Police arrest demonstrators at Melbourne protest against Victoria’s coronavirus lockdown restrictions

https://mobile.abc.net.au/news/2020-10-23/anti-lockdown-protesters-converge-on-melbourne-shrine/12706900

… Protesters in the Shrine forecourt held placards with slogans such as “media is the virus”, “COVID-19 is a scam” and “wake up Aussies”.

Some were wearing t-shirts that said “let Victoria work”.

Many people pulled their face masks under their chin or were not wearing them at all.

Officers surrounded the protesters on foot, with more forming an outer wall, and many were on horseback…

(Former PM) Paul Keating says the RBA is not doing what is needed to stop the COVID recession worsening

https://mobile.abc.net.au/news/2020-09-24/paul-keating-attacks-rba-over-recession-response/12694710?section=business

… Treasurer Josh Frydenberg said the criticism was unwarranted.

“This was a very nasty, personal, vindictive, unnecessary, misguided attack by Paul Keating,” he said.

“Many people are left wondering what is Paul Keating’s motives behind this nasty, unnecessary attack and I have to say, we as a government value of the independence of the Reserve Bank when it comes to monetary policy.”[…]

Asteroid 2020SW explodes 16k miles above earth September 24, 2020?, Discovered Sept 18, Small garage size, Trajectory and composition could damage population area

Asteroid 2020SW explodes 16k miles above earth September 24, 2020?, Discovered Sept 18, Small garage size, Trajectory and composition could damage population area

Asteroid 2020SW explodes 16k miles above earth September 24, 2020?, Discovered Sept 18, Small garage size, Trajectory and composition could damage population area

Asteroid 2020SW, discovered September 18, 2020 by the Center for Near Earth Object Studies of the Jet Propulsion Laboratory, is predicted to enter the earth’s atmosphere at a height of approx. 16,000 miles on September 24, 2020.

The object is approx. the size of a small garage.

https://cneos.jpl.nasa.gov/ca/

Russian Bank Issues First “Precedent-Setting” Crypto-Backed Loan

Comment by tonytran2015: How can the lending bank survive if that crypto currency crashes?

https://nationandstate.com/2020/08/21/russian-bank-issues-first-precedent-setting-crypto-backed-loan/

Tyler Durden

Fri, 08/21/2020 – 04:15

Amid the recent euphoria over DeFi (or decentralized finance) in crypto space which leverages decentralized networks to transform old financial products into trustless and transparent protocols, which among other things provide loans to businesses or the public with no intermediaries are present, a Russian bank has become the first lender in the country to issue a loan secured by cryptocurrency tokens, Russia’s Kommersant reported.

Australian Five- And Ten-Cent Coins To Disappear As Pandemic Ushers In ‘Cashless Society

https://nationandstate.com/2020/08/20/australian-five-and-ten-cent-coins-to-disappear-as-pandemic-ushers-in-cashless-society/

… Royal Australian Mint CEO Ross MacDiarmid told ABC News that he expects 5 and 10 cent coins to be phased out of circulation in the coming years, adding that the pandemic has likely shortened the natural life of coins.
“There’s no doubt there has been a significant decline in demand for circulating coin over the last five to six years,” MacDiarmid said. “Decline in demand for coins (is) roughly 55 to 56 per cent,” he said. The Reserve Bank of Australia (RBA) recently published data showing the rapid decline of physical currency used in transactions over the last half-decade. The RBA pointed out an unprecedented decline in the use of cash because of the virus pandemic forced people to transact online and use contactless payments. “ATM withdrawals in April were down 30 per cent from the month before and over 40 per cent lower than 12 months earlier,” RBA Assistant Governor Michele Bullock said in June…. MacDiarmid said the outgoing coins would be redeemable at banks and can still be used in shops. He said the government has carefully taken a look at the 50 cent coin: “We are monitoring its use in circulation to see whether there’s a need somewhere in the future for a different 50c piece to be produced,” MacDiarmid said. “It’s not something we’ve necessarily raised with the Government but it’s something that perhaps could be raised in the future,” he added.MacDiarmid cited a figure, pointing to the steep decline of coins over the last five decades. He said there are only 4 billion coins in circulation, down from 15 billion in 1965….

Bank Of Ireland Is Now Imposing Negative Rates On Cash Held In Pensions

https://nationandstate.com/2020/08/02/bank-of-ireland-is-now-imposing-negative-rates-on-cash-held-in-pensions/

If you’re holding your pension with the Bank of Ireland, you are now officially being charged to do so.

In a move that we’re sure is going to have absolutely no consequences, the bank is starting to impose negative interest rates on cash held in pensions, according to The Irish Examiner. The bank is applying a rate of 0.65% on pension pots, which means customers will now pay the bank $65 on every $10,000 held.

Jeffrey Epstein Chaired a $6.7 Billion Company that Documents Suggest May Have Received a Secret Federal Reserve Bailout – Wake Up To The Truth

https://jonsnewplace.wordpress.com/2020/07/08/jeffrey-epstein-chaired-a-6-7-billion-company-that-documents-suggest-may-have-received-a-secret-federal-reserve-bailout/

According to a database created by The International Consortium of Investigative Journalists containing files leaked from the law firm Appleby, Jeffrey Epstein, who is under indictment as a sex trafficker and assaulter of underage girls, was the Chairman of Liquid Funding Ltd. from November 9, 2001 to at least March 19, 2007. The offshore business had been incorporated in Bermuda on October 19, 2000 and according to the Fitch ratings firm, it had $6.7 billion in outstanding liabilities in 2006.

‘Big Banks Couldn’t Be Happier’: Stocks Surge as U.S. Regulators Gut Restrictions on Risky Wall Street Gambling – Rigged Game

https://riggedgame.blog/2020/06/27/big-banks-couldnt-be-happier-stocks-surge-as-u-s-regulators-gut-restrictions-on-risky-wall-street-gambling/

The rollback, noted the Wall Street Journal, hands “Wall Street one of its biggest wins of the Trump administration.”

By Jake Johnson of Common Dreams.

Bank stocks jumped and lobbyists rejoiced Thursday after U.S. regulators voted to gut the so-called Volcker Rule, a set of regulations imposed in the wake of the 2008 Wall Street collapse limiting the ability of financial institutions to engage in high-risk behavior that threatens the systemic health of the economy.

“Instead of protecting our financial system in the middle of an unprecedented economic crisis, Trump-appointed regulators are plowing ahead with their dangerous deregulatory agenda,” tweeted Sen. Elizabeth Warren (D-Mass.). “The big banks couldn’t be happier about it.”

CNBC reported that the shares of JPMorgan Chase, Goldman Sachs, Wells Fargo, and Morgan Stanley “were all trading more than 2% higher” after the changes to the Volcker Rule were announced by five regulatory agencies, including the Federal Reserve, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation.

The changes, set to take effect on Oct. 1, will make it easier for big banks to devote more of their resources to investments in venture capital funds and other vehicles—the kind of risky speculation that sent the entire U.S. financial system into a tailspin in 2008.

Regulators on Thursday also eliminated a requirement that banks set aside a certain amount of financial cushion to protect against trading losses. The rollback could free up tens of billions of dollars for Wall Street banks.

The Wall Street Journal reported that the combined deregulatory moves hand “Wall Street one of its biggest wins of the Trump administration.”

Sen. Jeff Merkley (D-Ore.), one of the authors of the original Volcker Rule regulations, warned in a statement Thursday that the changes further destabilize the U.S. financial system at a time when the economy is already reeling from the coronavirus crisis.

“Deregulation of the banks is exactly the wrong way to boost our economy in this moment,” said Merkley. “The last thing we need is to follow a public health crisis that has cratered our economy with another Wall Street-driven financial meltdown.”

“It was only a decade ago when millions of Americans paid the price for Wall Street gambling in lost jobs, homes, and life savings,” Merkley continued. “Reopening the Wall Street casino is the wrong path forward, one that puts all Americans’ financial stability at greater risk.”

Bartlett Naylor, financial policy advocate at consumer group Public Citizen, echoed Merkley’s warning in a statement Thursday.

“This is no longer the Volcker Rule,” said Naylor. “In the hands of revolving door regulators, it turns banks into Trump casinos. Will the inevitable Trump casino bankruptcy be far away?”

***

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The Difference Between the ECB and the Fed | Centinel2012

https://centinel2012.com/2020/06/26/the-difference-between-the-ecb-and-the-fed/

ANSWER: The Federal Reserve does not need permission to create elastic money. It has the authority to expand or contract its balance sheet. However, it cannot simply print money out of thin air. The ECB is the only institution that can authorize the printing of euro banknotes. The Federal Reserve must back the banknotes by purchasing US government bonds. The Fed buys and sells US government bonds to influence the money supply whereas the ECB influences the supply of euros in the market by directly controlling the number of euros available to eligible member banks. This structure was created because of Germany’s obsession with its own hyperinflation of the 1920s.

Each member state retained its central bank and those central banks issue the banknotes — not the ECB. Therefore, the ECB works with the central banks in each EU state to formulate monetary policy to help maintain stable prices and strengthen the euro. The ECB was created by the national central banks of the EU member states transferring their monetary policy function to the ECB, which in effect operates on a supervisory role.