolios.

With many countries setting regulatory frameworks to permit the use of digital assets within their financial system, and consumers already having the option to use them for a variety of retail purchases outside of tapping a traditional bank account, credit card or cash, the velocity of #blockchain, #cryptocurrency and digital assets is speeding up.