The G20 15th summit is under way in the Saudi Arabia. On November 21st, the president of China Xi Jinping stated that humanity is experiencing the worst pandemic of this century. The Group of Twenty, or the G20, is the premier forum for international economic cooperation. The G20.
During the trading session on Monday, the euro retreated to the 1.17 mark against the US dollar. Previously, European Central Bank President Christine Lagarde said that the ECB currently has not exhausted all available policy tools and options, and can still come up with more if necessary in the future.
On Friday (September 25), after some people predicted that the dollar would weaken throughout the summer, the dollar recovered this week. It is currently up 0.26% to 94.61. It is expected that this week will have a more than a 2% increase. The biggest five-day increase since April. The technical picture shows that more gains are coming.
China is rolling out its own state owned digital cryptocurrency DCEP (which stands for the /electronic payment system). It is otherwise known as China’s central bank digital currency project. The digital yuan is expected to function more like a counterpart to paper money than a cryptocurrency. Unlike Bitcoin, Etherium and other cryptocurrencies, the DCEP value is expected to remain stable. Of course, it is China, therefore there would be no chance of privacy and China’s Central Bank will be able to monitor every transaction.
The US Constitution gives Congress the power to “coin money and regulate the value thereof.” Currently, the Bureau of Engraving and Printing produces paper money in two locations: Washington D.C. and Fort Worth, Texas. The money printed by the US government facilities are the only ones that are legit paper currency. According to the Federal Reserve, up to 80% of US paper currency ends up outside of the US, equivalent to 2.5 trillion US dollars.
Reputable US publication The Wall Street Journal (WSJ) published an article this month titled “The World’s Cash Is Disappearing. Bankers Aren’t Sure Where It Went.” The article claims a strange phenomenon of the 1.5 trillion US dollars disappeared in 100 dollar bill denominations. Every month the central bank continues injections into the electronic currency in the amount of $100 billion in order to lower the volatility, but the analogue in US paper currency and precious metals disappeared without a trace. The central banks continue to increase the amounts of the paper currency being printed and they just disappear without any explanation.
In 1939, Operation Bernhard was a Nazi Germany project to forge British banknotes, counterfeit currencies. Originally, the project was dubbed “Andreas”. A the time the British pound was the reserve currency and was used as a main international payment method.
Nazi Germany needed forged currency to purchase raw materials for their defense industries. Counterfeiting currency was designed to solve German financial issues during World War II and also destabilize the economies of the nations they dubbed as enemies. Additionally, financing of espionage requires the use of foreign currencies. The challenge for the Nazis was to reproduce an identical paper for the banknotes and the watermark matrix. At the time, the task was given to professional counterfeiters, who were serving prison sentences. The process took close to 7 months.
- A popular measure of the strength of the U.S. dollar is inching toward its highest level in almost two years, having carved out gains in the past two months. As the greenback marches higher, analysts who predicted its rise in the first quarter, have turned more bearish on bucks, making the case that “the top is in” for the U.S. dollar.
- Apple Co-founder gives his insight about Bitcoin [BTC] and Ethereum [ETH] and the underlying technology. Blockchain is branching out into developing applications that are changing the way people think and apply it, from the ground up, which is what the internet did in the 90s.