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Daily Dispatches
Backlash against weaponized dollar is growing across the world
Submitted by admin on Fri, 2023-06-02 09:15 Section: Daily DispatchesMichelle Jamrisko and Ruth Carson
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 2, 2023
All around the world, a backlash is brewing against the hegemony of the US dollar.
Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.
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Alasdair Macleod: Sterling crisis ahead!
Submitted by admin on Thu, 2023-06-01 21:21 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, June 1, 2023
This article points to the factors driving sterling gilt yields higher. They are likely to lead to a sterling crisis as foreign selling gathers pace of gilts acquired since 2018.
Before interest rates began to rise, foreign buyers had enjoyed higher gilt prices which more than offset losses on sterling. That is no longer the case.
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Fed signal for pause in rate hikes takes pressure off hot jobs report
Submitted by admin on Thu, 2023-06-01 10:02 Section: Daily DispatchesBy Steve Matthews
Bloomberg News
Thursday, June 1, 2023
Federal Reserve officials are signaling that they plan to keep interest rates steady in June while retaining the option to hike further in coming months, steering market expectations ahead of a key employment report.
Governor Philip Jefferson, a centrist who is nominated to be vice chair and who often echoes Chair Jerome Powell's views, said Wednesday that skipping an increase would give policymakers time to assess data but not preclude future tightening.
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Kenya's president revives push by African nations to ditch the dollar
Submitted by admin on Wed, 2023-05-31 12:06 Section: Daily DispatchesBy Constant Munda
Business Daily Africa, Nairobi
Tuesday, May 30, 2023
President William Ruto has asked African leaders to take first steps toward ditching the globally-bullish U.S. dollar by signing up to a pan-African payments system to facilitate trade within the continent.
Dr. Ruto has urged his peers in Africa to mobilise central and commercial banks to join the Pan-African Payments and Settlement System, (PAPSS) which was launched in January 2022.
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Craig Hemke at Sprott Money: The debt schlemieling
Submitted by admin on Tue, 2023-05-30 16:10 Section: Daily DispatchesBy Craig Hemke
Sprott Money, Toronto
Tuesday, May 30, 2023
Another deal to extend the debt limit of the U.S. government appears to have been reached. If that's a surprise to you, then I guess you haven't been paying attention over the years.
The farce of the "debt ceiling" is simple political theater and nothing more. For decades cynical politicians have used the imagined "catastrophe of default" as a tool to stoke division and score political points, usually just before major elections.
USAGold's 'News & Views' letter summarizes top 10 financial posts for May
Submitted by admin on Tue, 2023-05-30 11:23 Section: Daily Dispatches11:24a ET Tuesday, May 30, 2023
Dear Friend of GATA and Gold:
USAGold's top 10 reports and essays about the financial markets and the monetary metals in May are summarized today in the coin and bullion dealer's monthly 'News & Views' letter here:
https://mailchi.mp/727bffd7cd12/top-ten-articles-for-may-news-views-subscription
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
Ambrose Evans-Pritchard: America's Faustian pact with runaway debt is coming due
Submitted by admin on Tue, 2023-05-30 10:25 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, May 30, 2023
The Republicans have capitulated on the U.S. debt ceiling. This averts the risk of abrupt fiscal tightening in a slowing economy that has yet to digest the most aggressive monetary squeeze in over 40 years.
The putative accord between the White House and Congress does not even try to address the larger threat to America's economic model and hegemonic status.
3 reasons why China doesn't want yuan to replace dollar as world's reserve currency
Submitted by admin on Mon, 2023-05-29 08:45 Section: Daily DispatchesBy Huileng Tan
Insider, New York
Sunday, May 28, 2023
The Chinese currency is having its moment in the sun as a potential challenger to the U.S. dollar-dominated global payments system. As it looks to broaden the use of its currency internationally, China has forged deals with countries including Russia. And while the currency isn't the only greenback challenger, it is the most high-profile contender, against the backdrop of US-China tensions and Beijing's alliance with Russia amid the war.
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Iraq boosts gold reserves by 2% in a day as it undertakes gradual buildup
Submitted by admin on Mon, 2023-05-29 08:38 Section: Daily DispatchesBy Khalid Al Ansary
Bloomberg News
Monday, May 29, 2023
Iraq's central bank boosted its gold reserves by about 2% in a single day last week as part of what it calls a gradual plan to stock up on the precious metal that's seen as a traditional haven in times of economic distress.
Iraq bought 2.5 tons of bullion on Thursday to bring its reserves to 132.73 tons, Mazin Sabah, director general of the central bank's investments department, said in an interview in Baghdad. The strategy is to acquire more gold in the second half of the year, Sabah said.
President and House speaker reach deal to raise debt ceiling
Submitted by admin on Sat, 2023-05-27 21:51 Section: Daily DispatchesBy Jim Tankersley, Catie Edmondson, and Luke Broadwater
The New York Times
Saturday, May 27, 2023
President Biden and House Speaker Kevin McCarthy tonight reached an agreement in principle to raise the debt limit for two years while cutting and capping some government spending over the same period, a breakthrough after a marathon set of crisis talks that has brought the nation within days of its first default in history.
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