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News & Articles By Kevin Hughes
09/05/2022
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By Kevin Hughes
BRICS member nations are creating new reserve currency to challenge the dollar, Andy Schectman tells Mike Adams
The BRICS group made up of Brazil, Russia, India, China and South Africa are creating a new world reserve currency to challenge the dollar’s dominance. “The biggest development of all [is that] they came out and that they are brewing up a challenge to dollar dominance by creating a new world reserve currency,” precious metals and […]
08/09/2022
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By Kevin Hughes
Inflation causing financial stress on young, low-income Americans
Young and low-income Americans are beginning to feel financial stress due to rising inflation. Generation Z consumers and those with low credit scores are scrambling to pay credit card and auto loan bills. A random sampling of 12.5 million U.S. credit files compiled by credit score company VantageScore revealed that credit card balances for people aged 25 and younger […]
08/05/2022
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By Kevin Hughes
Failsafe activated: Rich are getting richer while the market system is failing, thanks to bail-ins and bailouts
The rich becomes richer as the market system fails, thanks to the failsafe mechanisms known as bail-ins and bailouts. Bail-ins and bailouts are both designed to prevent the complete collapse of a failing bank. Their difference lies primarily in who bears the financial burden of rescuing the bank. With bailouts, the government injects capital into banks. […]
07/15/2022
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By Kevin Hughes
LoanDepot to sack 2,000 more workers as mortgage market collapses
Mortgage lender LoanDepot is set to sack another 2,000 employees by the end of the year as the company cuts back “to align with rapidly changing market conditions.” The mass layoff is part of the company’s plan to decrease the workforce to 6,500 by the end of 2022. The company, which had 11,300 workers at […]
07/11/2022
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By Kevin Hughes
Amazon walks back plans to build 16 warehouses this year
Amazon is now in a perilous situation after spending billions to increase the size of its fulfillment network during the pandemic. It has been forced to either cancel or delay plans for 16 warehouses scheduled to be built this year. Four warehouses in Texas and two in Tennessee were among the 16 put on hold, along […]
07/07/2022
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By Kevin Hughes
Crypto broker Voyager Digital suspends customer trading, deposits, withdrawals and loyalty rewards
Digital asset brokerage Voyager Digital announced in a statement issued Friday, July 1, that it has suspended all customer trading, deposits, withdrawals and loyalty rewards. Voyager’s move follows that of well-known crypto staking and lending platform Celsius, which likewise halted all withdrawals, swaps and transfers between accounts due to “extreme market conditions” on June 13. Celsius has […]
06/30/2022
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By Kevin Hughes
Survey reveals that more Americans are worried about their savings due to rising inflation rates
A recent survey revealed that the massive increases in everyday living expenses due to skyrocketing inflation rates are causing Americans to be nervous about their emergency savings. The June 23 survey conducted by Bankrate found that 58 percent of the 1,025 adult respondents were concerned about the amount they have in emergency savings. This followed a rising […]
06/24/2022
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By Kevin Hughes
International Energy Agency head tells EU: Prepare for Russian gas shutdown
International Energy Agency (IEA) Executive Director Fatih Birol has warned the European Union (EU) to be prepared for the likelihood of a total shutdown of Russian gas exports this coming winter. “Europe (sic) should be ready in case Russian gas is completely cut off. The nearer we are coming to winter, the more we understand Russia’s […]
06/20/2022
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By Kevin Hughes
Elon Musk hit with $258 billion lawsuit over alleged dogecoin cryptocurrency pyramid scheme
Businessman Elon Musk was hit with a $258 billion lawsuit that claims the tech tycoon and his well-known companies are involved in a dogecoin cryptocurrency pyramid scheme. In federal court papers filed in Lower Manhattan in New York, complainant Keith Johnson named Musk along with his electric car company Tesla and his space tourism corporation SpaceX in […]
06/16/2022
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By Kevin Hughes
Frenzied hedge fund selling erupts right before Fed raises interest rates
Hedge funds tracked by Goldman Sachs Group Inc. offloaded U.S. equities for a seventh straight day Monday, June 13, as the equity rout worsened amid concerns that the Federal Reserve will need to rush its inflation-fighting campaign at the risk of causing an economic recession. Those concerns were not unfounded as the Federal Reserve on Wednesday, June […]
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