China To Unveil Next-Generation Stealth Bomber In 2019

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Last week, the Global Times confirmed that the Hong-20, China’s newest long-range stealth bomber was ready for imminent trial flights.

Now, it seems Chinese media, as per Defense Blog, has indicated that the stealth bomber will be unveiled during a massive military parade in 2019.

While there is no official statement or confirmation from the Chinese government or military, the unveiling is expected to occurring during a period where JPMorgan expects a full-blown trade war between the US and China.  Continue reading

“What The Hell Is It?” – 74 Cryptocurrency Questions Answered

A great article for those who are still in the dark about cryptocurrencies.

 

The price of bitcoin has rocketed more than 1,700% year-to-date.

 

With the price of the cryptocurrency soaring – and mainstream interest surging – Yahoo Finance recently invited readers to send us their top questions regarding bitcoin and other cryptocurrencies. We condensed questions from nearly 3,500 respondents into the list below, and enlisted a team of Yahoo Finance reporters to answer them, including Daniel Roberts, who’s been covering bitcoin since 2012, and Jared Blikre, our authority on trading. Ethan Wolff-Mann and Julia LaRoche contributed as well. Here’s everything you want to know about bitcoin:

1. What the hell is it? In the most general sense, bitcoin is software that forms a decentralized, peer-to-peer payment system with no central authority like the Federal Reserve or U.S. Treasury. It’s fair to call it a digital currency or cryptocurrency, but at the moment, most investors aren’t really using it as currency to pay for things. Instead, they’re using it as a speculative investment to buy in the hope of turning a profit. Maybe a big profit. (And maybe a big loss). Continue reading

The Fed’s Built a Financial “Maginot Line”

 

Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown. That’s right: I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown

Circumstances lead me to believe it could play out like the meltdown I experienced in 1998 after Long Term Capital Management (LTCM) failed.

This time, however, there will be several crucial differences that will leave investors and regulators unprepared.

In the national defense community, military commanders are known for fighting the last war. They study their prior failures in preparation for the next conflict. The problem is that each war inevitably involves new tactics for which they’re completely unprepared.

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JPMorgan Sounds Alarm On Size Of US Debt, Warns Of Financial Crisis

 

After yesterday Goldman mocked Trump’s budget (ironic as it was Trump’s ex-Goldman Chief Economic Advisor who conceived it) and said it had zero chance of being implemented, today it was JPM’s turn to share some purely philosophical thoughts on the shape of future US income and spending, which as we learned yesterday could balance only if the US grows for 10 years at a 3% growth rate, something it has never done, while slashing nearly $4 trillion in in spending, something else it has never done.

What caught our attention in the note by JPM’s Jesse Edgerton was his discussion on the thorniest issue surrounding the US: its unprecedented debt addition, what America’s debt/GDP will look like over the next 30 years, and whether there is any chance it could decline as conservatives in government hope will happen. Continue reading

Now pushy European Union angers the US as it tries to control AMERICAN banks

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Brussels is annoying Wall Street banks with new rules (Getty)

 

FURIOUS American banks are fighting back against burdensome Brussels plans, which would allow European regulators to exert more control over foreign lenders.

Wall Street financial giants warned they will not be able to tie up more cash in their operations within the European Union (EU), as proposed by the European Commission (EC).

The rules hand the EU more oversight of foreign firms and are set to cost the likes of Goldman Sachs, Morgan Stanley and JPMorgan, as the banks would need to stump up fresh funds to keep within the bloc. Continue reading

EU plans moving bank regulator from London as euro zone eyes City business

As Germany dominates everything Europe, Frankfurt looks like the likely winner in becoming the world financial hub.

 

BRUSSELS: The EU is preparing to move its European Banking Authority from London following Britain’s vote to leave the Union, EU officials said on Sunday, setting up a race led by Paris and Frankfurt to host the regulator.

Coming a day after Britain’s Jonathan Hill resigned and was replaced as EU financial services chief by the Commission’s “Mr. Euro” Valdis Dombrovskis, the move underlines how the City of London can expect to be frozen out of EU financial regulation – and possibly from Europe’s capital markets – depending on the terms of Brexit.

While those who argued for Britain to leave the EU said the financial industry would thrive without EU shackles, some of its biggest employers including JPMorgan are scouring Europe to find new locations for their traders, bankers and financial licenses. Continue reading

Rich and powerful warn robots are coming for your jobs

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Some of the richest, smartest and most powerful humans have an important message for the rest of us as they convened this week to discuss pressing global issues: the robots are coming.

“Most of the benefits we see from automation is about higher quality and fewer errors, but in many cases it does reduce labor,” Michael Chui, a partner at the McKinsey Global Institute, said on Tuesday during a panel on “Is Any Job Truly Safe?”

Continue reading

Fed official warns ‘flash crash’ could be repeated

Please see the source for the video.

 

A senior Federal Reserve official has warned that last autumn’s “flash crash” in US Treasurys could happen again due to the changing nature of the US government debt market, and urged banks, investors and exchanges to adopt a revised set of guidelines in response to the turmoil.

However, Simon Potter, executive vice-president of the Federal Reserve Bank of New York, warned in a speech on Monday that the unintended consequences of regulatory and market changes could mean that “that sharp intraday price moves become more common” in the future. Continue reading

JPMorgan data ‘sent to Russia’ by computers for hire

JPMorgan’s own investigators have found clues that a global network of computers available for hire by sophisticated criminals was used to reroute data stolen from the bank to a major Russian city, according to people familiar with the probe.

Like street magicians using sleight of hand, the hackers tapped computers from Latin America to Asia to send commands and obscure their identity while ferrying malicious traffic past one of the most heavily guarded networks on Wall Street.

Bank investigators working nearly around the clock have identified what they believe to be the assault’s staging ground, called a “bulletproof” hosting platform because of its resilience to other attackers and to law enforcement, according to one of the people, who requested anonymity because of the continuing investigation. The constellation of computers was used in previous hacking attacks and is now being tapped by professional cybercriminals operating out of Eastern Europe to target banks. Continue reading