News, Rumors and Opinions Tuesday Night 12-1-2020
TNT:
Tishwash: The Stock Exchange sets a date for the conclusion of the 2020 sessions
The Stock Exchange has set, on the 24th of this month, the date for the conclusion of the sessions of this year.
The Stock Exchange said in a statement seen by “Al-Eqtisad News”, that “based on what was approved by the Board of Governors and on the occasion of the approaching end of the fiscal year 2020, the last trading session for 2020 will be on Thursday, 12/24/2020.”
The statement added: “The first trading session for the year 2021 will be on Sunday 3/1/2021 …”link
Harambe: CNBC: Federal Reserve says key bank lending rate will be phased out by June 2023
(11/30/20)
An interest rate that banks around the world use as a benchmark for short-term borrowing will be phased out and eventually replaced by June 2023, the Federal Reserve announced Monday.
The Fed was joined by regulators in the UK in announcing the plans for the London Interbank Offered Rate, commonly referred to as LIBOR.
According to the announcement, banks should stop writing contracts using LIBOR by the end of 2021, after which the rate no longer will be published.
Contracts using LIBOR should wrap up by June 30, 2023, the directive said.
“Today’s plan ensures that the transition away from LIBOR will be orderly and fair for everyone – market participants, businesses, and consumers,” Fed Governor Randal Quarles, who serves as the central bank’s vice chair for supervision, said in a statement.
LIBOR is calculated from an average of banks that participate in overnight lending to each other. The rate is critical for short-term funding that financial institutions use for their operations, but has seen controversy over the years, particularly the role it played in the 2008 financial crisis.
In addition to helping escalate the crisis through higher rates that made it harder for firms to survive, LIBOR was at the middle of another scandal in 2012. Several banks, including some of the largest in the world, were found to have been manipulating LIBOR rates for profit.
The Fed has been warning banks to start preparing for a transition away from LIBOR to what is called the Secured Overnight Financing Rate, or SOFR. Instead of relying on bank quotes, SOFR will use rates that investors offer for bank securities such as loans and assets backed by bonds.
https://www.cnbc.com/2020/11/30/key-bank-lending-rate-will-be-phased-out-by-june-2023.html
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Mot: Come on RV!!!!!!!!!
Courtesy of Dinar Guru:
Jeff We are in a great position because we're at the end. Iraq is back to the good news. The real news. When Iraq finished the borrowing law that was the last step they needed to change the rate. They're showing you this. That's why now that they finished the borrowing law they are talking about improving the exchange rate and reforming the banking sector.
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The Atlantis Report
$908 Billion New Bipartisan Stimulus Deal -- Inflation Tsunami will Slam America !!
Premiered 5 hours ago
The worst pandemic in 100 years, small businesses shutting down everywhere, americans draining their life savings away, americans going hungry, and dying from this horrible virus.
And what is Congress doing? Refusing to help unless they can fold in goodies for their political cronies and donors.
The only help they provide is for corporate America, Wall Street, and the Big Banks.
It is an abomination. A Bipartisan, bicameral group unveiled a $908 billion stimulus proposal on Tuesday in an effort to break the legislative stalemate as the virus surges throughout the country, CNBC reports.
It aims to address the expiration of key economic aid programs, including an unemployment insurance extension. Great, more Monopoly money. That’ll fix things—anything to keep power and help the rich.
This time however, the country is close to bankruptcy.
Hyperinflation and revolution, here we come! It's going to be a REAL DARK WINTER for all of 2021. Why don't they send stimulus money directly to people and small businesses?
The last two bills did almost nothing for American citizens. They were focused almost exclusively on corporations. No stimulus checks, but corporate protection to allow for the abuse of their employees. Also no tax breaks/ credits for front-line workers.
With this bill, 90% of the money goes to corporations, big businesses, and the government. Say NO and let your Congress Critters know where you stand.
Our economy is consumer-driven, and the longer they wait for a stimulus bill for the people , the longer it will take the economy to return to normal.
For the full transcript go to https://financearmageddon.blogspot.com