Erdogan and Putin: Complicated Relations With Mutual Benefits

Turkey needs Russian cash, gas and business as Erdogan looks to a dicey election and a new incursion in Syria, while Moscow needs friends to try to evade Western sanctions.

#banking-and-financial-institutions, #black-sea, #currency, #defense-and-military-forces, #embargoes-and-sanctions, #erdogan-recep-tayyip, #european-union, #grain, #international-relations, #north-atlantic-treaty-organization, #oil-petroleum-and-gasoline, #politics-and-government, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #syria, #turkey, #ukraine, #united-states-international-relations, #war-and-armed-conflicts, #zelensky-volodymyr

The Crypto Market Crashed. They’re Still Buying Bitcoin.

Hard-core Bitcoin evangelists are making the case that Bitcoin differs from the unstable crypto projects that sent the market into a tailspin.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #cory-klippsten, #currency, #regulation-and-deregulation-of-industry, #swan-bitcoin, #virtual-currency

Italy Is Haunted by the Pain of Past Economic Crises

As the European Central Bank prepares to raise interest rates for the first time in more than a decade, the challenges for one of the bloc’s largest economies balloon again.

#credit-and-debt, #currency, #economic-conditions-and-trends, #european-central-bank, #european-union, #inflation-economics, #interest-rates, #italy, #prices-fares-fees-and-rates, #recession-and-depression

Global Central Banks Ramp Up Inflation Fight

Central banks in the U.S., Europe, Canada and parts of Asia are lifting interest rates rapidly as they try to wrestle breakneck inflation under control.

#bank-of-canada, #currency, #economic-conditions-and-trends, #european-central-bank, #federal-reserve-system, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #recession-and-depression, #swiss-national-bank, #united-states-economy

Wonking Out: The Meaning of the Plunging Euro

This time, a weak currency does reflect a weak economy.

#currency, #economics-theory-and-philosophy, #euro-currency, #european-central-bank, #federal-reserve-system, #interest-rates, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #us-dollar-currency

The Dollar Has Muscled Higher While the Euro Lost Ground

Why? Part of the answer is interest rates.

#currency, #euro-currency, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #us-dollar-currency

Euro Hits Parity With U.S. Dollar for First Time in 20 Years

In recent months, pressure on the euro has been mounting while investors have been flocking to the U.S. dollar, a haven in times of economic upheaval.

#banking-and-financial-institutions, #currency, #euro-currency, #european-central-bank, #eurozone, #federal-reserve-system, #inflation-economics, #lagarde-christine, #powell-jerome-h, #united-states-economy, #us-dollar-currency

Crypto Crash Widens Divide Between Rich and Amateur Traders

No cryptocurrency investor has been spared the pain of plunging prices. But the fallout from more than $700 billion in losses is far from even.

#armstrong-brian-1983, #bitcoin-currency, #careers-and-professions, #coinbase-inc, #computers-and-the-internet, #currency, #executive-compensation, #gemini-trust-co-llc, #high-net-worth-individuals, #labor-and-jobs, #layoffs-and-job-reductions, #start-ups, #unemployment, #virtual-currency, #winklevoss-cameron, #winklevoss-tyler

Bitcoin Plummets Below $20,000 for First Time Since November 2020

Its fall was accelerated in recent weeks by the collapse of two major cryptocurrency projects while sowing doubts about the stability of the overall cryptocurrency market.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #currency, #layoffs-and-job-reductions, #prices-fares-fees-and-rates, #quarantine-life-and-culture, #social-media, #virtual-currency

Tether: The Coin That Could Wreck Crypto

As cryptocurrencies have plunged, attention has focused on a potential point of vulnerability: the market’s reliance on a so-called stablecoin called Tether.

#banking-and-financial-institutions, #bitcoin-currency, #commercial-paper-finance, #computers-and-the-internet, #currency, #james-letitia, #regulation-and-deregulation-of-industry, #tether, #virtual-currency, #yellen-janet-l

How Influencers Hype Crypto, Without Disclosing Their Financial Ties

Logan Paul, Paul Pierce and other celebrities have promoted risky and obscure digital currencies, sometimes failing to mention their conflicts of interest.

#advertising-and-marketing, #celebrities, #computers-and-the-internet, #currency, #mayweather-floyd-jr, #nonfungible-tokens-nfts, #online-advertising, #paul-logan-1995, #social-media, #virtual-currency

Weakened Euro May Become Equal to the U.S. Dollar

The euro hasn’t fallen below the one-to-one exchange rate with the U.S. dollar for two decades. But as economic risks grow, more analysts predict deeper lows for the shared currency.

#currency, #economic-conditions-and-trends, #euro-currency, #europe, #european-central-bank, #eurozone, #interest-rates, #international-trade-and-world-market, #russian-invasion-of-ukraine-2022, #united-states, #us-dollar-currency

How a Trash-Talking Crypto Bro Caused a $40 Billion Crash

Do Kwon, a South Korean entrepreneur, hyped the Luna and TerraUSD cryptocurrencies. Their failures have devastated some traders, though not the investment firms that cashed out early.

#bitcoin-currency, #computers-and-the-internet, #currency, #do-kwon, #entrepreneurship, #hedge-funds, #social-media, #start-ups, #terraform-labs, #venture-capital, #virtual-currency

Japan’s Economy Shrank 1 Percent as Consumers Fled Covid

The world’s third-largest economy lost momentum in the first three months of the year after the Omicron variant suppressed demand at home.

#coronavirus-omicron-variant, #currency, #economic-conditions-and-trends, #inflation-economics, #international-trade-and-world-market, #japan, #supply-chain

Elvira Nabiullina, Head of the Central Bank, Is Guiding Russia’s Economy

Elvira Nabiullina got another five-year term as head of Russia’s central bank after quelling the initial market panic over the invasion of Ukraine.

#banking-and-financial-institutions, #central-bank-of-russia, #content-type-personal-profile, #currency, #economic-conditions-and-trends, #embargoes-and-sanctions, #nabiullina-elvira-s, #putin-vladimir-v, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022

Wonking Out: Why the Dollar Dominates

There still aren’t any plausible rival currencies.

#currency, #economics-theory-and-philosophy, #euro-currency, #internal-sub-only, #united-states-economy, #us-dollar-currency

U.S. blocks Russia’s access to dollars for bond payments, heightening risk of default.

The U.S. Treasury tightened its restrictions on Russian financial transactions on Monday, when more than half a billion dollars in bond payments were due.

#credit-and-debt, #currency, #embargoes-and-sanctions, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states-international-relations, #us-dollar-currency

Native Hawaiian Hula Teacher Among Five Women Who Will Appear on Quarters

Edith Kanaka‘ole, who died in 1979, will appear on the coin next year along with four other notable women.

#coleman-bessie-1892-1926, #currency, #dancing, #hawaii, #hula, #idar-jovita-1885-1946, #kanakaole-edith, #native-americans, #native-hawaiians, #numismatics, #roosevelt-eleanor, #tallchief-maria, #united-states-mint, #womens-rights

Ruble Shows Signs of Recovery, but May Not Be Strong Indicator of Economy

The ruble’s stronger showing is most likely driven by artificial factors and might not be a good marker that the Russian economy is improving, one expert said.

#currency, #economic-conditions-and-trends, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022

Dollars or Rubles? Russian Debt Payments Are Due, and Uncertain.

Citing sanctions, the Russian government warned it might pay foreign debt obligations in rubles. Credit rating agencies say a default is imminent.

#blackrock-inc, #credit-and-debt, #credit-ratings-and-credit-rating-agencies, #currency, #embargoes-and-sanctions, #european-central-bank, #fitch-ratings, #government-bonds, #jpmorgan-chasecompany, #politics-and-government, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #siluanovanton, #us-dollar-currency, #vanguard-group-inc

Western Sanctions Show Russian Vulnerability in Global Economy

Even countries with limited trade relationships are intertwined in capital markets in today’s world. Could the Russia sanctions change that?

#banking-and-financial-institutions, #currency, #economic-conditions-and-trends, #embargoes-and-sanctions, #international-trade-and-world-market, #politics-and-government, #russian-invasion-of-ukraine-2022, #us-dollar-currency

Gold Ingots From 18th-Century Shipwreck Returned to France

The Chinese ingots, illegally harvested from a French frigate that sank while returning from Nanjing, were seized by U.S. investigators when they were put up for auction in California.

#antiques-roadshow-tv-program, #arts-and-antiquities-looting, #auctions, #currency, #customs-and-border-protection-us, #homeland-security-department, #nanjing-china, #shipwrecks-historic

Western Sanctions Aim to Isolate Putin by Undermining the Ruble

Measures announced over the weekend aimed at restricting the Russian central bank’s ability to support the ruble appear to be having an immediate impact.

#banking-and-financial-institutions, #central-bank-of-russia, #currency, #economic-conditions-and-trends, #international-trade-and-world-market, #politics-and-government, #ruble-currency, #russia, #swiftsociety-for-worldwide-interbank-financial-telecommunication

Russia’s Stock Market Closes and Ruble Crashes as Sanctions Hit

The hectic moves were the first signs that Western sanctions were shaking the foundations of Russia’s economy.

#banking-and-financial-institutions, #central-bank-of-russia, #currency, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022

Inside Heather Morgan and Ilya Lichtenstein’s Confounding Bitcoin Case

The arrests of Ilya Lichtenstein and Heather Morgan left the world of cryptocurrency incredulous: Could this goofy young couple have been Bitcoin’s Bonnie and Clyde?

#bitcoin-currency, #bitfinex, #computers-and-the-internet, #currency, #federal-bureau-of-investigation, #justice-department, #manhattan-nyc, #robberies-and-thefts

Justice Dept. Seizes $3.6 Billion in Bitcoin and Arrests Married Couple

The couple were accused of conspiring to launder Bitcoin that had been stolen in 2016 from Hong Kong-based Bitfinex, one of the world’s largest virtual currency exchanges.

#bitcoin-currency, #bitfinex, #currency, #cyberattacks-and-hackers, #hong-kong, #justice-department, #monaco-lisa-o, #money-laundering, #robberies-and-thefts, #virtual-currency

They Made Millions on Luna, Solana and Polygon: Crypto’s Boom Beyond Bitcoin

The ranks of cryptocurrency speculators have swelled, with even obscure tokens minting the newly wealthy: at least on the blockchain.

#bitcoin-currency, #computers-and-the-internet, #currency, #high-net-worth-individuals, #luxury-goods-and-services, #nonfungible-tokens-nfts, #virtual-currency

Bitcoin, Inflation and the Misguided Fear of Government Money Creation

Bitcoin can’t solve a problem we don’t actually have.

#banking-and-financial-institutions, #bitcoin-currency, #currency, #economics-theory-and-philosophy, #inflation-economics, #interest-rates, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #united-states-politics-and-government, #us-dollar-currency

Maya Angelou Becomes First Black Woman on a Quarter

The coins featuring the writer and poet, which began shipping this week, are the first in a series that will commemorate female pioneers in a variety of fields.

#angelou-maya, #currency, #numismatics, #united-states-mint, #women-and-girls

Cashing In Grandma’s Gold Coins, a Turkish Family Struggles to Get By

As inflation soars and the value of Turkey’s currency plummets, one couple described how working families can’t make ends meet and have had to cut back on basic necessities as well as life’s smaller pleasures.

#banking-and-financial-institutions, #credit-and-debt, #currency, #economic-conditions-and-trends, #erdogan-recep-tayyip, #inflation-economics, #istanbul-turkey, #politics-and-government, #turkey

Turkish Currency Hits a New Low, Again

The Central Bank has cut interest rates, even as inflation continues to soar, deepening President Erdogan’s disputed economic plan and setting off a new plunge in the lira.

#banking-and-financial-institutions, #currency, #economic-conditions-and-trends, #erdogan-recep-tayyip, #inflation-economics, #interest-rates, #politics-and-government, #turkey

How Inflation Affects Turkey’s Struggling Economy

Even before the pandemic, Turkey was trying to ward off financial meltdown. The crisis has accelerated as President Recep Tayyip Erdogan has doubled down on his unorthodox policies.

#currency, #economic-conditions-and-trends, #erdogan-recep-tayyip, #foreign-investments, #inflation-economics, #interest-rates, #international-trade-and-world-market, #politics-and-government, #recession-and-depression, #turkey, #unemployment

Cash Is Out. Crypto Is In. Can We Trust What’s Happening to Money?

It’s not just about the demise of coins and dollar bills. It’s also about society’s faith in the very idea of money.

#banking-and-financial-institutions, #bitcoin-currency, #currency, #united-states-economy

Turkey’s President Follows His Own Advice Even as Economy Slips

President Recep Tayyip Erdogan is increasingly isolated as he clings to an economic prescription that few endorse but that he believes will bear results before elections.

#currency, #davutoglu-ahmet, #economic-conditions-and-trends, #erdogan-recep-tayyip, #inflation-economics, #interest-rates, #karamollaoglu-temel, #nationalist-movement-party-turkey, #politics-and-government, #polls-and-public-opinion, #republican-peoples-party-turkey, #turkey

‘Our Money Has No Value’: Frustration Rises in Turkey at Lira Crisis

President Recep Tayyip Erdogan’s insistence on directing monetary policy and sticking with low interest rates is draining confidence, economists say.

#currency, #economic-conditions-and-trends, #erdogan-recep-tayyip, #nationalist-movement-party-turkey, #politics-and-government

A physicist studied Ben Franklin’s clever tricks to foil currency counterfeiters

Nuclear physicists used micro-XRF scanning to produce elemental maps for Roman denarii coins and their color overlays.

Enlarge / Nuclear physicists used micro-XRF scanning to produce elemental maps for Roman denarii coins and their color overlays. (credit: K.V. Manukyan et al., 2019)

Most people associate nuclear physics with the atomic bomb or nuclear power plants, and those associations are often negative. Michael Wiescher, a nuclear physicist at the University of Notre Dame, wants to change that perception by applying his expertise—and some of his sophisticated imaging hardware—to research that bridges science, history, and culture. His work in this area has included collaborations to analyze a rare medieval manuscript and unearth currency fraud and forgery throughout history, most notably in ancient Rome and Colonial America. He recently described those efforts at a virtual meeting of the American Physical Society’s Division of Nuclear Physics.

Much of this work was conducted in conjunction with undergraduate students in physics, chemistry, art restoration, history, and anthropology as part of a course Wiescher teaches at Notre Dame on physics-based methods and techniques in art and archaeology. In the process, students can get certified as operators of a broad range of advanced physics-based instruments and techniques. These include Raman spectrometers, transmission electron microscopes (TEM), a 3MV tandem accelerator, handheld X-ray fluorescence (XRF) scanners, micro-XRF scanners, and X-ray diffractometers, among others.

The course covers such topics as nondestructive analysis of the paintings of Vermeer and the Archimedes palimpsest; tracking the inks used by medieval scribes for illuminated manuscripts; whether the Vinland map is real or a forgery (it was recently conclusively shown to be fake); using studies of the Shroud of Turin to discuss uncertainties in carbon dating; and reviewing how Luis Alvarez once used cosmic rays to search for hidden chambers in Egyptian pyramids in the 1960s.

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#continental-currency, #currency, #electron-microscopy, #gaming-culture, #history, #nuclear-physics, #particle-induced-x-ray-emission, #roman-denarii, #science, #x-ray-fluorescence

Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).

Digital payments technology is forcing the financial system to evolve. Banks feel their power waning and want to regain control.

#american-bankers-assn, #bank-of-america-corporation, #bank-of-new-york-mellon-corporation, #banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #cohen-h-rodgin, #currency, #dimon-james, #el-salvador, #federal-reserve-system, #jpmorgan-chasecompany, #montag-thomas-k, #moynihan-brian-t, #new-york-city, #northern-trust-corporation, #office-of-the-comptroller-of-the-currency, #sullivancromwell, #us-bancorp, #us-dollar-currency, #virtual-currency

What a Trillion-Dollar Coin Can Teach Us

It may be a gimmick, but it raises profound issues about the nature of money.

#currency, #economics-theory-and-philosophy, #internal-sub-only, #national-debt-us, #treasury-department, #yellen-janet-l

In Global First, El Salvador Adopts Bitcoin as Currency

President Nayib Bukele has promoted the cryptocurrency as a path to financial freedom, but economic experts and many Salvadorans worry the move brings great risks.

#bitcoin-currency, #bukele-nayib, #currency, #economic-conditions-and-trends, #el-salvador, #latin-america

Lebanon’s Economy Has Collapsed. And So Has Our Way of Life.

The standards by which “normal” or “acceptable” living conditions are measured have long been discarded.

#batteries, #beirut-lebanon, #computer-network-outages, #currency, #economic-conditions-and-trends, #economic-crisis, #food-contamination-and-poisoning, #fuel-shortages, #heat-and-heat-waves, #international-trade-and-world-market, #lebanon, #shortages, #shutdowns-institutional, #supermarkets-and-grocery-stores, #water

Why the Taliban Desperately Need Cash to Run Afghanistan

The group has long tapped underground banks and opium to fund Afghanistan’s insurgency. Fixing the nation’s problems will require a lot more than that.

#afghanistan, #afghanistan-war-2001, #banking-and-financial-institutions, #currency, #economic-conditions-and-trends, #food-insecurity, #foreign-aid, #hawala, #opium, #poverty, #smuggling, #taliban

The former Afghan central bank chief says the Taliban can’t access most of country’s reserves.

Ajmal Ahmady said the central bank had $9 billion in international reserves, including $7 billion at the Federal Reserve. The Biden administration has frozen the assets in U.S. banks.

#afghanistan, #ahmady-ajmal, #banking-and-financial-institutions, #currency, #da-afghanistan-bank, #economic-conditions-and-trends, #federal-reserve-system, #politics-and-government, #taliban, #treasury-department, #united-states-international-relations, #united-states-politics-and-government

My Strange Journey in the Crypto World Creating a Hype Coin

I created a hype coin to show how risky an investment can be. The coin had other plans.

#currency, #london-england, #new-york-times, #securities-and-exchange-commission, #virtual-currency

World Bank slams bitcoin, declines to help El Salvador’s cryptocurrency plan

World Bank slams bitcoin, declines to help El Salvador’s cryptocurrency plan

Enlarge (credit: Aurich Lawson | Getty Images)

Last week, El Salvador’s government passed a law to accept bitcoin as legal tender alongside the US dollar. The country receives $6 billion in remittances per year—nearly a quarter of its gross domestic product—and the hope is that bitcoin’s lower transaction costs could boost that amount by a few percentage points.

The move was first proposed by the country’s president, Nayib Bukele, who said he hoped that in addition to facilitating lower remittance fees, the bitcoin plan would attract investment and provide an avenue for savings for residents, about 70 percent of whom are unbanked. (What Bukele didn’t say, but what Bloomberg has reported, is that he and members of his political party have owned bitcoin for years.)

Adding the cryptocurrency to the roster isn’t a simple task, though, and the new law gives the country just three months to roll the plan out nationwide. No country has ever used bitcoin or any other cryptocurrency as legal tender, and challenges abound. To address those concerns, El Salvador turned to the World Bank and the International Monetary Fund for assistance; the latter is currently considering a $1.3 billion financing request from the country.

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#bitcoin, #cryptocurrency, #currency, #el-salvador, #imf, #policy, #world-bank

Bitcoin now legal tender in El Salvador, first nation to adopt cryptocurrency

El Salvador now says both US dollars and bitcoin are legal tender.

Enlarge / El Salvador now says both US dollars and bitcoin are legal tender. (credit: Thomas Trutschel / Getty Images News)

On Wednesday, El Salvador’s president signed into law a proposal to adopt bitcoin as legal tender, making the Central American nation the first in the world to officially use the cryptocurrency.

The new law says that companies must accept bitcoin as a form of payment, and the government will allow people to pay taxes with it as well. The exchange rate with the dollar will be set by the market, and exchanges from dollars to bitcoin won’t be subject to capital gains tax. The law was passed by a supermajority vote of the legislature, with 62 of 84 deputies assenting.

President Nayib Bukele said the new law would make it easier for Salvadorans living abroad to send remittances back to friends and family in the country. Some $6 billion in remittances flowed into the Salvadoran economy last year, accounting for nearly a quarter of the country’s gross domestic product. Around 70 percent of Salvadorans lack access to traditional banking and other financial services within the country, the president said. The 39-year-old leader hopes that sending remittances will become cheaper, too. Last year, the average fee was 3 percent per transaction. Eliminating that fee would net Salvadorans an additional $180 million.

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#bitcoin, #central-bank, #cryptocurrency, #currency, #el-salvador, #policy

China Moves to Tame Inflation Before Prices Rise Too Much

Rising costs at its factories could trickle out into the rest of the world economy.

#china, #consumer-behavior, #currency, #economic-conditions-and-trends, #factories-and-manufacturing, #inflation-economics, #international-trade-and-world-market, #prices-fares-fees-and-rates, #renminbi-currency, #stockpiling, #united-states-economy, #us-dollar-currency

Krugman Asks: Does the U.S. Dollar’s Dominance Really Matter?

The irrelevance of dollar dominance. 

#bitcoin-currency, #currency, #money-laundering, #united-states, #us-dollar-currency

A Conversation With a Dogecoin Millionaire

It was once a parody — then he turned the cryptocurrency into his profit.

#currency, #dogecoin-project, #musk-elon, #virtual-currency

Maya Angelou and Sally Ride Will Be Honored on Quarters

The coins are part of a new U.S. Mint program that will feature as many as 20 American women.

#angelou-maya, #currency, #numismatics, #ride-sally-k, #united-states-mint, #women-and-girls

Crypto market takes a dive with Bitcoin leading the way

Cryptocurrency prices continued to tumble Friday with Bitcoin leading the charge, with prices for the internet currency dipping below $50,000 for the first time since early March.

Bitcoin is down roughly 20% week-over-week, around 30% from its all-time-high of nearly $65,000 early last week. The market cap of the coin has dipped below $1 trillion. The tumble has been less severe for Ethereum which hit an all-time-high just yesterday but has since dropped 13% as the broader market has crawled back.

Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.

Overall, Coinmarketcap estimates the global crypto market has shrunk around 10% in the past 24 hours.

Crypto prices have been on a tear for the past several months, but the past week has been the clearest sign of a correction to climbing prices, though many see news of President Biden’s adjustment to the hikes on the capital gains tax as the most apparent reason for the market’s slide as investors cash out hoping their gains won’t be reached by a retroactive application of the rules.

Coinbase, which went public last week via direct listing, shaved about 10% off its share price this week, but was largely unaffected Friday in intraday trading.

Bitcoin prices (7 days). Chart via CoinMarketCap

#biden, #bitcoin, #coinbase, #cryptocurrencies, #cryptocurrency, #cryptography, #currency, #dogecoin, #ethereum, #president