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World’s Oldest Central Bank Keeps Sounding Alarm on Fragility of Cashless Economies. Are Other Central Banks Listening?
World’s Oldest Central Bank Keeps Sounding Alarm on Fragility of Cashless Economies. Are Other Central Banks Listening? At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden’s Riksbank may offer a cautionary tale. In October last year, […]
Big Brother Unchained: UK Government to Abolish Biometrics and Surveillance Safeguards As It Embraces Facial Recognition
Big Brother Unchained: UK Government to Abolish Biometrics and Surveillance Safeguards As It Embraces Facial Recognition “The lack of attention being paid to [public safeguards] at such a crucial time is shocking, and destruction of the surveillance camera code that we’ve all been using successfully for over a decade is tantamount to vandalism.” The United Kingdom […]
From Covert to Overt: UK Government and Businesses Seek to Unleash Facial Recognition Technologies Across Urban Landscape
From Covert to Overt: UK Government and Businesses Seek to Unleash Facial Recognition Technologies Across Urban Landscape The Home Office is encouraging police forces across the country to make use of live facial recognition technologies for routine law enforcement. Retailers are also embracing the technology to monitor their customers. It increasingly seems that the UK […]
Bankruptcies Soar Across EU, As Companies Hit Wall At Fastest Rate Since Records Began in 2015
Bankruptcies Soar Across EU, As Companies Hit Wall At Fastest Rate Since Records Began in 2015 Legions of European companies are succumbing to the final straw of Europe’s largely self-inflicted energy crisis. Bankruptcy proceedings in the Canary Islands, Spain’s heavily tourism-dependent island chain, soared a whopping 276% year over year in 2022, according to the latest data […]
Is Switzerland About to Become First Country to Outlaw a Cashless Society?
Is Switzerland About to Become First Country to Outlaw a Cashless Society? As in neighboring Germany and Austria, cash is still king in Switzerland albeit a much diminished one. But the Swiss will soon have the chance to vote on whether to preserve notes and coins indefinitely. This is a rare positive news story that, […]
Companies in UK Are Hitting the Wall at Fastest Rate Since Global Financial Crisis
Companies in UK Are Hitting the Wall at Fastest Rate Since Global Financial Crisis As the price of everything, including debt, continues to soar, life is getting harder and harder for the UK’s heavily indebted businesses. Business insolvencies in the UK surged by 57% in 2022, to 22,109, according to the latest data from the Insolvency Service, […]
Unbeknown to Most, A Financial Revolution Is Coming That Threatens to Change Everything (And Not for the Better)
Unbeknown to Most, A Financial Revolution Is Coming That Threatens to Change Everything (And Not for the Better) Given how much is at stake, this financial revolution is among the most important questions today’s societies could possibly grapple with. It should be under discussion in every parliament of every land, and every dinner table in […]
Banks Around World Are Suffering Big Outages, Leaving Millions of Customers in Lurch At Worst Possible Time
Banks Around World Are Suffering Big Outages, Leaving Millions of Customers in Lurch At Worst Possible Time Twenty banks (some suffering repeated outages), six countries (one in lockdown), five continents, tens of millions of unhappy customers. There’s never a good time for your bank’s IT system to go down. But few can be worse than […]
Spiking Inflation, Rate Hikes, and Debt Defaults in Latin America
Spiking Inflation, Rate Hikes, and Debt Defaults in Latin America Mexico and Brazil, having seen the economic destruction that high inflation can wreak, don’t want to see it again. Latin America will soon be hit by a wave of business bankruptcies and defaults, according to Jesús Urdangaray López, the CEO of CESCE, Spain’s biggest provider of export […]
Producer Prices Surge. Germany, China, other Countries Are Now Exporting Inflation, Adding to US Inflation Pressures
Producer Prices Surge. Germany, China, other Countries Are Now Exporting Inflation, Adding to US Inflation Pressures Central banks still brush it off as just “temporary.” Producer prices of German industrial products in March rose by 0.9% from February, after having risen by 0.7% in February from January, and after having spiked by 1.4% in January […]
Paper Dollars in Circulation Globally Spike amid Hot Demand. But a Mexican Bank, after Run-ins with the US, Can No Longer Unload its Hoard of Paper Dollars
Paper Dollars in Circulation Globally Spike amid Hot Demand. But a Mexican Bank, after Run-ins with the US, Can No Longer Unload its Hoard of Paper Dollars Triggering a showdown — Government of Mexico v. Central Bank — over paper dollars, with ramifications in the US and globally. The amount of “currency in circulation” – […]
Three Big Retailer Casualties in One Week: UK Retail Landlords Reel after Worst Week of Nightmare Year
Three Big Retailer Casualties in One Week: UK Retail Landlords Reel after Worst Week of Nightmare Year Some property owners are more exposed to the fallout than others. The UK’s retail property sector was hammered by three big corporate casualties last week, even as the country’s shopping centers began reopening after another lockdown. Two of […]
How the Unemployment Fiasco in Europe Is Kept out of Official Unemployment Rates
How the Unemployment Fiasco in Europe Is Kept out of Official Unemployment Rates The massive and once-again extended Pandemic-era furlough programs serve their purpose, but… In Europe, people who are furloughed are paid under government programs via their employers. Many of these programs have been created during the Pandemic. In theory, these people still have […]
Extend-and-Pretend Caused Bankruptcies to Plunge in Germany, France, Spain. Now Central Banks Tell Banks to Prepare for Bankruptcy Surge
Extend-and-Pretend Caused Bankruptcies to Plunge in Germany, France, Spain. Now Central Banks Tell Banks to Prepare for Bankruptcy Surge The “second wave,” if prolonged, could cause bad loans to almost triple, to €1.4 trillion, says the ECB. German banks need to prepare themselves for a sharp spike in corporate bankruptcies early next year, the Bundesbank […]
What’s to Be Done Now with All These Zombie Companies?
What’s to Be Done Now with All These Zombie Companies? Saving the Zombies in Europe. Europe’s zombie firms are multiplying like never before. In Germany, one of the few European economies that has weathered the virus crisis reasonably well, an estimated 550,000 firms — roughly one-sixth of the total — could already be classified as […]
