Category: Finance

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Suppression of knowledge and technology

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Engergy crisis – what energy crisis ? This is a crisis which is man-made. Nikola Tesla, a Serbian-American inventor,  futurist, electrical and mechanical engineer, one of the brightest minds in the history of science known for his contributions to the design of modern alternative current electric supply system and harvest electricity from the vacuum of space but also to transmit it wirelessly across the globe for everybody to use freely. Tesla born as the fourth of five children, in the village of Smiljan, within the military frontier in the Austrian Empire present Coratia on 10th July 1856 to an Eastern … Continue reading Suppression of knowledge and technology

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Websites facilitating online fraud

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UK finance scams surpassed £77m including face-to-face card fraud in shops and contactless fraud. The rising cost of living is forcing many people to seek alternative ways to make money, and fraudsters are capitalising on the niche. They will often trick victims into making quick bank transfers rather than using other, more secure payment methods. Money mule requests are when people knowingly or unwittingly let a criminal use their bank account to move stolen money. These will often appear on social media posts or via targeted emails. Online UK fraudster Tejay Fletcher’s iSpoof website helped criminals defraud victims by posting … Continue reading Websites facilitating online fraud

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Uncompromising dedication to profit and capital

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The history of Silicon Valley, the enclave of Palo Alto, where wealth and privilege are almost palpable, as the YouTube’s early days in the University Avenue, was above a pizza restaurant on the right , while Google and Paypal began in a small office further up, Facebook squatted across the street, the road lead you to the middle of Sanford University. Palo Alto’s weather is temperate, its people are educated and enterprising, its corporations are spiritually and materially ambitious and demonstrably world-changing. Palo Alto is also a haunted toxic waste dump built on stolen Indian burial grounds, and an integral … Continue reading Uncompromising dedication to profit and capital

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Inflation stems from policy error

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Myth-busting from investors and monetary authorities to governments and policy makers, almost everyone had assumed inflation was dead and buried. The poisonous new economic reality and the prospect of vast and increasing wealth inequality, Inflation stems from policy error, sovereign greed and a collective loss of faith in currencies.  Every two generations  we are destined to repeat serious policy mistakes. In Britain the Truss government failed to stem inflation and the world’s central banks too have failed to learn from the oil price shocks of 1973 and 1980.We Need to Talk about Inflation offers an instructive lessons from economic history, … Continue reading Inflation stems from policy error

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Lawson dies aged 91

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Lord Lawson of Blaby, who has died at 91, will be remembered, as the chancellor who steered Margaret Thatcher’s free-market revolution, was the longest-serving British Chancellors of the 20th century, nearly six-and-half years in Number 11 Downing Street, while Sir William Clark was the Conservative Party deputy chairman and Treasurer. Nigel Lawson was the architect behind a vigorous privatization programme and radical tax cuts at the end of 1980s, revered by the Tory right. He also played a critical role in managing the successful recovery of the UK economy from the depths of the early 1980s recession. “Lawson boom”, resulted in … Continue reading Lawson dies aged 91

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$40m bribe in cyrptocurrency

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FTX executive Sam Banksman –fried has  been accused by the US of paying $40million bribe in cryptocurrency to one or more Chinese government officials to regain access to trading accounts frozen by law enforcement in the country, in addition to 12 counts he already faces, after his exchange collapsed last November, in a revised indictment filed in federal court in Manhattan. The accounts, were linked to Alameda Research, FTX’s sister company.Banksman who was initially charged with eight criminal counts in December, after being extradited from his home in the Bahamas. Banksman-Fried repeatedly tried to unfreeze accounts in China linked to … Continue reading $40m bribe in cyrptocurrency

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Failure “widespread”: William Hill fined £19.2m by UK gambling regulator

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Gaming regulator pondered on suspending British gambling company, William Hill’s licence, but slapped them with a record £19,2m fine. Three gambling businesses owned by the company will pay the sum for “widespread and alarming” social responsibility and anti-money laundering failures, the Gambling commission said. The entities who will pay the fines will be WHG ( International) Limited, which runs williamhill.com and will pay £12.5m; Mr Green Limited, which runs mrgreen.com, will pay £3.7m; and William Hill Organisation Limited, which operates 1, 344 gambling premises across Britain and will pay £3m. Pandemic or not, the parent company 888 reported  a £1.85bn … Continue reading Failure “widespread”: William Hill fined £19.2m by UK gambling regulator

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UBS buys Credit Suisse for £2.6bn

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Switzerland’s largest bank UBS will pay 3bn Swiss francs ( £2.6bn)  to takeover rival Credit Suisse in a drastic bid to arrest the financial panic that has swept the globe over the past week. Asian stock markets including Hong Kong, Tokyo, and Sydney all fell  on Monday ahead of a Federal Reserve meeting to decide on any further possible interest rate hikes.  Hang Seng fell 3 per cent.But stocks in Shanghai edge up. Swap line arrangement have been triggered  as coordinated action to boost dollar flows to help stem the crisis of confidence gripping more lenders was taken by six … Continue reading UBS buys Credit Suisse for £2.6bn

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Why SVA failed?

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Last weekend, the US government intervened to prevent a banking crisis after the lender Silicon Valley Bank imploded under the strain of depositors pulling out their money. Why Silcon Valley Bank failed? A drunk and naked woman boarded a yellow cab in Silicon Valley. The cab driver did not start the car instead kept staring at the passenger. Irritated passenger asked the driver if had not seen a naked woman before, to which the driver replied I am not staring at you, but was just wondering where have you kept your purse to pay your fare? Most banks fail to … Continue reading Why SVA failed?