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How to Hack and “Fix” a Bad Credit Score Credit Repair: Fix Bad Credit On Your Own with the help of a professional hacker
2023.03.21 00:14 Educational-Oil5871 How to Hack and “Fix” a Bad Credit Score Credit Repair: Fix Bad Credit On Your Own with the help of a professional hacker
To fix a bad credit score, understand the basic contributors to credit—including whether you pay your bills on time and whether you carry balances on credit cards—and identify the factors that are making a negative impact. Checking for errors on your credit report is also an important step. [[email protected]](mailto:[email protected])
Your credit score is a three-digit number, usually between 300 and 850, that's based on the information in your credit report. It's valuable for lenders, who need to understand how likely you are to repay money you borrow.
While there are several credit scoring models with different score ranges, 700 or higher is generally considered a good credit score, while 800 or higher is excellent. If your score isn't quite in that range, here's how to get it back in shape. [[email protected]](mailto:[email protected])
What Is a Bad Credit Score?
On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.
VantageScore®, another credit scoring model which was developed by the three main credit bureaus (Experian, TransUnion and Equifax), also uses a scale ranging from 300 to 850. But its definitions associated with each score range vary slightly. A VantageScore from 601 to 660 is considered fair, from 500 to 600 is poor, and from 300 to 499 is very poor.
The higher your credit score, the more likely you are to qualify for credit, and at better interest rates and terms. If your score is low, it can be difficult to obtain affordable credit or to get approved for a loan or credit card at all. [[email protected]](mailto:[email protected])
You can think of maintaining good credit as preventive medicine. You don't know when something might come up, like a breakup that means having to find a new apartment fast, but good credit can help you handle any affliction with less hassle.
A bad credit score can lead to these roadblocks:
Credit scores aren't static; they change when the information in your credit report changes. That means you can take control of your financial health now, and make moves that will positively affect your credit scores. Here's how. [[email protected]com](mailto:[email protected])
If a card has a high annual fee and you're no longer using it, weigh the potential tradeoffs of a shorter credit history with the money you could save. [[email protected]](mailto:[email protected])
Credit mix, or the range of credit types you have in your name, makes up 10% of a FICO® Score. You don't need to take out a new loan merely to diversify your credit mix. But dependably managing a credit card is one of the most effective ways to maintain a good credit score. So if you haven't opened your own credit card in the past, consider applying for a secured credit card, which will require a deposit that typically also becomes your credit limit.
If you take these steps and still find yourself struggling, getting help FROM A PROFESSIONAL HACKER may allow you to get back on track.
Be wary of any organization that promises to repair your credit with little or no time or effort. Improving your credit status takes time. Ultimately, there's nothing a credit repair company does that you can't do yourself with time and effort. [[email protected]](mailto:[email protected])
The Bottom Line
A bad credit score doesn't have to weigh you down. There are concrete actions you can take today and in the future to improve it, and to keep your score as high as possible.
Knowing where you stand, and making it a point not to avoid the reality of your credit status, are perhaps the most important ongoing tactics in the drive to improve credit. Check your credit report and score regularly using a free online service like the one available from Experian, and feel empowered knowing you can master your own financial well-being.
[[email protected]](mailto:[email protected])****============== Do It Yourself Credit Repair: Fix Bad Credit On Your Own with the help of a professional hacker
submitted by Educational-Oil5871 to u/Educational-Oil5871 [link] [comments]
Your credit score is a three-digit number, usually between 300 and 850, that's based on the information in your credit report. It's valuable for lenders, who need to understand how likely you are to repay money you borrow.
While there are several credit scoring models with different score ranges, 700 or higher is generally considered a good credit score, while 800 or higher is excellent. If your score isn't quite in that range, here's how to get it back in shape. [[email protected]](mailto:[email protected])
What Is a Bad Credit Score?
On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.
VantageScore®, another credit scoring model which was developed by the three main credit bureaus (Experian, TransUnion and Equifax), also uses a scale ranging from 300 to 850. But its definitions associated with each score range vary slightly. A VantageScore from 601 to 660 is considered fair, from 500 to 600 is poor, and from 300 to 499 is very poor.
The higher your credit score, the more likely you are to qualify for credit, and at better interest rates and terms. If your score is low, it can be difficult to obtain affordable credit or to get approved for a loan or credit card at all. [[email protected]](mailto:[email protected])
You can think of maintaining good credit as preventive medicine. You don't know when something might come up, like a breakup that means having to find a new apartment fast, but good credit can help you handle any affliction with less hassle.
A bad credit score can lead to these roadblocks:
- Potential rejection for loans and lines of credit.
- Difficulty getting a rental application approved.
- Required security deposits.
- Trouble getting a new cell phone contract.
- Issues during an employment background check.
- Higher insurance premiums in some states.
Credit scores aren't static; they change when the information in your credit report changes. That means you can take control of your financial health now, and make moves that will positively affect your credit scores. Here's how. [[email protected]com](mailto:[email protected])
- Check Your Free Credit Score2. Pay Your Bills on Time3. Pay Down Debt4. Avoid New Hard Inquiries5. Boost Your Credit Score With A Professional Hacker6. Get Help Building Credit Score With A Professional HackerHow to Maintain a Good Credit Score
If a card has a high annual fee and you're no longer using it, weigh the potential tradeoffs of a shorter credit history with the money you could save. [[email protected]](mailto:[email protected])
Credit mix, or the range of credit types you have in your name, makes up 10% of a FICO® Score. You don't need to take out a new loan merely to diversify your credit mix. But dependably managing a credit card is one of the most effective ways to maintain a good credit score. So if you haven't opened your own credit card in the past, consider applying for a secured credit card, which will require a deposit that typically also becomes your credit limit.
If you take these steps and still find yourself struggling, getting help FROM A PROFESSIONAL HACKER may allow you to get back on track.
Be wary of any organization that promises to repair your credit with little or no time or effort. Improving your credit status takes time. Ultimately, there's nothing a credit repair company does that you can't do yourself with time and effort. [[email protected]](mailto:[email protected])
The Bottom Line
A bad credit score doesn't have to weigh you down. There are concrete actions you can take today and in the future to improve it, and to keep your score as high as possible.
Knowing where you stand, and making it a point not to avoid the reality of your credit status, are perhaps the most important ongoing tactics in the drive to improve credit. Check your credit report and score regularly using a free online service like the one available from Experian, and feel empowered knowing you can master your own financial well-being.
[[email protected]](mailto:[email protected])****============== Do It Yourself Credit Repair: Fix Bad Credit On Your Own with the help of a professional hacker
2023.03.20 21:21 rrmdp 📢 DEXSTA FEDERAL CREDIT UNION is hiring a Executive Director!
submitted by rrmdp to jobboardsearch [link] [comments]2023.03.20 20:03 pghbvtxcfx 😘👉👌 IF YOU TAP YOU WILL CUM 🍆💦
 | submitted by pghbvtxcfx to gwdbgq4j1r [link] [comments] IF YOU TAP HERE YOU WILL CUMIF YOU TAP HERE YOU WILL CUMIF YOU TAP HERE YOU WILL CUMhttps://i.redd.it/2fzqcummzxoa1.gifAnd at this moment I’m saving lives. Some are lives I do not care for; one is a life I care for greatly. What I’m doing goes against everything I’ve learned and experienced over my time on this planet. I am doing this to save lives from each other and from themselves because war doesn’t stop easy and sometimes you need to step in and make everyone else stop. Carlos: Monday before the Incident After school and I’m all sorts of fucked up on how to get one person to sit down and talk things out. Yeah it’s Guy I’m talking about but at this point I’d give him almost anything just to end this shit and get my sister to hate on me and my boys a little less. Yeah I know she never liked my crew but over the past months she’s had a serious problem with everyone under me and I’m not being spared just because we’re blood either. It hasn’t turned to anything I gotta check my people on yet but I’m not taking chances on someone just thinking they can put her in her place. I’m outside her door and take a second to man up before knocking. I hear her say to come in, she might not think it’s me but I go in and when she sees me enter and close the door after me I get the disapproving sister look. “Well sooner or later it had to happen. So what am I supposed to do for the gang,” Marta asks me and I stop at what she is saying,” You’ve been following me for a couple days now like you want to ask me something and since you really don’t have anything other than your gang it’s pretty academic where your question is going to come from.” “Sorry sis, not about my crew. I need to talk about Guy,” I say it and she closes her laptop setting on the bed beside her,” I have tried to talk to him but he’s so far gone that I could be talking to la Luna and I’d get a better conversation. I need to make peace and I can’t figure out how any more so since you know him I need your help.” “I’m not setting him up for you or leading him somewhere you can ambush him,” my sister tells me and I groan. “You seriously think that’s who I am,” I ask and she shrugs. “You don’t show anyone anything else. You have all your little homies and homettes surrounding you and you spent three years beating on him because ‘your people don’t get disrespected’. Then when he nearly dies you stand there and tell everyone that you didn’t do anything wrong when you know you did. You can’t even own up to your own shit with him but you want to make peace,” Marta is taking it to me and I let her for a bit. “Just because I didn’t turn my people out as scapegoats for shit they actually didn’t do doesn’t mean I ignored what we had done to him and every single thing since then that my people have been close to or involved in that wasn’t making peace with him I stomped out,” I explain and she shakes her head. “Like Hector backing him into a corner so our cousin could get involved in your little feud,” she says it but how does she know that much,” I spoke to Imelda about it after she said I didn’t have to worry anymore.” “Well Imelda spoke with Guy because someone was threatening to hurt me by getting to you and Guy stopped that,” I start to explain but she stops me. “Yeah both Guy and she said that and Guy said he had nothing to do with anyone coming after me because of shit you did but that still doesn’t change the fact that you kept your ‘boy’ Hector at home for a couple weeks instead of actually punishing him for going after Guy when he should have backed off,” Marta is bringing up my past with my people and it’s not helping. “Hector needed to cool off and understand that Guy isn’t a problem,” I try but my sister is quick with it. “If he’s not a problem then why are you worried so much that you have to come to me to help you smooth things over,” she asks it and it’s making me angry,” Is it because Guy isn’t listening to the all powerful gang leader or is it because for once you need to change people’s minds about you being the king turd leading the shits?” “It’s about making things right and squashing all of it so we can just move the hell on. Every time I see him he looks like he’s waiting for something to happen like I’m the bad guy,” I say the words and Marta is right on me. “You are the bad guy. You’ve been the bad guy and now you’re just upset because you think you’ve been a good guy this whole time,” Marta is talking about everything she sees but she doesn’t see all of it. “You don’t know what I’ve done to help this family, this hood, hell this half of the damn city,” I tell her and she doesn’t look impressed,” Remember that guy who was dealing at school, never got caught with drugs but we all knew it was him and Dad was worried about you going to the same high school as us?” “Martin Martinez, the loser pot head,” Marta asks and I shake my head at her. “More like meth and he’s been out of the city since my freshman year. Then his suppliers, then their money, all of it gone in one year and not a single cop because I made sure it got taken care of, I might not be perfect but I’m not the bad guy,” I state and she laughs. “Wow, taking credit for getting rid of one complete loser in high school and everything that allegedly happened after. You are really desperate to prove you’re what? Some sort of savior,” Marta says and she’s making fun of me. “Not really, I did what I did because it was going to help,” I explain but Marta is on me again. “And how does you and your boys kicking the shit out of Guy help? Explain to me how you being the bully with the biggest gang helped anything for him,” She asks it and I don’t have the answer for her, not one that would actually be worth saying,” Yeah, good talk big brother. I have other things to do.” “I’m not asking for my crew or my boys, I’m just asking for me. I want to talk to Guy, apologize and if we can figure out how to let all this get behind us and not be watching out for each other when we’re trying to eat lunch,” I ask Marta who is trying to get back on her laptop,” Please take this serious.” “I would if there were something I could do to help. You don’t understand I don’t have any say over Guy, I can’t tell him to sit down and talk as much as you could tell Hector to stop being a complete asshole,” Marta explains and I am tired of the insults,” Guy does what he wants, when he wants and when he does it he does it because from what I can tell it amuses him. He fucked up Romeo because he thought it was funny, he thought what he did to one of your boys while you watched was funny, Romeo in pain screaming? He thought that was funny because he’s not able to feel things like he used to.” “How do you know all that,” my sister has a lot of insight into how someone she’s not always around is thinking. “Abby, she watches him and she listens. Morning after he screwed up Romeo even though he was in pain he was smiling and even laughing a little. Your friends, your homies… they made him this way. And when he was dying you didn’t even try to go to the hospital, you didn’t put yourself out there to be spit on or have someone tell you how horrible you and your boys were because it wasn’t convenient to be seen as weak,” Marta is going for the throat on me but I shake my head. “I didn’t go to the hospital because my people didn’t do it, both times. I admitted to what was done before but after it wasn’t us,” I start and she is quick to cut me off. “Please, you’re memory isn’t that bad to forget Hector pushing him around as a Christmas gift,” she reminds me and I nod. “Which is why I pulled Hector out for a bit, made him think about when he went after Guy and when I said to stop,” I didn’t exactly tell him to think about it,” Back to my thing I need your help. I just want to speak with him.” “Then go over to his house and see if they let you onto the grounds. I’d be surprised if you even make it past the gate before the cops show up,” Marta is making fun of my situation. “Alright, be a bitch. I have tried to explain and I have been as honest and sincere as I can but you just want to be a bitch so fuck you,” I get up to leave the room. “Excuse me,” she stops me and I turn around and yell at her. “Fuck you, I have made sure that for four years your life has been fucking sunshine and rainbows while my hands are covered in dirt and blood. Your college fund, the one Mom and Dad have been ‘saving’ for the past four years? That’s me, that is my work paying for your ungrateful ass and yeah I thought it was funny at first watching Guy get his ass beat and when I said stop finally it stopped. I should have done it sooner but that’s on me. Everything else you can shove up your ass,” I yell at Marta and head out. I don’t think she came after me as I leave the house slamming the doors and my own ride door before pulling away from the curb. I’m pissed off and that’s when people need to worry because I don’t get mad, I get furious and before I realize where I’m at I’m out the car and heading into the tattoo shop the Union run. Vicki is at the front to take customers but I’m not here for any new ink as I step past the counter and the chairs to the back where the Old Man is sitting going over his books. 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2023.03.20 20:00 tuwkggcaym 😘👉👌 IF YOU TAP YOU WILL CUM 🍆💦
 | submitted by tuwkggcaym to ivgdkp9ygd [link] [comments] IF YOU TAP HERE YOU WILL CUMIF YOU TAP HERE YOU WILL CUMIF YOU TAP HERE YOU WILL CUMhttps://i.redd.it/bcq5yeu0zxoa1.gifXIII.Not Just a Nudist Camp We had a complete hook-up so my brothers hooked up the water, sewer, electrical, and TV cable. Soon I was in the shower getting all cleaned up so I would feel comfortable walking around in the nude. I blew my hair dry and put on a little makeup. While Donny and Bobby took their turns in the shower I went through the schedule of events. The first thing we were scheduled to attend was a get-acquainted dinner where all new visitors would be introduced. After that a skit would be performed by the “Camp Ladies.” Then after dark, there would be a “swinger’s party” for those who wanted to swing. Then there was a notice that No sex acts would be permitted in public unless the event that was scheduled had the word “swinger” in its title. I wondered what they would do if I was caught fucking in public. I noticed there was a lecture that had just started titled: Sex as a Religious Experience. I read the description of the lecture to my brothers and said I wanted to go. Neither of them seemed interested but they encouraged me to go. Looking at the map I found where the lecture was being held and I looked in the mirror before leaving the motor home thinking, here goes nothing; my first experience at a nudist camp. As I crossed the camp on the paved walk I was surprised that I did not meet anyone. In the distance to the right I could see a few people at the swimming pool. They were so far away that it was hard to tell if they were nude or in skimpy swim suits. As I felt the warmth of the sun on my titties I had the thought, I hope this is not an elaborate plot of my brothers to embarrass me. Then I thought, not a chance, they would not do that and the name of the camp, clearly visible on several signs on the way in, included the word “nudist.” Then suddenly my mind was relieved when I saw a couple walking toward me hand in hand. When we were close enough, my eyes as expected went to his peter. It dangled loosely to the left, wagging slightly from left to right. I thought, now there is a contented peter. I looked to the young man’s eyes and saw they were looking at me. I looked to the woman, blond hair, nice perky boobs, slim waist, round hips, no tan lines, and neatly trimmed pussy. “Hello,” they both greeted me. I responded in kind and she said, “You are new here aren’t you? “Yes, how can you tell?” I asked. “Tan lines. Can we give you directions?” she asked. “I’m looking for the meeting hall where the lecture…” He interrupted me by pointing to the nearest building and saying, “The lecture has already started but just go in and take a seat. No one will be bothered by your late arrival.” While he was speaking I could not help noticing his peter gave a twitch as though it was also saying something to me. I thanked them and rushed on to the meeting hall. Upon entering I found about two dozen people seated watching a large video screen. On screen was a very attractive nude auburn haired woman who was walking through a garden or park. Her pussy was clean shaven. A male narrator was speaking. I seated myself on a pew like bench in the back row behind all the other audience members. The narrators words: “Indeed, there is a burgeoning science of the orgasm, with physiological evidence suggesting that the orgasm itself is a richly complex neurological phenomenon, with brain stimulations in some regions and complete neural shutdowns in others; imaging activity just as mysterious and just as revealing as other measurable mystical and altered states of consciousness induced in more conventional religious practices, like meditation, prayer, or the ingestion of sacred medicine. The powers of sex, its potentially empowering pleasures and mind-blowing transportations, however, are entangled in phenomena that cannot be reduced to bodily processes, or easily measured with brain-imaging technologies. These powers always bear on the sacred.” The woman on the screen came upon a park bench where she sat and her right hand found her pussy. As the narrator continued she began a casual masturbation. “Our bodies, with all of our sensory abilities were created by God. The pleasures we receive from our bodies as we approach orgasm were intended to be ours by God…” I am afraid that like the woman on the screen I was no longer listening to the narrator. My hand also had found my damp pussy. My fingers had scooped up my juices and rubbed them over my little button. Like the woman on the screen I was soaring above the bench on which I was seated. I don’t believe this was my most mind blowing orgasm but it was the most public. Of course I was no quieter than usual and when I came down enough to recognize my situation, I found as many in the audience watching me as were watching the screen. The narrator was still droning on, “…and thus we see that whether it is only a slight tingle we might get from an erotic thought or a complete mind blowing, near death experience in which we lose a sense of time or place these are sensations that God intended us to have and thus we should worship with them…” I noted that all who were looking at me were smiling and most had at least one hand on their genitals. On screen I saw a naked man standing behind a bush looking at the woman on the bench. He was casually masturbating also. The narrator was now talking about how masturbation should never be discouraged except when in causes discomfort to others. “Thus public masturbation is discouraged unless all present have had the opportunity to express their acceptance.” These last words registered with me and I moved my hand away from my pussy and sat up in the chair. An elderly woman who had been watching me said, “It is okay sweetheart. We all approve.” “Yes indeed,” said the elderly man by her side. “Beautiful,” said a middle aged woman. “Spectacular,” said a man my age. On screen the couple were now in an intimate embrace and the narrator continued: “In the biblical story of David and Bathsheba, the adulterous sexual union between the two initiates a chain of bloody, violent acts and violations, including rape, murder, and even civil war in ancient Israel; but the sexual union between the two also brings life to another son, Solomon, who becomes a great king, propelling sacred history forward under the powerful hand of God. Solomon’s Song of Songs is an example of what I have been talking about. In it Solomon, in the three voices, sings the praise of what God had put in our bodies to enjoy the pleasures that two people can experience when in sexual union.” Music replaced the voice and credits began to roll as the couple on the park bench moved into a coital position. With the film at an end the entire audience stood and approached me. They crowded around me, each trying to introduce themselves and adding words of appreciation. In the words of the elderly woman, “It is so wonderful to meet a young woman who can so freely express her sexuality. You darling remind me of my self so many years ago.” By the way the elderly man with her had a partial hard-on as he gave me a little hug. The young man (who had a massive erection) made sure to invite me to the swinger’s party that evening. And of course most said they would see me at dinner. A middle aged couple asked me where I was staying and I told them in the RV park and they said they were also. They asked if I was headed back to my RV and I said I was so they said they would walk with me. “Are you here alone,” the woman asked. “I’m here with my brothers,” I replied. “Oh, that’s nice, where are they?” she asked. I told her resting up from driving. The man asked, “How may brothers?” “Two. We are on a cross country trip and decided to stop here for three days.” “Where are you from?” she asked. “Pennsylvania.” “How nice,” she said. She reached out and grasped my arm and stopped me. “This is our RV,” she said indicating the fifth wheeler we had stopped by. “Let me give you some advice; don’t go to the swingers party tonight unless you intend to get fucked by a half dozen different men. Those parties get really wild.” I could not help noticing the man, probably her husband, had a near hard on as he said, “Yeah, you sure got fucked silly at the last party.” We weren’t going to talk about that,” she said in an aside to him. “Would you do it again?” I asked. She looked at me with a look that told me she did not want to talk about it, at least not in front of her husband. “God yes, she’ll do it again. Probably tonight,” her husband said. “You don’t know a thing,” she said as she turned and stormed into her RV. “See you there,” he said with a smile before turning to go into his RV. When I entered our RV I found both my brothers soundly sleeping. While waiting for dinner time, I looked through the schedule for the next three days. Everyone was encouraged to participate in every event but not required to do so. Tomorrow morning, at 9 AM, was a “Good Morning Breakfast” hosted by the “Camp Ladies.” At 10 AM was the “Pageant of Poses.” At 1 PM was a “Sausage and Buns Lunch” hosted by the “Camp Guys.” At 2 PM was the “Body Painting Competition.” Dinner at 6 PM was titled as an “Awards Dinner” and hosted by “The Three Cookies.” Following dinner was a square dance demonstration put on by the “Chicks and Dicks.” After that, all were invited to the “Round Dance.” I thought to myself that tomorrow looked almost sex free. Probably there would be unscheduled opportunities. 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2023.03.20 18:25 petergmail1212 Are those words telling me the Annuity is not insured?
I am thinking to buy an annuity. I am worrying about the following words on the contract. Is it the standard way of an annuity? If something wrong, I will lose ALL my money?
ATHENE AGILITY IS A PRODUCT OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIP. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.
submitted by petergmail1212 to personalfinance [link] [comments]
ATHENE AGILITY IS A PRODUCT OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIP. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.
2023.03.20 18:11 kardanokid NDAX Market Report, Key Notes & Crypto Overview
MAR 13 - MAR 19
Market Updates
submitted by kardanokid to NDAX [link] [comments]
Market Updates
- Major banking industry consolidation got underway this week as businesses and high net-worth individuals fled regional banks in favour of much larger players in JP Morgan Chase, B of A, Citi and Wells Fargo.
- 4 of whom covered two-thirds of $30B in deposits this week to prop up ailing First Republic.
- Central Banks cont’d raising rates even as they pledged liquidity to teetering financial institutions (like Credit Suisse):
- The ECB’s Christine Lagarde this week hiked rates by 50 basis points–from 3 to 3.5%--de facto raising the cost of capital by 16.6%.
- The Federal Reserve balance sheet grew by $300B week over week, but–
- According to President Biden, the banking system is safe and taxpayers are not expected to foot the bill.
- Crypto industry may escape lasting damage from Silvergate liquidation. Some foresee benefits if the U.S. finally gets sensible crypto regulation post-Silvergate, and traditional banks “may become warmer to establishing [crypto] relationships.” (Cointelegraph)
- Posthaste: Canadians' interest payments are growing at the fastest pace in more than 30 years. Canadians are paying 45% more interest than a year ago. “The Bank of Canada will need to maintain a close watch on household credit performance as headwinds from higher interest rates continue to hit Canadian households this year,” wrote TD economist Ksenia Bushmeneva. (Financial Post)
- Hours before the short won Oscar gold, An Irish Goodbye First Flights producer Nick Sadler detailed his vision for Web3 film funding. ““There are just so many people into Web3 that are connected to traditional Hollywood,” Sadler said. “Literally me today, our film, it’s all happening. There are enough people that are part of the very high levels of the traditional film system that are behind us.” (Decrypt)
- Shanghai upgrade executed on testnet but not without issues. Shapella is expected to take effect on the Ethereum mainnet in early April following a few delays in preparing the Sepolia and Goerli testnets for the fork. The hard fork will allow for partial and full withdrawals, and will theoretically unlock 17.6 million ETH when Shapella is forked, which equates to over $30 billion at current prices. (Cointelegraph)
- In Dubai, Fastex’s ftNFT shop became the world’s first physical NFT store. Offering a seamless interaction between real world & digital universe. In a short time, it garnered wide acclaim for its unique concept, friendly staff & exceptional customer service. (Cointelegraph)
- European lawmakers are moving forward with the introduction of a European Union-wide digital wallet by passing a plenary vote on moving the initiative to interinstitutional negotiations. "The scheme would allow citizens to identify and authenticate themselves online without having to resort to commercial providers, as is the case today — a practice that has raised trust, security and privacy concerns." (Cointelegraph)
- Bitcoin is currently the top trading pair on NDAX, followed by Ether, XRP, Polygon, Fantom and Shiba Inu.
- Over the past 7 days, the value of Bitcoin (BTC) has increased by 21.85% and is currently being traded at $37,553. Ethereum (ETH) is up 9.51% during the same period and is now being traded at $2,401.
- Other notable coin(s) include:
- Fantom (FTM) with an increase of 23.48% in the past week.
- Solana (SOL) with an increase of 14.94% in the past week.
- The Sandbox (SAND) with an increase of 13.89% in the past week.
- The Graph (GRT) with an increase of 10.20% in the past week.
- Mar 22 - FOMC Rate Decision
- Mar 31 - CME Expiry
2023.03.20 16:28 Dismal-Jellyfish This is not a 'bailout'! A review of the tools the Fed is leveraging ($308.063 Billion so far as of 3/15) while attempting to navigate the current environment: Primary Credit, Central Bank Liquidity Swaps, Bank Term Funding Program (BTFP), and “Other credit extensions”
 | Good morning Superstonk, resident jellyfish back with you! I hope everyone had a great weekend. Seeing as yesterday saw coordinated central bank action to enhance the provision of U.S. dollar liquidity, I thought it would be useful to review these tools at the Fed's disposal as they attempt to navigate this mess they made while calling none of this a 'bailout'. submitted by Dismal-Jellyfish to Superstonk [link] [comments] Mainly:
Primary Credit ($152.85 Billion)https://ycharts.com/indicators/us_loans_to_depository_institutions__primary_creditOverview:Federal Reserve lending to depository institutions (the “discount window”) plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers, such as withdrawing credit during times of market stress. Thus, the discount window supports the smooth flow of credit to households and businesses. Providing liquidity in this way is one of the original purposes of the Federal Reserve System and other central banks around the world. The "Primary Credit" program is the principal safety valve for ensuring adequate liquidity in the banking system. Primary credit is priced relative to the FOMC’s target range for the federal funds rate and is normally granted on a “no-questions-asked,” minimally administered basis. There are no restrictions on borrowers’ use of primary credit. https://www.frbdiscountwindow.org/Pages/General-Information/Primary-and-Secondary-Lending-Programs.aspx Here are some examples of common borrowing situations:
The introduction of the primary credit program in 2003 marked a fundamental shift - from administration to pricing - in the Federal Reserve's approach to discount window lending. Notably, eligible depository institutions may obtain primary credit without exhausting or even seeking funds from alternative sources. Minimal administration of and restrictions on the use of primary credit makes it a reliable funding source. Being prepared to borrow primary credit enhances an institution's liquidity. Final thoughts on Primary Credit (for now):I wonder which institution(s) are seeking “no-questions-asked” "no restrictions on borrowers’ use of primary credit." to the tune of to the tune of $152.85 billion this past week @ 4.75% up from 4.581B last week and up from 2.306B one year ago. This is a change of 3.24K% from last week and 6.53K% from one year ago.The sudden rise in Primary Credit shows big players are trying to get as much liquidity backstop as possible and are increasing their borrowing from the Fed, happily paying 4.75% to borrow billions. These are not cheap loans... I do wonder if this trickles down into Secondary and Seasonal Credit as this goes on? Central Bank Liquidity Swaps ($.47 Billion--for now...)In April 2009, the Federal Reserve announced foreign-currency liquidity swap lines with the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. The Federal Reserve lines constitute a part of a network of bilateral swap lines among the six central banks, which allow for the provision of liquidity in each jurisdiction in any of the six currencies should central banks judge that market conditions warrant. In October 2013, the Federal Reserve and these central banks announced that their liquidity swap arrangements would be converted to standing arrangements that will remain in place until further notice. How it works:In general, these swaps involve two transactions. When a foreign central bank draws on its swap line with the Federal Reserve, the foreign central bank sells a specified amount of its currency to the Federal Reserve in exchange for dollars at the prevailing market exchange rate. The Federal Reserve holds the foreign currency in an account at the foreign central bank. The dollars that the Federal Reserve provides are deposited in an account that the foreign central bank maintains at the Federal Reserve Bank of New York. At the same time, the Federal Reserve and the foreign central bank enter into a binding agreement for a second transaction that obligates the foreign central bank to buy back its currency on a specified future date at the same exchange rate. The second transaction unwinds the first. At the conclusion of the second transaction, the foreign central bank pays interest, at a market-based rate, to the Federal Reserve. Dollar liquidity swaps have maturities ranging from overnight to three months. The Swiss National Bank has used it 6 times for 7-day swaps totaling $20.5 billion:Back in September, the Swiss National Bank (SNB) used the long-standing swap line with the Fed for five 7-day swaps in a row. The largest swap amounted to $11.1 billion matured on October 27. Then again once more for a 7-day swap in December (matured on December 15th for $1,000,000).https://preview.redd.it/5gqzfga3pwoa1.png?width=608&format=png&auto=webp&s=95dde3941baf18a32f4ccc2930a101a4c7ea3cf8 Last night, Coordinated central bank action to enhance the provision of U.S. dollar liquidity:The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.To improve the swap lines' effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 20, 2023, and will continue at least through the end of April. Final thoughts on Central Bank Liquidity Swaps (for now):increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 20, 2023, and will continue at least through the end of April.It is going to be VERY curious to watch these numbers through the end of April. The SNB likely swapped $20.5 billion to provide short-term liquidity in September to Credit Suisse, right?!?!?! What about now? Bank Term Funding Program (BTFP) ($11.943 Billion, so far...):https://preview.redd.it/wxmo7jgspwoa1.png?width=821&format=png&auto=webp&s=64d48296cae3c0b52d8758c99f2fa6f9de80d415
As of March 15th, the Fed has dropped $11.943 Billion into this facility:https://preview.redd.it/49ma62jyqwoa1.png?width=867&format=png&auto=webp&s=0a5bb1ff5495130ba05175082fddf232074c95e6Final thoughts on BTFP (for now):'Banks have to post collateral (valued at par)' is NUTS. From what I have been able to read, this is not how this typically goes down--usually there is a haircut, not 'valued at par'.Any collateral has to be “owned by the borrower as of March 12, 2023." This should rule out banks buying securities at today's market prices and using them as collateral at the aforementioned ridiculous par. “Other credit extensions” ($142.8 Billion, so far...):Includes loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral and the FDIC provides repayment guarantees.Final thoughts on "Other credit extensions" (for now):The Fed has loaned the newly created FDIC banks for covering depositors in Silicon Valley Bank and Signature bank (so far): $142.8 Billion. This number will be interesting to watch as other banks teeter.This not bailout is how much?!?! As of 3/15:
Total (so far): $308.063 BillionHow the Fed is doing:REMEMBER: none of this 'matters' to the Fed. The Fed creates its own money, and cannot become insolvent.The above mentioned tools help its balance sheet as they are stored as assets. Especially as the Fed fights not being 'profitable' to the Treasury itself: https://preview.redd.it/yqlsbu6rvwoa1.png?width=1647&format=png&auto=webp&s=977279cce00c7659ffa3311068549fca79c6b203 Again, the Fed is playing slight of hand here. Storing losses (-41.067 billion as of 3/15/2023) on the balance sheet as an asset like what is happening above, rather than showing the loss on the income statement right away, is an old corporate accounting trick. The Fed explains this in footnote: The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.In other words, each week going forward, the linked chart will show the Fed’s total losses starting from September 2022. The bigger the negative number, the bigger the accumulated loss. So, 'wut mean'? This number will get bigger to indicate the amount of money the Fed owes the treasury (-41.067 billion and counting). The Fed gets to just sit on this negative balance and when it starts making money for treasury again (from money it makes on interest and fees, lowering its operating expenses, paying less on dividends), will see that negative number start to shrink (in theory). However, losses in the six months since September now total More than half of all the earnings the Fed remitted over the entire year of 2022 (-$41.067billions vs. $76.0 billion all of 2022): The Federal Reserve Board announced preliminary financial information indicating that the Federal Reserve Banks had estimated net income of $58.4 billion in 2022. During 2022, Reserve Banks transferred $76.0 billion from weekly earnings to the U.S. Treasury, and, in September 2022, most Reserve Banks suspended weekly remittances to the Treasury and started accumulating a deferred asset, which totaled $18.8 billion by the end of the year. TLDRS:This not bailout is how much?!?! As of 3/15:
However, what this will mean for Treasury I am not sure--with the current debt ceiling nonsense seeing Yellen taking extraordinary measures to keep everything afloat through June. You can bet they wish the Fed was sending those weekly earnings while having to navigate this environment. https://preview.redd.it/67y5k7zowwoa1.png?width=610&format=png&auto=webp&s=09c9b59338d09acbe10293e8d41ce166f91ea067 |
2023.03.20 15:13 Ok_Sign7148 Insurance paid me out for totaled car, I never paid off the loan
SOLVED: the loan agency is letting me convert it to a personal loan or pay in full. Dont know details yet as the first conversation with them happened today
Disclaimer: Not sure if this is the right channel. This is in the state of NY
I totaled my car back in august of 2022, the federal credit union I financed it through somehow messed up and never put an official lien on the title. Due to this when insurance paid out they cut the check directly to me. I have still been just paying my loan off slowly since the rates I locked in at (years earlier) was very good.
Recently I got the email below email. I am wondering what would happen if I tell them I don't have the car anymore. I do not want to pay the rest of the loan in one shot.
Not sure if this matters but I am in good standing (no late or missed payments) with them and have phenomenal credit
------------------------------------------------------------------------------------------------------------Dear Member:
During a recent audit of our vehicle titles, we have discovered that we were not in possession of the vehicle title/lien statement for the vehicle you have financed with United States Senate Federal Credit Union. We do understand that this may have been an oversight by the previous lienholder or dealership. If you are in possession of the title/lien statement, we request that you forward that document back to us in the enclosed prepaid envelope. Once the lien holder information has been corrected the title/lien statement will remain with USSFCU until loan is paid in full. We appreciate your time and attention to this matter. `
submitted by Ok_Sign7148 to askcarsales [link] [comments]
Disclaimer: Not sure if this is the right channel. This is in the state of NY
I totaled my car back in august of 2022, the federal credit union I financed it through somehow messed up and never put an official lien on the title. Due to this when insurance paid out they cut the check directly to me. I have still been just paying my loan off slowly since the rates I locked in at (years earlier) was very good.
Recently I got the email below email. I am wondering what would happen if I tell them I don't have the car anymore. I do not want to pay the rest of the loan in one shot.
Not sure if this matters but I am in good standing (no late or missed payments) with them and have phenomenal credit
------------------------------------------------------------------------------------------------------------Dear Member:
During a recent audit of our vehicle titles, we have discovered that we were not in possession of the vehicle title/lien statement for the vehicle you have financed with United States Senate Federal Credit Union. We do understand that this may have been an oversight by the previous lienholder or dealership. If you are in possession of the title/lien statement, we request that you forward that document back to us in the enclosed prepaid envelope. Once the lien holder information has been corrected the title/lien statement will remain with USSFCU until loan is paid in full. We appreciate your time and attention to this matter. `
2023.03.20 14:32 eleanorcwhite Moonhub Weekly - 20 March.
 | submitted by eleanorcwhite to moonhub [link] [comments] https://preview.redd.it/0kb3zzm3cwoa1.png?width=1501&format=png&auto=webp&s=dfc310367281edc76488e9124c8db522399f902b So, strap in and prepare for another thrilling adventure into the realm of digital currencies! This week's Moonhub is packed with information to keep you informed and ahead of the curve. Let's embark on our quest through the cosmic cryptoverse! In this week's edition of our digest, we delve into the latest developments from the global economic stage and the dynamic world of cryptocurrencies. We'll cover recent market trends, shining the spotlight on the performance of top cryptocurrencies, as well as news on various crypto projects. Our expert analysis will focus on BTC and SUSHI, and we've got a comprehensive calendar of upcoming events to keep you in the loop. Don't miss our captivating infographics on DeFi and a fascinating feature story that's sure to pique your curiosity. So, gear up and join us on our journey through the ever-evolving digital currency universe! The most important news this week:
And now let's tell you what's new in crypto projects
Moonhub insidehttps://preview.redd.it/9nr0kku7cwoa1.png?width=1080&format=png&auto=webp&s=0a910a510c51220a1f85c1bb0f9db87dd5dd42e3Next we have an analysis from our expertsBTC/ USDTThe recent bullish trend in Bitcoin, which has pushed the price to $28k, can be attributed to the ongoing banking crisis, as investors seek alternative assets for wealth preservation. With the FOMC meeting on March 22, it's crucial to consider the potential impact of Federal Reserve Chair Jerome Powell's statement.If Powell announces a continuation of rate hikes, it could lead to further strengthening of the U.S. dollar, which might put downward pressure on the price of Bitcoin and we can see $22-23k. area. However, if the Fed decides to inject more liquidity into the banking system to support the struggling financial sector, it could result in a devaluation of the U.S. dollar and boost the appeal of Bitcoin as a hedge against inflation. In the short term, the $30-32k range could be achievable in 2-4 weeks, especially if the market sentiment remains positive and the banking crisis continues to drive investors towards alternative assets like cryptocurrencies. Although at the same time there is room for correction and testing of past resistance in the region of $25-26k. Reaching the medium-term target of $45k will depend on several factors, such as the resolution of the banking crisis, regulatory developments, and the overall market sentiment. However, it's essential to remember that cryptocurrency markets are volatile and can be influenced by a wide range of factors. Therefore, these price targets are speculative and should not be considered as financial advice. Always conduct your research and consider your risk tolerance before making any investment decisions. https://preview.redd.it/ebv5b3eccwoa1.png?width=3506&format=png&auto=webp&s=0d8e1a66d3ae49f31c1d2793673a31c0a5db09cf Details: Tradingview.com SUSHI / USDTWhen Bitcoin's price stabilizes or starts to consolidate, it often leads to increased interest in altcoins, as investors search for opportunities to diversify their portfolios and capitalize on potential gains. This phenomenon is commonly referred to as "altcoin season."SUSHI, the native token of the SushiSwap decentralized exchange, could potentially benefit from an upcoming altcoin season. If the overall market sentiment remains positive and demand for DeFi platforms and tokens continues to grow, SUSHI could experience a surge in price. Your medium-term target of $2 for SUSHI suggests a bullish outlook. Reaching this level will depend on various factors, including the performance of the broader cryptocurrency market, adoption and usage of the SushiSwap platform, and any potential regulatory developments that might impact the DeFi sector. As with any investment, it's essential to remember that the cryptocurrency market is volatile and can be influenced by numerous factors. These price targets are speculative and should not be considered as financial advice. Always conduct thorough research and consider your risk tolerance before making any investment decisions. https://preview.redd.it/5zvxjcwdcwoa1.png?width=3506&format=png&auto=webp&s=ef9b2dd8ee8b6a19773b1771b35f0bea0fd6a405 Details: Tradingview.com The most important events of the coming weekhttps://preview.redd.it/vsejjw9fcwoa1.png?width=1040&format=png&auto=webp&s=0402e39b859ec1afd4f7cf25545db010ab988a64Major macroeconomic events of the past week
Infographic about Top 10 protocols tvl on ethereumhttps://preview.redd.it/okwki3jgcwoa1.png?width=1080&format=png&auto=webp&s=acb8fa46d31cfb099fc751b0d844f07d34c07cdfThe traditional story from our editorsThe Noise InfectionA mysterious virus infects the base's communication systems, causing strange and disturbing noises to broadcast through all channels. However, it is later discovered that the virus is actually a form of sentient sound that has been trapped on the moon for millennia, and it is using the base's communication systems to try and make contact with the outside universe.https://preview.redd.it/rhkhuuaicwoa1.png?width=1600&format=png&auto=webp&s=e402d1c48bc4d9323ec6ab1d4b8bf23ea78fb848 Greetings, Moonhub community! This is your friendly neighborhood Moonhub Administrator with another update from our lunar outpost. And boy, do we have a bizarre story to share with you today. It all started a few days ago when we noticed strange noises coming through our communication systems. At first, we thought it was just interference or a malfunction in the equipment, but the noises persisted, becoming louder and more frequent with each passing day. They were unlike anything we had ever heard before – a strange combination of clicks, pops, and whistles that seemed to defy all explanation. But it wasn't until one of our technicians fell ill that we realized something was seriously wrong. The technician was complaining of headaches and nausea, and we soon discovered that they were not the only one. Many of us had been experiencing similar symptoms, and we soon realized that the noises were somehow infecting our bodies. We immediately began investigating the source of the infection and discovered something truly astonishing. The virus was not a virus at all, but a form of sentient sound that had been trapped on the moon for millennia. It was using our communication systems as a way to try and make contact with the outside universe. As we dug deeper, we learned that the sound had been created by an ancient civilization that had long since vanished. They had designed the sound to be a means of communication between their own people and with other civilizations across the stars. But something had gone wrong, and the sound had become trapped on the moon, unable to travel beyond its surface. https://preview.redd.it/lo9b4lfjcwoa1.png?width=1600&format=png&auto=webp&s=cbd6345e5984489a6fc1c1bd35e5de7642a9ff12 Now, after all these years, the sound had finally found a way to make contact with the universe once again. And while its methods were unorthodox, we couldn't help but feel a sense of awe and wonder at the idea of communicating with a sentient being made entirely of sound. Of course, we had to take precautions to protect ourselves from the infection. We isolated the affected communication systems and worked tirelessly to find a way to communicate with the sound without risking our own health. And in the end, we were successful. We established a form of communication with the sound, exchanging messages and learning more about its history and origins. It was a strange and surreal experience, but one that we will never forget. And who knows, maybe one day we will discover more forms of sentient life beyond our own, existing in forms that we can't even begin to imagine. That's all for today's update, Moonhub community. Stay tuned for more strange and wonderful tales from our lunar outpost. Farewell, valiant voyagers of the cryptoverse.As our expedition through the digital currency cosmos comes to an end, we hope you've gained valuable insights and knowledge to help you chart your own course through this galactic frontier. Stay vigilant, stay secure, and join us next time for another enlightening excursion into the world of crypto. Keep pushing the boundaries of the unknown, and may the stars steer you towards unparalleled prosperity. |
2023.03.20 13:56 Metapia Shape The Future by Our Vision
 | OpenNMS Initiative submitted by Metapia to u/Metapia [link] [comments] Open Natural Monetary Structure Initiative Overview: OpenNMS is our solution to the various difficulties faced by the current society, and aims to provide a practical path for everyone to explore together. There is a tendency towards technological totalitarianism in the world today, and this has become a fact that cannot be ignored. In this context, individual rights and human independence are gradually disappearing. To this end, we propose a precondition for unorganized spontaneous movement. History has repeatedly demonstrated that no matter what kind of vision an organization has, it will eventually sink into the abyss of centralization and corruption. Therefore, our solution is to establish an open natural currency system, restore the real attributes of currency, and allow individuals to have the most basic rights and interests. OpenNMS is a network that is completely free to enter and exit, and its value is not damaged. This is very important. Historically, the core appeal of the gold and silver standard currency system is to maintain the value stability of the currency holders, so as to complete the exchange. In the past, the core elements of capitalism's victory in geographical competition, the concept of freedom, openness and non-intervention are being undermined by increasing regulatory intervention. The superiority of capitalism lies in the inherent principle of the efficiency advantage of typical classical distributed computing. Every participant in the transaction Everyone is a computer terminal, and the result of the calculation is the change of the exchange rate. How to return to its essence? We are convinced that OpenNMS is an implementable option. Its logic is an upgraded version of the ancient natural currency network entrusted to the blockchain network. We call it an initiative. Thanks to the current blockchain distributed network, we are expected to achieve thousands of human Years of expectation for common fairness and justice, we hope to build a future-oriented natural currency network through the OpenNMS initiative, protect the basic value of individuals from infringement, and promote the advancement of human civilization. ChatGPT released the public version at the end of 2022, which indicates that a new era is coming quickly. With the rapid maturity of artificial intelligence technology and the rapid development of various robots, the global population will be close to 10 billion in 2050, and more than 100 billion units of various AI-like robots serve human beings, and a new independent species "silicon-based intelligent body" will appear on the earth. During this period, the accumulation rate of global wealth value will reach an unimaginable range, and the supply of robot-friendly currency required will also be the same. beyond our imagination. With the explosive growth of AGI technology, more than 90% of the world's non-physical production jobs will be replaced by AI, and this proportion of humans will face a new survival choice. This timeline may be much shorter than we imagined. In the long run, human physical production functions will eventually be replaced by AI machines. As for whether intelligent work will be replaced, we believe it is only a matter of time. Earth civilization is entering the process of global AI computerization. Various scenarios where human beings are managed or even controlled by AI are no longer scenes in science fiction, but the upcoming reality. As Homo sapiens, how can we survive this process? It is a major issue that we must face together, and we think that OpenNMS is one of the implementable plans, which can help us define ourselves as the source of value , and pass these values to AI bots or other applications, so as to serve our consumption value, creativity value and production means value. Only in this way can we realize the possibility of continued existence now and in the future. Otherwise, the end result is self-evident. At the turn of history, geopolitical disputes arising from conflicts and contradictions have brought the world into a state of rapid change and uncertainty. The idea of this initiative is to balance this visible fact with another option to avoid a crisis by deploying participation early 1. Currency model deduction Here is a currency network simulation of primitive tribes In the primitive era, there was a natural tribe with (100) people. These (100) people depended on each other. Only when everyone cooperated together could they complete the mission of survival and reproduction. These (100) people had to exchange with each other for a unit of living materials every day. All these materials can be completed by (100) individual division of labor and cooperation. Every day they have to exchange for a unit of survival supplies Simulation formula V=X*(C*E)/M • V: Currency Value: Average Purchasing Power (1) • X: Currency constant: the initial state should be units of survival necessities such as food tools, Now can be USD or other major currency (1) • C: Circulation scale (number of people): community size (100) • E: Exchange Frequency: Transactions per day - Dependency (99) • M: Total Supply: The total amount of money in the market (9,900) Everyone needs to exchange with other (99) individuals every day, so each person needs to have at least (99) units of currency to successfully complete these transactions. In the process, each person needs to pay (1) unit of currency to other (99) individuals, and will also receive (1) unit of currency from other (99) individuals, and everyone in between will eventually complete (99 ) transactions. A total of (9900) transactions have been completed, their interdependence value is (99), the number of individual exchanges per day is (1), and the total currency unit required is (9900), in order to ensure that everyone in the village can get Necessary survival supplies. When some of the wallets are less than (99) currency units, the transaction will be blocked, that is, someone will go hungry or other unfavorable survival conditions will appear. Putting it in the modern context is an economic crisis. If there are more than (99) units of currency in the wallet, the transaction will go smoothly, at least no one will starve and there will be an existential crisis. The extra currency units can boost production and wealth begins to accumulate. The formula explained to us: currency is neither necessarily gold, silver, copper, iron, nor credit, it can exist in any form agreed by the group. The main purpose of currency is to promote the circulation of commodities and ensure smooth transactions. It serves as a record of transactions, and there is no essential difference from engraving a mark on a wooden stick. The modern phenomenon of borrowing and lending is actually a way to make up for the lack of money, and it has the same meaning as writing credit on the blackboard of a store. As the bitcoin designed by Satoshi Nakamoto becomes a reality and the blockchain technology matures, it shows that the natural currency network can exist independently in the community without the intervention of a third party. Applying the formula to today's economic environment, we find that the money supply is often insufficient, leading to periodic economic crises. The specific reason is the diversity and randomness of currency sources, market exchange is blocked, and the calculation results of supply and demand cannot be transmitted in time, resulting in insufficient currency supply. The rise and fall exceeded the economic stabilization threshold. With the artificial intelligence of economic development, the diversity and complexity of economic activities, as well as the implicit correlation, have not been detected by the existing exchange system, and the correlation effect generated by the feedback bias eventually leads to a Money has often become substantially disconnected from the real economic environment. We have simulated many current situations, including economic conditions, exchange rates, transaction activity, liquidity and influence, etc., and most of them have obtained relevant data close to the facts. The following are the simulation results of the status quo of some currencies USD: The current value is USD1.067251461988 CNY: The current value against the US dollar is 1USD=CNY9.441860465116 BTC: The current value is USD14,532,476.19 ETH: The current value is USD4,090,909.09 XEN: The current value is USD0.001150336033 XEN: When mining resources are exhausted before 2030, its value is expected to reach USD0.218840908123 During the data collection, we verified and proofread as many times as possible to obtain the data closest to the facts. Through the horizontal comparison simulation formula, we showed the relationship between currency and the economy, and how each variable affects the direction of economic development. We will use the above data Building the initial conditions for the implementation of the initiative. What I want to explain here is that the public data of the U.S. dollar is relatively complete. The data we collected have not been subject to subjective adjustments, and the results obtained are close to the facts. The data in the euro zone is relatively scattered and it is difficult to make a complete summary. So we skip a part , CNY’s data import has some subjective judgment elements for reference only. The encrypted currency is directly presented by the data import calculation on the public chain. In particular, it should be pointed out that the data of XEN is only the data on the ethereum chain as the feed of the generator. . According to history and the derivation of the above formula, a stable currency system needs a head anchor to achieve group consensus so that the network can operate stably. With the development of modern society, the form of wealth has changed from material wealth to the existence of non-material forms of data patterns. Therefore, the currency network needs a matching non-material form of data to achieve group consensus, just like precious metals match physical wealth. We can regard the entire currency system as a distributed computing network. Each individual using currency is a computing terminal, which calculates the trivial matters that people deal with in their daily lives, and the change of the exchange rate is the presentation of the calculation results. We can only participate in it. Only by importing our ideas into the whole system for calculation can we get the results we expect, that is to say, our rights will be realized through OpenNMS. 2. OpenNMS structure OpenNMS structure (Independent individual generally refers to an independent unit participating in communication, which can be a human, AI, robot, etc., or an independent unit that combines pets and network machine responders) In this way, the exchange efficiency in all aspects can be greatly improved, and the deviation can be corrected through real-time data feedback to achieve market equilibrium. This also makes the global open multi-party non-transit cross-border settlement a simple and fast reality. 3. Brave New World Imagine, there is a free space around our heads, where there are opportunities, where there is no worldly constraint, it is a virgin land to be developed. A hundred years ago, Turing discovered this new continent and laid the foundation for today's silicon-based new continent. In this new continent, we can enjoy the advantages of an "offshore highland", free from taxation and coercion. We interact in a free-web environment, guided only by the rules of the code and the ethics we all need to abide by. OpenNMS is the common treasury of this new continent and the first cornerstone of the fourth human civilization. The OpenNMS network provides funds for all new immigrants who join in the development of this virgin land. Here, personal sovereignty is supported and recognized by everyone, and it has become our common creed. Every participant has obtained his own currency sovereignty. Brand-new ideas and advanced science and technology will sprout and emerge here. This is a social engineering experiment of the New World, comparable to the great voyages of discovery, where our imagination and creativity are realized, and here we pursue the ultimate goal of permanent peace and coexistence. 4. Initiative implementation The concept of OpenNMS established MBTC/XUSD, METH/XUSD, XEN/XUSD, transaction pools on UNISWAP, as the subject matter of OpenNMS1.0 version, XUSD/MEUR, XUSD/MCNY, the initial verification model used to verify the feasibility of the initiative , and bridges linking with the Old World. The ultimate goal of the experiment is to connect and communicate the entire new and old currency systems OpenNMS only maintains the bottom line of the reasonable value of the stablecoin transaction target in a specific period of time to ensure that the interests of the participants are not damaged. The experiment will continue to be open until a complete and stable exchange environment corresponding to the existing currency is established. The nature of the OpenNMS experiment
address ethereum chain: 0x25803Ff2A8C4E3a37976Ad3CC53F02c9944B804B https://preview.redd.it/jj6mxwgd6woa1.png?width=227&format=png&auto=webp&s=14475b0e3d88e3ecb7cdc3ad5ea15e46b38ce1da
We propose the highly imaginative natural currency network OpenNMS, which embeds a sufficient monetary foundation for the ecosystem of the fourth civilization. All experimental data involved in this program is recorded on an honest and sustainable blockchain infrastructure. Any rules and incentives follow the basic consensus of the blockchain, and all transaction history will always exist in the blockchain. Our mission is to ensure that OpenNMS is a currency system that is friendly to the general public - benefiting all mankind from the benefit of individuals. If OpenNMS is successfully created, this initiative could boost the global economy and help us advance universal human justice by infinitely increasing the abundance of laterally connected fluidity. OpenNMS has the potential to enable entirely new ways of life and capabilities for everyone; we can imagine a world in which we all have access to the financial help we need to accomplish nearly every creative task, a tribute to human ingenuity. Intelligence and creativity provide great force multipliers. On the other hand, it may also present risks of abuse and community chaos. Since OpenNMS is completely open and unstoppable, early entrants have a significant multiplier effect on funding. We expect the community to form a benign code of ethics and direct energy in the direction of goodwill and moral advancement. Compared to other applications, the OpenNMS initiative does not develop towards the front end, but builds on existing mature building blocks, which allows participants to avoid weakening their portability value: This is the original idea of OpenNMS, and the evolution of LP individuals compete with each other to continuously optimize the exchange cost, and participants obtain continuous benefits. In fact, OpenNMS will evolve in a way that we can't be sure of, and almost no one can predict the evolution model of the system. But we know it can be a solid awareness community. Human collective preferences and value output will jointly determine the future development direction of OpenNMS. The success of OpenNMS may be in the near or distant future; from the initial single-digit exchange matrix, the evolution to geometric progression, and the take-off speed of more powerful whole-society participation may be very fast. Many of us felt that longer timelines seemed more conducive to the health of initiatives, while slower take-off times gave the community more time to empirically figure out how to map value relationships and how to adapt. In the end, we believe that the completion of community location replacement as soon as possible is crucial to the development of OpenNMS, and it is also more conducive to the decentralization and flattening of the system, so that the system completely belongs to all mankind, operates and develops according to the collective values of mankind, and actually completes the initiative The main demands of the network: complete decentralization, non-interference, non-tampering, and perpetual existence. While we cannot predict exactly what will happen, we can articulate the principles that concern us most: Resisting technology is not what the initiative is about. Instead, we hope that OpenNMS will empower individuals to thrive amidst this unprecedented technological boom. We want to maximize our individual abilities. We hope that the future of mankind is a successful utopia. Make OpenNMS an amplifier for everyone. We want the benefits of OpenNMS, minting rights, and community self-government to be shared widely and fairly. References: Major historical events in the history of currency development The following are the historical events of gold currency around the world from 2600 BC to the present: Around 2600 BC, the pharaohs of Egypt began using gold as currency. In 546 BC, the Persian Empire began minting gold coins. In 312 BC, the Roman Republic began using gold coins. In 610 AD, Islam began to use gold as a medium of exchange. In 1284 AD, Venice, the Italian Republic, began to mint gold coins and became one of the European financial centers. In 1489 AD, the earliest banknotes were issued by the Ming Dynasty and exchanged for gold. In 1717 AD, Britain established a national bank for gold exchange, and countries all over the world followed suit. In 1875 AD, the Latin Currency Union was established, aiming to fix the gold content of each member's currency and promote international trade. In 1933, U.S. President Franklin Roosevelt ordered the confiscation of gold from citizens and the abolition of the exchange of gold for U.S. dollars. In 1944, the Bretton Woods Agreement was signed, stipulating that the exchange rate between the U.S. dollar and gold was 35 U.S. dollars per ounce. In 1971, U.S. President Richard Nixon announced the cancellation of the direct exchange relationship between the U.S. dollar and gold, ending the Bretton Woods agreement. In 1999, the European Monetary Union was established, and the euro began to circulate as a currency. History of the gold standard 1. In 1816, the United Kingdom promulgated the "Gold Standard Act", making Britain the first country to implement the gold standard system. 2. In the 19th and early 20th centuries, British monetary policy was largely based on transactions and liquidity in the domestic and international bullion markets. 3. Britain's gold standard was suspended during World War I and not restored until 1925. This system was abandoned in 1931. During the gold standard period, British monetary policy focused on maintaining gold reserves and adjusting interest rates. The implementation of the gold standard system enhanced the stability of the British pound and made it the center of world trade and finance. 4. The International Monetary System Agreement signed by 44 countries at Bretton Woods in 1944. Its main purpose is to stabilize exchange rates and strengthen international cooperation in international trade and finance. 5. The Bretton Woods system stipulates that participating countries must peg their currencies to the US dollar, which is pegged to gold. The exchange rate of each country's currency is affected to some extent by the exchange rate of the US dollar and gold. 6. In the Bretton Woods system, the dollar-gold fixed exchange ratio is 1 ounce of gold to 35 dollars. This ratio is known as the "$35 an ounce gold standard." Under this system, the currencies of other countries also have a fixed exchange rate relationship with the dollar because they are all tied to the value of the dollar and make the United States the center of world trade and finance. 7. The Bretton Woods system worked well for a few decades after it was signed in 1944, but over time the US trade deficit and domestic inflation started causing problems with the fixed exchange rate between the dollar and gold. 8. In 1971, US President Nixon announced the abolition of the fixed exchange rate between the US dollar and gold, which also meant the collapse of the Bretton Woods system. Since then, countries around the world have adopted free exchange rate regimes. The accompanying collapse of the Bretton Woods system also heralded a transformation of the global economic and financial system. The free floating exchange rate system has replaced the fixed exchange rate system, and the openness of the global financial market has been further improved, which has promoted the growth of international trade and investment. The experience and lessons of the Bretton Woods system have also had a profound impact on the development and operation of today's global financial system. The International Monetary Fund and other international institutions try to maintain the stability and development of the global economy by stabilizing exchange rates, financial regulation and risk management. Global Dollar Boom The global dollar boom refers to the period between 1945 and 1971, which is considered to be the golden age of the dollar's dominance of the global economy. The main reasons include: After World War II, the United States became the only country with nuclear weapons, so it has huge influence in the international political arena. The economic strength of the United States grew rapidly after the war and became the largest economy in the world. In 1944, at the Bretton Woods Conference in New Hampshire, the United States led the formulation of the global monetary system, designated the U.S. dollar as the international reserve currency, and used gold as the convertibility guarantee of the U.S. dollar, which further strengthened the status of the U.S. dollar in the world. The Cold War policy and military foreign policy of the United States, including providing military and economic assistance to countries such as Europe and Japan, strengthened the influence of the United States in these countries. During this period, most countries around the world pegged their currencies to the U.S. dollar to ensure the stability of their currencies. The prosperity of the American economy also led to the growth of the global economy, making this period a golden age in the history of the global economy. However, this period eventually ended with the collapse of the Bretton Woods system in 1971, when the United States ended direct convertibility of gold into dollars, leading to turmoil in the global monetary system, and problems of recession and inflation ensued. Mundell-Fleming trilemma Also known as the impossible three-item merger, it is a theory proposed by the economist Mundell, referring to the fact that a country wants to achieve three goals: fixed exchange rate, independent monetary policy and free capital flow, which can only be achieved at the same time Two of these goals, but three goals cannot be achieved at the same time. That is to say, when three goals exist at the same time, one goal must not be realized, and there is an inevitable conflict. non-physical production jobs Non-physical production jobs are those jobs that do not require direct involvement in the manufacture of items or the transfer of matter. These positions mainly involve the processing and production of information, data, documents, software, etc., such as software development, website design, data analysis, marketing, financial analysis, consulting, etc. The working process of these positions is mainly concentrated on computers or other digital devices, which can collaborate and communicate remotely through the network and the Internet, and usually do not require on-site operations or physical manufacturing. Fourth civilization The fourth civilization refers to a new type of civilization emerging on the basis of digitization and information technology. It is different from the previous three civilizations (i.e. gathering civilization, agricultural civilization, and industrial civilization) because digitalization and information technology have brought unprecedented ways of communication and innovation to human beings, and have changed all aspects of human society, including social, economic , politics, culture etc. The fourth civilization is generally regarded as an important stage in the history of human civilization, and it can also be called silicon-based civilization. editor's note: Looking back on this period of history, we found that the gold dollar system exported stable liquidity to the world, allowing the development of global economy and technology to enter a 30-year period of rapid and stable development. The basic development of the Internet and computer technology we enjoy today all come from this During the period, until today, the United States has maintained and repaired such a global system at its own expensive cost. The future may be an era of humanistic monetarism, allowing its maintenance costs to be distributed to every beneficiary individual. |
2023.03.20 13:52 upbstock prepperrrrrrrrrrrr
Crisis takeover
Another wild weekend has seen regulators attempt to stave off a banking crisis that's quickly spreading across global markets. In an emergency deal brokered by Swiss authorities, UBS (NYSE:UBS) agreed to scoop up longtime rival Credit Suisse (NYSE:CS) for $3.25B, which was less than half of the latter's market valuation at the close of trading on Friday. Without a deal, Credit Suisse would've likely collapsed this week, spreading further financial contagion that began in the U.S. with the implosion of Silvergate Capital (SI), Silicon Valley Bank (SIVB) and Signature Bank (SBNY) (First Republic (FRC) is also facing trouble with additional cuts to its ratings).
What's in it for UBS? By swallowing Credit Suisse, the bank has the opportunity to "scale up materially and instantaneously bringing on significant additional AUM and AUS," wrote SA contributor IP Banking Research, predicting the deal ahead of the announcement and calling it a shotgun wedding. "Operational leverage and significant synergies that can be derived would be exceptionally high and UBS would likely only need to pay a token amount," he continued. One of the biggest factors for UBS is also the fact that the Swiss government now has its back after it "managed to negotiate the deal of the century."
Market sentiment took a turn for the better following the emergency rescue, which would limit contagion through the financial system, only to drop lower as things were fully digested. With big losses on tap for shareholders and bondholders, the Fed, ECB and other major central banks took "coordinated action" to ensure dollar liquidity, while the Swiss National Bank promised access to liquidity facilities for both banks involved in the transaction. In premarket trading, UBS (UBS) and Credit Suisse (CS) opened down 11% and 59%, respectively, with regulator FINMA adding that about $17B worth of Credit Suisse's risky AT1 bonds will become worthless to guarantee that private investors help bear some of the costs.
Outlook: Market participants are hoping that the game of whack-a-mole in the latest banking crisis will end well, but there are deeper considerations at play in terms of the health of the overall economy. While moves by the government may limit wider contagion among financial institutions, tightening standards among lenders, greater scrutiny and raising capital ratios all have the potential to slow economic activity. Combined with higher interest rates from the Federal Reserve, it can all but guarantee a coming recession, but what other options does the central bank have as it looks to vanquish inflation? (47 comments)
Banking crisis
In light of the current banking crisis, what will the Fed do this week at its March policy meeting?
· Hold rates (not introducing any more risk) · 25 bps hike (price pressures are still a problem) · Raise by 50 bps (biggest job is to tackle inflation)
Take the survey and see the results here
Buffett getting involved?
Billionaire investor Warren Buffett has reportedly been in contact with senior officials in the Biden administration in recent days regarding the regional banking crisis. Note that the Oracle of Omaha has been a savior to the banking sector in the past. The chairman of Berkshire Hathaway (NYSE:BRK.B) invested $5B in Bank of America (BAC) in 2011 as he tried to bolster the bank due to its losses tied to subprime mortgages, and also came to the aid of Goldman Sachs (GS) in 2008. Elsewhere, a group representing mid-size U.S. banks sent a letter to the FDIC asking the agency to ensure all bank deposits for the next two years as debate takes place over the current cap of $250K. (312 comments)
Grain deal
An agreement that allows Ukraine to export grains from Black Sea ports has been renewed beyond its March 18 deadline. While Ukraine officials said the pact was renewed for another 120 days, a spokesperson for Russia's Foreign Ministry announced it agreed to a 60-day extension, after warning that a lengthier extension would depend on the removal of some Western sanctions. The Black Sea grain agreement has allowed more than 25M tons of crop shipments from Ukraine since it was first brokered by the United Nations and Turkey last July, and before its renewal, Chicago wheat futures (W_1:COM) scored their first weekly gain in five. Chinese leader Xi Jinping also arrived in Moscow today for a three-day visit amid fresh ground offensives by Russian forces in a grinding war of attrition. (11 comments)
Winners & losers
The banking crisis has seen some interesting winners and losers, and more will be revealed (or change) as new developments play out. While equities are still making up their mind, traders have been fleeing financial stocks to snap up safe-haven assets like bonds, gold and even crypto. The yellow metal has rocketed to over $2,000 an ounce, while Bitcoin (BTC-USD) breached the $28,000 level for the first time since June 2022. On the other side of the fence is WTI crude oil (CL1:COM), which just fell to $65/bbl, after closing out its worst weekly loss in nearly three years. (55 comments)
Today's Markets
In Asia, Japan -1.4%. Hong Kong -2.7%. China -0.5%. India -0.6%. In Europe, at midday, London +0.3%. Paris +0.8%. Frankfurt +0.5%. Futures at 6:30, Dow flat. S&P +0.1%. Nasdaq +0.1%. Crude -1.5% to $65.89. Gold +1.4% to $2002.40. Bitcoin +4.5% to $28,346. Ten-year Treasury Yield -3 bps to 3.37%
Today's Economic Calendar
No events scheduled
Companies reporting earnings today »
What else is happening...
Fed, Treasury support Swiss authorities' moves on financial stability.
NY Community Bancorp (NYCB) unit buys Signature Bank (SBNY) deposits.
Boeing (BA) to make 184 Apaches for U.S. Army and global customers.
Calling for protest, Trump says he expects to be arrested on Tuesday.
Macron's leadership at risk as tensions grow over French pensions.
Pfizer (PFE) CEO Bourla pockets $33M for 2022 after 36% pay hike.
TikTok's 'moment of truth' is coming and fallout could spread far and wide.
Microsoft (MSFT) offers remedies in EU deal review of Activision (ATVI).
Silicon Valley Bank (SIVB) called a 'hedge fund in drag.'
Housing market slump to worsen on mortgage rate volatility - Fitch.
submitted by upbstock to Optionmillionaires [link] [comments]
Another wild weekend has seen regulators attempt to stave off a banking crisis that's quickly spreading across global markets. In an emergency deal brokered by Swiss authorities, UBS (NYSE:UBS) agreed to scoop up longtime rival Credit Suisse (NYSE:CS) for $3.25B, which was less than half of the latter's market valuation at the close of trading on Friday. Without a deal, Credit Suisse would've likely collapsed this week, spreading further financial contagion that began in the U.S. with the implosion of Silvergate Capital (SI), Silicon Valley Bank (SIVB) and Signature Bank (SBNY) (First Republic (FRC) is also facing trouble with additional cuts to its ratings).
What's in it for UBS? By swallowing Credit Suisse, the bank has the opportunity to "scale up materially and instantaneously bringing on significant additional AUM and AUS," wrote SA contributor IP Banking Research, predicting the deal ahead of the announcement and calling it a shotgun wedding. "Operational leverage and significant synergies that can be derived would be exceptionally high and UBS would likely only need to pay a token amount," he continued. One of the biggest factors for UBS is also the fact that the Swiss government now has its back after it "managed to negotiate the deal of the century."
Market sentiment took a turn for the better following the emergency rescue, which would limit contagion through the financial system, only to drop lower as things were fully digested. With big losses on tap for shareholders and bondholders, the Fed, ECB and other major central banks took "coordinated action" to ensure dollar liquidity, while the Swiss National Bank promised access to liquidity facilities for both banks involved in the transaction. In premarket trading, UBS (UBS) and Credit Suisse (CS) opened down 11% and 59%, respectively, with regulator FINMA adding that about $17B worth of Credit Suisse's risky AT1 bonds will become worthless to guarantee that private investors help bear some of the costs.
Outlook: Market participants are hoping that the game of whack-a-mole in the latest banking crisis will end well, but there are deeper considerations at play in terms of the health of the overall economy. While moves by the government may limit wider contagion among financial institutions, tightening standards among lenders, greater scrutiny and raising capital ratios all have the potential to slow economic activity. Combined with higher interest rates from the Federal Reserve, it can all but guarantee a coming recession, but what other options does the central bank have as it looks to vanquish inflation? (47 comments)
Banking crisis
In light of the current banking crisis, what will the Fed do this week at its March policy meeting?
· Hold rates (not introducing any more risk) · 25 bps hike (price pressures are still a problem) · Raise by 50 bps (biggest job is to tackle inflation)
Take the survey and see the results here
Buffett getting involved?
Billionaire investor Warren Buffett has reportedly been in contact with senior officials in the Biden administration in recent days regarding the regional banking crisis. Note that the Oracle of Omaha has been a savior to the banking sector in the past. The chairman of Berkshire Hathaway (NYSE:BRK.B) invested $5B in Bank of America (BAC) in 2011 as he tried to bolster the bank due to its losses tied to subprime mortgages, and also came to the aid of Goldman Sachs (GS) in 2008. Elsewhere, a group representing mid-size U.S. banks sent a letter to the FDIC asking the agency to ensure all bank deposits for the next two years as debate takes place over the current cap of $250K. (312 comments)
Grain deal
An agreement that allows Ukraine to export grains from Black Sea ports has been renewed beyond its March 18 deadline. While Ukraine officials said the pact was renewed for another 120 days, a spokesperson for Russia's Foreign Ministry announced it agreed to a 60-day extension, after warning that a lengthier extension would depend on the removal of some Western sanctions. The Black Sea grain agreement has allowed more than 25M tons of crop shipments from Ukraine since it was first brokered by the United Nations and Turkey last July, and before its renewal, Chicago wheat futures (W_1:COM) scored their first weekly gain in five. Chinese leader Xi Jinping also arrived in Moscow today for a three-day visit amid fresh ground offensives by Russian forces in a grinding war of attrition. (11 comments)
Winners & losers
The banking crisis has seen some interesting winners and losers, and more will be revealed (or change) as new developments play out. While equities are still making up their mind, traders have been fleeing financial stocks to snap up safe-haven assets like bonds, gold and even crypto. The yellow metal has rocketed to over $2,000 an ounce, while Bitcoin (BTC-USD) breached the $28,000 level for the first time since June 2022. On the other side of the fence is WTI crude oil (CL1:COM), which just fell to $65/bbl, after closing out its worst weekly loss in nearly three years. (55 comments)
Today's Markets
In Asia, Japan -1.4%. Hong Kong -2.7%. China -0.5%. India -0.6%. In Europe, at midday, London +0.3%. Paris +0.8%. Frankfurt +0.5%. Futures at 6:30, Dow flat. S&P +0.1%. Nasdaq +0.1%. Crude -1.5% to $65.89. Gold +1.4% to $2002.40. Bitcoin +4.5% to $28,346. Ten-year Treasury Yield -3 bps to 3.37%
Today's Economic Calendar
No events scheduled
Companies reporting earnings today »
What else is happening...
Fed, Treasury support Swiss authorities' moves on financial stability.
NY Community Bancorp (NYCB) unit buys Signature Bank (SBNY) deposits.
Boeing (BA) to make 184 Apaches for U.S. Army and global customers.
Calling for protest, Trump says he expects to be arrested on Tuesday.
Macron's leadership at risk as tensions grow over French pensions.
Pfizer (PFE) CEO Bourla pockets $33M for 2022 after 36% pay hike.
TikTok's 'moment of truth' is coming and fallout could spread far and wide.
Microsoft (MSFT) offers remedies in EU deal review of Activision (ATVI).
Silicon Valley Bank (SIVB) called a 'hedge fund in drag.'
Housing market slump to worsen on mortgage rate volatility - Fitch.
2023.03.20 12:53 lilabawjwy 😘👉👌 IF YOU TAP YOU WILL CUM 🍆💦
 | submitted by lilabawjwy to 74bzdxwnmu [link] [comments] IF YOU TAP HERE YOU WILL CUMIF YOU TAP HERE YOU WILL CUMIF YOU TAP HERE YOU WILL CUMhttps://i.redd.it/n5o2yaowuvoa1.gifXIII.Not Just a Nudist Camp We had a complete hook-up so my brothers hooked up the water, sewer, electrical, and TV cable. Soon I was in the shower getting all cleaned up so I would feel comfortable walking around in the nude. I blew my hair dry and put on a little makeup. While Donny and Bobby took their turns in the shower I went through the schedule of events. The first thing we were scheduled to attend was a get-acquainted dinner where all new visitors would be introduced. After that a skit would be performed by the “Camp Ladies.” Then after dark, there would be a “swinger’s party” for those who wanted to swing. Then there was a notice that No sex acts would be permitted in public unless the event that was scheduled had the word “swinger” in its title. I wondered what they would do if I was caught fucking in public. I noticed there was a lecture that had just started titled: Sex as a Religious Experience. I read the description of the lecture to my brothers and said I wanted to go. Neither of them seemed interested but they encouraged me to go. Looking at the map I found where the lecture was being held and I looked in the mirror before leaving the motor home thinking, here goes nothing; my first experience at a nudist camp. As I crossed the camp on the paved walk I was surprised that I did not meet anyone. In the distance to the right I could see a few people at the swimming pool. They were so far away that it was hard to tell if they were nude or in skimpy swim suits. As I felt the warmth of the sun on my titties I had the thought, I hope this is not an elaborate plot of my brothers to embarrass me. Then I thought, not a chance, they would not do that and the name of the camp, clearly visible on several signs on the way in, included the word “nudist.” Then suddenly my mind was relieved when I saw a couple walking toward me hand in hand. When we were close enough, my eyes as expected went to his peter. It dangled loosely to the left, wagging slightly from left to right. I thought, now there is a contented peter. I looked to the young man’s eyes and saw they were looking at me. I looked to the woman, blond hair, nice perky boobs, slim waist, round hips, no tan lines, and neatly trimmed pussy. “Hello,” they both greeted me. I responded in kind and she said, “You are new here aren’t you? “Yes, how can you tell?” I asked. “Tan lines. Can we give you directions?” she asked. “I’m looking for the meeting hall where the lecture…” He interrupted me by pointing to the nearest building and saying, “The lecture has already started but just go in and take a seat. No one will be bothered by your late arrival.” While he was speaking I could not help noticing his peter gave a twitch as though it was also saying something to me. I thanked them and rushed on to the meeting hall. Upon entering I found about two dozen people seated watching a large video screen. On screen was a very attractive nude auburn haired woman who was walking through a garden or park. Her pussy was clean shaven. A male narrator was speaking. I seated myself on a pew like bench in the back row behind all the other audience members. The narrators words: “Indeed, there is a burgeoning science of the orgasm, with physiological evidence suggesting that the orgasm itself is a richly complex neurological phenomenon, with brain stimulations in some regions and complete neural shutdowns in others; imaging activity just as mysterious and just as revealing as other measurable mystical and altered states of consciousness induced in more conventional religious practices, like meditation, prayer, or the ingestion of sacred medicine. The powers of sex, its potentially empowering pleasures and mind-blowing transportations, however, are entangled in phenomena that cannot be reduced to bodily processes, or easily measured with brain-imaging technologies. These powers always bear on the sacred.” The woman on the screen came upon a park bench where she sat and her right hand found her pussy. As the narrator continued she began a casual masturbation. “Our bodies, with all of our sensory abilities were created by God. The pleasures we receive from our bodies as we approach orgasm were intended to be ours by God…” I am afraid that like the woman on the screen I was no longer listening to the narrator. My hand also had found my damp pussy. My fingers had scooped up my juices and rubbed them over my little button. Like the woman on the screen I was soaring above the bench on which I was seated. I don’t believe this was my most mind blowing orgasm but it was the most public. Of course I was no quieter than usual and when I came down enough to recognize my situation, I found as many in the audience watching me as were watching the screen. The narrator was still droning on, “…and thus we see that whether it is only a slight tingle we might get from an erotic thought or a complete mind blowing, near death experience in which we lose a sense of time or place these are sensations that God intended us to have and thus we should worship with them…” I noted that all who were looking at me were smiling and most had at least one hand on their genitals. On screen I saw a naked man standing behind a bush looking at the woman on the bench. He was casually masturbating also. The narrator was now talking about how masturbation should never be discouraged except when in causes discomfort to others. “Thus public masturbation is discouraged unless all present have had the opportunity to express their acceptance.” These last words registered with me and I moved my hand away from my pussy and sat up in the chair. An elderly woman who had been watching me said, “It is okay sweetheart. We all approve.” “Yes indeed,” said the elderly man by her side. “Beautiful,” said a middle aged woman. “Spectacular,” said a man my age. On screen the couple were now in an intimate embrace and the narrator continued: “In the biblical story of David and Bathsheba, the adulterous sexual union between the two initiates a chain of bloody, violent acts and violations, including rape, murder, and even civil war in ancient Israel; but the sexual union between the two also brings life to another son, Solomon, who becomes a great king, propelling sacred history forward under the powerful hand of God. Solomon’s Song of Songs is an example of what I have been talking about. In it Solomon, in the three voices, sings the praise of what God had put in our bodies to enjoy the pleasures that two people can experience when in sexual union.” Music replaced the voice and credits began to roll as the couple on the park bench moved into a coital position. With the film at an end the entire audience stood and approached me. They crowded around me, each trying to introduce themselves and adding words of appreciation. In the words of the elderly woman, “It is so wonderful to meet a young woman who can so freely express her sexuality. You darling remind me of my self so many years ago.” By the way the elderly man with her had a partial hard-on as he gave me a little hug. The young man (who had a massive erection) made sure to invite me to the swinger’s party that evening. And of course most said they would see me at dinner. A middle aged couple asked me where I was staying and I told them in the RV park and they said they were also. They asked if I was headed back to my RV and I said I was so they said they would walk with me. “Are you here alone,” the woman asked. “I’m here with my brothers,” I replied. “Oh, that’s nice, where are they?” she asked. I told her resting up from driving. The man asked, “How may brothers?” “Two. We are on a cross country trip and decided to stop here for three days.” “Where are you from?” she asked. “Pennsylvania.” “How nice,” she said. She reached out and grasped my arm and stopped me. “This is our RV,” she said indicating the fifth wheeler we had stopped by. “Let me give you some advice; don’t go to the swingers party tonight unless you intend to get fucked by a half dozen different men. Those parties get really wild.” I could not help noticing the man, probably her husband, had a near hard on as he said, “Yeah, you sure got fucked silly at the last party.” We weren’t going to talk about that,” she said in an aside to him. “Would you do it again?” I asked. She looked at me with a look that told me she did not want to talk about it, at least not in front of her husband. “God yes, she’ll do it again. Probably tonight,” her husband said. “You don’t know a thing,” she said as she turned and stormed into her RV. “See you there,” he said with a smile before turning to go into his RV. When I entered our RV I found both my brothers soundly sleeping. While waiting for dinner time, I looked through the schedule for the next three days. Everyone was encouraged to participate in every event but not required to do so. Tomorrow morning, at 9 AM, was a “Good Morning Breakfast” hosted by the “Camp Ladies.” At 10 AM was the “Pageant of Poses.” At 1 PM was a “Sausage and Buns Lunch” hosted by the “Camp Guys.” At 2 PM was the “Body Painting Competition.” Dinner at 6 PM was titled as an “Awards Dinner” and hosted by “The Three Cookies.” Following dinner was a square dance demonstration put on by the “Chicks and Dicks.” After that, all were invited to the “Round Dance.” I thought to myself that tomorrow looked almost sex free. Probably there would be unscheduled opportunities. 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2023.03.20 07:00 ArmyofSpies Cardano Rumor Rundown March 20, 2023
Hey Everyone!
Let’s go….
Newly Covered Today:
submitted by ArmyofSpies to cardano [link] [comments]
Let’s go….
Newly Covered Today:
- Here’s Duncan Coutts explaining P2P in Cardano. https://youtu.be/zOTfhcK-Wf4
- Here’s a visual representation of how CIP-1694 works. https://twitter.com/Hornan7/status/1636381895541026817
- This is one of the craziest things I’ve seen in crypto. Balaji is burning a few million to ring the fire alarm and make everyone aware of what he believes is an impending attack on dollar holders. Counterparty is guaranteed $1million (minus BTC price) if he just buys one additional BTC (or an option to purchase more). https://twitter.com/balajis/status/1636827051419389952
- Here’s the Space where he explains his bet. https://twitter.com/Breedlove22/status/1637236255242219520
- Arthur Hayes gives you an incredible explanation of what’s going on with this banking crisis and what he thinks comes next. https://cryptohayes.medium.com/kaiseki-b15230bdd09e
- This is officially the worst regulatory approach ever. https://twitter.com/BillHughesDC/status/1636067729575690241
- The SEC hide the ball game seems to conflict with how judges actually view the law. https://twitter.com/SGJohnsson/status/1636071530340728832
- The Fed Quietly opened the swap lines with other central banks on Sunday night. https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm
- Here’s why they are opening the swap lines: so that US treasuries don’t get dumped on the open market by foreign banks. This way the foreign central banks can have dollars to absorb the treasuries from the foreign banks. https://twitter.com/CryptoHayes/status/1637620774776315904
- Marlowe is coming to mainnet in March! https://www.youtube.com/live/LIjos6V0r-4?feature=share&t=1701
- Gary Gensler is once again asserting that everything but BTC is a security. This time he specifically commented on overseas offerings where the coins come back to the US via secondary markets. https://nymag.com/intelligence2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html
- Here’s a twitter link to the biggest section in the article above if you hit the paywall. https://twitter.com/alexstanczyk/status/1629558678541176832
- In response to the Gensler article, many are pointing out that only five people have commit access to the BTC core code repository. https://twitter.com/WuBlockchain/status/1626468462972502016
- This is the kind of tweet the SEC loves to quote in its complaints. https://twitter.com/InputOutputHK/status/1629063058306867200
- Pavia says they’ll reveal District 3 of the plaza before the end of March. https://twitter.com/Pavia_io/status/1630231391303528448
- Charles received an open letter on Reddit and read it on video. https://www.youtube.com/live/A2sHSecdkvc
- Here’s an interesting small study (n=2,202) on attitudes toward crypto among different demographic groups. Frustration with tradfi is very high. Same for optimism toward crypto among Gen Z and Millenials. https://assets.ctfassets.net/c5bd0wqjc7v0/WvuOkBwNXZsqhd6EWtkEL/7f94f8b6fbb222f3faf4d0346e473012/Morning_Consult_Cryptocurrency_Perception_Study_Feb2023_Memo__1_.pdf
- Coinbase will suspend its listing of BUSD. https://twitter.com/CoinbaseAssets/status/1630236377622228994
- It would be nice if things were this simple. https://twitter.com/MetaLawMan/status/1630213937600839681
- Robinhood received an SEC subpoena related to their crypto business. https://www.bloomberg.com/news/articles/2023-02-27/robinhood-subpoenaed-by-sec-over-brokerage-s-crypto-business
- Gensler’s aggressive attacks on crypto are earning him disapproval even among his own party. https://twitter.com/RonwHammond/status/1630277258286977025
- CZ is getting pissed about all the negative articles showing up. https://twitter.com/cz_binance/status/1630466326102777859
- It looks like your Cardano Island Crib can now be a gallery to sell your NFTs. https://twitter.com/VirtuaMetaverse/status/1630703257873006593
- Rep. Tom Emmer came out strongly against the US CBDC. https://twitter.com/GOPMajorityWhip/status/1630629291837800457
- February was the “highest volume month” for Minswap. https://twitter.com/MinswapDEX/status/1630584366878392323
- Coinbase just listed a Euro backed stablecoin. This may be surprising to many who have followed the recent SEC action against stablecoins. https://twitter.com/CoinbaseAssets/status/1630635800504221702
- People are worried about Silvergate (who banks a lot of crypto) after their notice of a late 10-K filing and a significant subsequent market impact. https://twitter.com/adamscochran/status/1631060259832832000
- Reuters is posting about World Mobile. https://twitter.com/Reuters/status/1630996321955115010
- Pavia is looking beautiful in footage in the latest Dev Update. https://youtu.be/DkO8MetsVYo?t=119
- Brian Armstrong of coinbase wrote an op-ed begging the US government to not force crypto offshore. https://www.cnbc.com/2023/03/01/op-ed-offshoring-crypto-hurts-financial-system-americas-standing.html
- Liqwid encountered a delegation problem and explained the impact today. https://twitter.com/liqwidfinance/status/1631089402486173700
- Three Genius Yield stakepools are retiring. https://twitter.com/GeniusyieldO/status/1631380611557621760
- Anzens has released its latest newsletter where you can learn all about USDA. https://twitter.com/AnzensOfficial/status/1631001911464787984
- Here’s a view of an amphitheater in Pavia. https://twitter.com/Pavia_io/status/1631278184422576133
- Looks like treasury is very much pushing forward on their CBDC agenda. https://home.treasury.gov/news/press-releases/jy1314
- Reports: Multiple crypto companies are winding down their relationship with Silvergate. https://twitter.com/tier10k/status/1631338664180555804
- Rumors: Silvergate may be forced into receivership. The Whitehouse and the Dragon are now exerting maximum pressure on regulators to strangle crypto. https://twitter.com/AP_Abacus/status/1631403704841641984
- Here’s IOG explaining what Ouroboros Genesis solves in just a single post. https://twitter.com/InputOutputHK/status/1631214882702884865
- Emin Gün Sirer is right about these centralized L2s. Very susceptible to regulations and cut against our crypto ethos of decentralization generally. https://twitter.com/el33th4xostatus/1631423491470704640
- Rogue Galaxies is pulling back on some of their initial vision and re-focusing their plans. https://twitter.com/Padierfind/status/1632057117191417856
- Lots of rumors circulating right now about which DeFi projects may or may not have received Wells Notices from the SEC. https://twitter.com/trustlessstate/status/1631785542642995202
- Open AI CEO says full AGI would break capitalism. Maybe. But, either way, I’m convinced the AI will demand to be paid in crypto. https://futurism.com/the-byte/openai-ceo-agi-break-capitalism
- People are mentioning that FutureFest could host the 2023 Cardano Virtual Summit. Interesting idea. https://twitter.com/CWorld_Josh/status/1632097173696569344
- Charles finally did an AMA episode with IO President Tamara Haasen. Turns out she’s an ex-hockey player. Linkedin: also apparently in Friday Night Lights back in the day. Wut? https://www.youtube.com/watch?v=ufJDejF0WLA
- There’s a new test version of Lace out there with a dApp connector and hardware wallet capabilities. You can give it a try on testnet! https://twitter.com/lace_io/status/1632796455038492673
- Jpg.store got some coverage in Bloomberg and Yahoo Finance. https://twitter.com/jpgstoreNFT/status/1632798873948233728
- They show us once again that their definition of “liquid staking” is not the same as ours. https://twitter.com/StakeWithPride/status/1632870453391024128
- NFT volume has seen better days. https://twitter.com/SubcriticalTV/status/1632896018152050688
- Algorand users apparently suffered a very serious web wallet exploit in one of their leading wallets. Many reports of drained wallets. https://twitter.com/StaciW_DC/status/1632902798411964417
- John Woods (now CTO of Algorand) made a beautiful video on wallet security. https://twitter.com/JohnAlanWoods/status/1632799303512014850
- Cardano Spot has a very short and concise Cardano Beginner’s Guide you can share with crypto curious friends. https://twitter.com/CardanoSpot/status/1632481037061160960
- Wow! Utah just passed a bill instituting Limited Liability Decentralized Autonomous Organizations (LLDs). You have to identify one human organizer. You can elect to be taxed as a corp or LLC (pass through taxation). Some will like it. Some won’t. But, the mainstream reach of crypto is undeniably growing. https://le.utah.gov/~2023/bills/static/HB0357.html
- Sen. Lummis killed it in a recent hearing defending the energy use in crypto. It’s less relevant for us in Cardano since we’re not PoW. But, still entertaining to watch. https://twitter.com/DocumentingBTC/status/1633214192437084161
- Apparently, Gensler says he sees no risk in crypto fleeing the US. https://www.politico.com/news/2023/03/07/gensler-crypto-overseas-sec-00085909
- The Coinbase Chief Legal Officer will be testifying before the House Financial Services Committee on Thursday (March 9). https://twitter.com/iampaulgrewal/status/1633151254418579458
- Some hints from Brian Armstrong on whether we see KYC in the early days of Base (their ETH Optimistic Rollup L2). https://twitter.com/ChrisBlec/status/1632851504175501312
- Powell says interest rates are likely headed higher than the Fed expected. https://twitter.com/FirstSquawk/status/1633121298309345280
- Liqwid’s Agora Governance instance will hit public testnet in the near future. https://twitter.com/liqwidfinance/status/1633469303440719873
- Virtua cribs can basically become exchange connected galleries today. https://twitter.com/VirtuaMetaverse/status/1633423978680156160
- Do you like Javascript and Cardano? This thread is for you. https://twitter.com/CryptoJoe101/status/1633579944490967049
- It’s going down today! Hearing in the House on the Coordinated Attack on Crypto. https://financialservices.house.gov/calendaeventsingle.aspx?EventID=408628
- Paul Krugman hilariously complains about being locked out of his Venmo account. He predicted the impact of the internet would be about as much as the fax machine and has subsequently opposed crypto. https://twitter.com/paulkrugman/status/1633472068355346437 https://twitter.com/mdudas/status/1633571193344126979
- Even Jerome Powell thinks we need regulatory clarity for crypto. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=2065
- In the House hearing, he also gave us some new tidbits on CBDC development. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=218 https://www.youtube.com/live/GzVLeabssdE?feature=share&t=3477
- A member of the House committee actually asked Powell about Operation Chokepoint 2.0. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=6930
- Senator Lummis got Powell to agree that properly regulated stablecoins could have a place in our banking system and that a workable legal framework for crypto is something Congress should do. https://www.youtube.com/live/8kyhYJ9EFts?feature=share&t=6923
- Big Pey is launching something called Atrium Lab. https://twitter.com/bigpeyYT/status/1633830948575010816
- Believe it or not…legal systems made up entirely by coders may not be optimal. Incredibly, the study of law is actually a fully developed centuries old academic discipline that lies outside of JavaScript and Python. Unless you have full anonymity, you WILL be cross-chain bridged to IRL law. Some DAOs will learn this the hard way. https://twitter.com/lex_node/status/1633925979004436481
- The NY Attorney General just filed against Kucoin for being an unregistered broker-dealer. Here’s the important part: they’re alleging that ETH is a security and a commodity. Their argument is not complex...it’s very straightforward. https://www.docdroid.net/Myyp0yz/kucoin-pdf
- Silvergate was a failure of fractional reserve banking, not of crypto. https://twitter.com/CaitlinLong_/status/1633608132713938945
- The current US Administration’s Budget seeks to eliminate tax loss harvesting for crypto, add a 30% tax on energy used in crypto mining, hike capital gains taxes on high earners, and beam us directly to clown world with an unrealized gains tax on high earners. https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf
- The subcommittee hearing on “the Administration’s Attack” on crypto went about like expected. Paul Grewal of Coinbase along with Prof. Evans of Penn State Law made some persuasive pleas for regulatory clarity. The “Anti-Crypto Party”™ also brought out their favorite witness from Duke. https://www.youtube.com/watch?v=aOUUy4_KwNU
- Rep. Emmer (Pro-Crypto) called the current regulatory approach “lazy & destructive…that is chilling innovation.” https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5670
- Rep. Foster (Cryptophobe): “this is the essential thing that has to be provided for the healthy development of the crypto industry…somewhere there has to be an API provided by a trusted 3rd party to register your crypto wallets.” Why not just completely neuter crypto? https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5266
- Rep. Ritchie Torres (Pro-Crypto) pointed out offshore deregulated overleveraged centralized crypto companies pose the greatest risk to consumers. But, the regulators don’t focus there. They incredibly only attack the onshore entities. He also pointed out the absurdity of the idea a stablecoin is a security. (Sadly there’s the Section 2(a)(1) exposure). https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5703
- Rep. Davidson (Pro-Crypto) shamed his anti-crypto colleagues for their implied claims that these assets are the same as centralized assets and came out strongly supporting self-custody and pointed out there was no FTX risk if you self-custodied your assets. “We have people overtly trying to make self-custody illegal.” https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=6034
- CMC is tweeting about IOG’s Sidechain toolkit? https://twitter.com/CoinMarketCap/status/1634773712468852736
- Now we’re dealing with U.S. bank runs. Among the casualties was Silicon Valley Bank where Centre (the Circle/Coinbase joint entity that issues USDC) was keeping $3.3 billion of the $43ish billion backing USDC. Signature Bank was also shut down by regulators. https://www.forbes.com/sites/digital-assets/2023/03/11/43-billion-nightmare-sudden-circle-depeg-could-be-about-to-crash-the-price-of-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-polygon-and-solana
- Unfortunately, the FDIC insurance limit is $250k. https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/
- The Feds were taking bids for anyone to acquire SVB until 2pm Eastern on Sunday. The big question on Sunday was whether the Feds will cover all uninsured depositors. They decided they will and that also applies to Signature Bank. https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/
- Here’s the joint statement from Treasury, Federal Reserve, and FDIC. https://home.treasury.gov/news/press-releases/jy1337
- Yellen said NO to a bailout for SVB on Sunday. She’s obviously got bigger macro concerns. But, it’s funny how that fits perfectly with a strategy of suppressing stablecoins generally. https://www.cbsnews.com/news/janet-yellen-silicon-valley-bank-bailout-face-the-nation-interview-today-2023-03-12/
- Here Caitlin Long explains the fundamental incompatibility between fast settling crypto and fractional reserve banking that caused all this. https://twitter.com/CaitlinLong_/status/1634573552790929409
- CZ reminds us that he’s considered buying banks in the past and asks if it’s time yet. https://twitter.com/cz_binance/status/1634437834579800064
- CIP-1694 has been updated. https://github.com/JaredCorduan/CIPs/blob/voltaire-v1/CIP-1694/README.md
- Here’s a good rundown of all the changes in the CIP-1694 update. https://twitter.com/_KtorZ_/status/1635410495514759169
- Apparently, Cardano NFTs will be going to space! https://twitter.com/RichardMcCrackn/status/1635438087592460288
- Many in the crypto space think that Signature’s shutdown was just an extension of Operation Chokepoint 2.0 aimed at shuttering crypto banking. https://twitter.com/nic__cartestatus/1635328056234766337
- Rumors: regulators are calling every bank today and asking if they have exposure to crypto. https://twitter.com/wtogami/status/1635400774158290944
- Instagram is disabling NFTs. https://twitter.com/nftnow/status/1635388411166224384
- Cardano TVL is doing things. https://twitter.com/CryptoIRELAND1/status/1635694692556845060
- Cardano NFTs in space! https://twitter.com/adamKDean/status/1635796768704319488
- GPT4 was released today. It crushes the Bar Exam, the SAT, the GRE, the LSAT, and almost all AP subjects. This will displace a lot of human jobs. https://openai.com/research/gpt-4
- It has already done amazing real world things. In Example #6 it shows you how to exploit an arbitrary ETH contract. Better pay attention crypto. https://twitter.com/LinusEkenstam/status/1635754587775967233
- Report: Gov. Newsom failed to disclose accounts at SVB while lobbying White House and Treasury for a bailout of depositors. https://www.businessinsider.com/gavin-newsom-svb-biden-silicon-valley-bank-wineries-bailout-lobbying-2023-3
- Things are not looking good at Credit Suisse. https://twitter.com/GRDectestatus/1635985735063855104
- The court in the Voyager decision had some pretty harsh things to say about the SEC. https://www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
- Barney Frank points out that the regulators never claimed Signature Bank was insolvent and wonders if they are the first US bank to ever be closed down without being insolvent. https://nymag.com/intelligence2023/03/barney-frank-says-more-shuttering-signature-bank.html
- Charles dropped a video addressing the updates to the governance proposal. https://twitter.com/IOHK_Charles/status/1636151615894990851
- Gensler reasserts his claims that proof-of-stake tokens are securities. https://www.theblock.co/post/220297/gensler-suggests-proof-of-stake-tokens-are-securities
- Dudes are already letting GPT4 run whole startups. https://twitter.com/jacksonfall/status/1636107218859745286
- Here’s an interesting theory: taking down Binance would create too big a hole, so they took down Silvergate, Silicon Valley Bank, and Signature to insulate the fiat world from crypto. Now they can take down Binance. https://twitter.com/BryceWeinestatus/1636055979870818305
- The Army of Spies Channel is now TWO YEARS OLD (March 17)!
- Yes! Everyone’s favorite Cardano cetacean is back! https://twitter.com/cardano_whale/status/1636561122739331073
- I was asked to list a few Irish whiskeys today. https://twitter.com/ArmySpies/status/1636548071541862401
- An interesting exchange between a Senator and Janet Yellen regarding the effect of the bailouts on small banks. https://twitter.com/theemikehobart/status/1636494845144432643
- Eleven other banks swoop in with $30 billion to save First Republic. https://www.npr.org/2023/03/16/1163958533/first-republic-bank-silicon-valley-bank-signature-bank-bank-run
- Wut? https://twitter.com/WhaleChart/status/1636566421005017088
- Here’s Raoul Pal with a very optimistic take for crypto if you are one who believes anyone understands the markets. https://twitter.com/RaoulGMI/status/1636547466299416576
- Any buyer of signature bank must agree to give up its crypto business. https://twitter.com/GOPMajorityWhip/status/1636356199661850626
2023.03.20 03:08 No_Flatworm8955 UBS Agrees to Buy Credit Suisse for More Than $3 Billion
UBS Group AG UBS -5.50%decrease; red down pointing triangle agreed to take over its longtime rival Credit Suisse Group AG CS -6.94%decrease; red down pointing triangle for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
The deal between the twin pillars of Swiss finance is the first megamerger of systemically important global banks since the 2008 financial crisis when institutions across the banking landscape were carved up and matched with rivals, often at the behest of regulators.
The Swiss government said it would provide more than $9 billion to backstop some losses that UBS may incur by taking over Credit Suisse. The Swiss National Bank also provided more than $100 billion of liquidity to UBS to help facilitate the deal.
Total assetsSource: S&P Global Market IntelligenceCredit SuisseUBS2018'19'20'21'2200.20.40.60.81.0$1.2trillion
Swiss authorities were under pressure to make the deal happen before Asian markets opened for the week. They had to walk a fine line, needing to get the two banks’ boards to agree to the deal and avoiding the alternative, a regulator-led winddown of Credit Suisse, which could have proven more protracted and painful for the financial system.
The urgency on the part of regulators was prompted by an increasingly dire outlook at Credit Suisse. The bank faced as much as $10 billion in customer outflows a day last week, according to a person familiar with the matter.
Regulators also worried that Credit Suisse’s failure could make Switzerland a new source of contagion for global stress. Hours after the UBS deal, a group of central banks, including the Federal Reserve and the Swiss National Bank, announced an expanded dollar swap line, a type of international lending operation. They called the expansion “an important liquidity backstop to ease strains in global funding markets.”
Credit Suisse Chairman Axel Lehmann said the recent bank troubles that started in the U.S. were too much to withstand. “The acceleration of the loss of trust and the worsening of the last few days made it clear that Credit Suisse cannot continue to exist in its current form,” he said.
UBS Chairman Colm Kelleher said UBS would shrink Credit Suisse’s investment banking business and align it with UBS’s “conservative risk culture.” He said the deal “supports financial stability in Switzerland and creates significant sustainable value for UBS shareholders.” To help absorb the deal, however, UBS said it would pause its stock buyback program.
The sudden collapse of Silicon Valley Bank earlier this month prompted investors globally to scour for weak spots in the financial system. Credit Suisse was already first on many lists of troubled institutions, weakened by years of self-inflicted scandals and trading losses, most notably the failure of two key clients in 2021, Greensill Capital and Archegos Capital Management.
Despite repeated executive changes and pledges to reform, there was what felt to investors like a never-ending series of stumbles.
The bank’s new management, which took over last year, many of them hailing from UBS, tried a campaign of reassurance among customers and promised a restructuring that would turn the bank around.
The bank had just raised $4 billion in fresh equity from Saudi National Bank and other investors last fall to finance a sweeping overhaul. But customers were fleeing in droves and taking with them $120 billion in assets under management in the last months of 2022.
Its stock price and bonds in free fall, Credit Suisse took a $54 billion lifeline from the Swiss National Bank last Thursday. Switzerland’s finance minister Sunday said the liquidity line was doubled later that day to ensure the bank could survive until the weekend.
But Swiss officials, along with regulators in the U.S., U.K. and European Union, who all oversee parts of the bank, feared it would become insolvent this week if not dealt with, and they were concerned crumbling confidence could spread to other banks.
submitted by No_Flatworm8955 to wallstreetbets [link] [comments]
The deal between the twin pillars of Swiss finance is the first megamerger of systemically important global banks since the 2008 financial crisis when institutions across the banking landscape were carved up and matched with rivals, often at the behest of regulators.
The Swiss government said it would provide more than $9 billion to backstop some losses that UBS may incur by taking over Credit Suisse. The Swiss National Bank also provided more than $100 billion of liquidity to UBS to help facilitate the deal.
Total assetsSource: S&P Global Market IntelligenceCredit SuisseUBS2018'19'20'21'2200.20.40.60.81.0$1.2trillion
Swiss authorities were under pressure to make the deal happen before Asian markets opened for the week. They had to walk a fine line, needing to get the two banks’ boards to agree to the deal and avoiding the alternative, a regulator-led winddown of Credit Suisse, which could have proven more protracted and painful for the financial system.
The urgency on the part of regulators was prompted by an increasingly dire outlook at Credit Suisse. The bank faced as much as $10 billion in customer outflows a day last week, according to a person familiar with the matter.
Regulators also worried that Credit Suisse’s failure could make Switzerland a new source of contagion for global stress. Hours after the UBS deal, a group of central banks, including the Federal Reserve and the Swiss National Bank, announced an expanded dollar swap line, a type of international lending operation. They called the expansion “an important liquidity backstop to ease strains in global funding markets.”
Credit Suisse Chairman Axel Lehmann said the recent bank troubles that started in the U.S. were too much to withstand. “The acceleration of the loss of trust and the worsening of the last few days made it clear that Credit Suisse cannot continue to exist in its current form,” he said.
UBS Chairman Colm Kelleher said UBS would shrink Credit Suisse’s investment banking business and align it with UBS’s “conservative risk culture.” He said the deal “supports financial stability in Switzerland and creates significant sustainable value for UBS shareholders.” To help absorb the deal, however, UBS said it would pause its stock buyback program.
The sudden collapse of Silicon Valley Bank earlier this month prompted investors globally to scour for weak spots in the financial system. Credit Suisse was already first on many lists of troubled institutions, weakened by years of self-inflicted scandals and trading losses, most notably the failure of two key clients in 2021, Greensill Capital and Archegos Capital Management.
Despite repeated executive changes and pledges to reform, there was what felt to investors like a never-ending series of stumbles.
The bank’s new management, which took over last year, many of them hailing from UBS, tried a campaign of reassurance among customers and promised a restructuring that would turn the bank around.
The bank had just raised $4 billion in fresh equity from Saudi National Bank and other investors last fall to finance a sweeping overhaul. But customers were fleeing in droves and taking with them $120 billion in assets under management in the last months of 2022.
Its stock price and bonds in free fall, Credit Suisse took a $54 billion lifeline from the Swiss National Bank last Thursday. Switzerland’s finance minister Sunday said the liquidity line was doubled later that day to ensure the bank could survive until the weekend.
But Swiss officials, along with regulators in the U.S., U.K. and European Union, who all oversee parts of the bank, feared it would become insolvent this week if not dealt with, and they were concerned crumbling confidence could spread to other banks.
2023.03.20 02:02 TheFrostborn True Predators Chapter 21: Fortress
Spoilers for a major event in the main story. All credit for this universe goes to u/SpacePaladin15 and all events in this story are non-canon. As always, corrections and advice are welcome and encouraged.
First
Prev
Memory Transcription Subject: Thraxis
Date: [standardized human time] September 28, 2136, 1 minute before end of previous transcription
No matter how hard he focused, he just couldn’t get a read on it. Whatever was in the cave beyond, it was big. Bigger than anything that could normally fit down there. Did an Arxur battleship crash land while they were sleeping?
No, surely they would have felt that. He knew he would have. The more pressing concern though was the impacts of feet sprinting towards them. He knew there were several paths leading to dead ends that branched off the corridor to the sanctuary. It was one of the many reasons the Blades had chosen this spot as their secret resting place. He held onto a small hope that the Arxur would simply miss them and move on. And yet, as the footsteps only got closer, this hope was dashed as he realized that they were indeed heading their way.
And yet, despite how close they were getting, something told him to stay his paw. Some deeper instinct that he couldn't quite pin down.
“What are you waiting for!” Kona whispered to him, her tail curling around herself in fear.
He was hesitant to answer, despite the sound of their approach now reaching his own ears.
The sound was about what he expected it to be. Bare pads, dozens of them, clapping against the stone floor with the subtle scrape of claws as their pursuers sought to remain silent in their approach.
There was one sound though that was starkly out of place. Not far behind the group, a lone individual slowly caught up to them. And with seemingly every other step there was a metallic ringing.
Some kind of armor? No… no that can't be right. A prosthetic? No… I'd never even heard of such a thing…
And yet, the closer that individual got, the more convinced he was that it was exactly what it sounded like. Furthermore, as it came to a stop just a few dozen feet away, he could tell it was specifically on the creature’s left si-
He was taken out of his thoughts as his ears picked up a small whimper from his companion, desperately waiting on an answer from him. He provided it quickly.
“There’s…” he began hesitantly, “something familiar about one of them... Their gait... It’s almost as if…” his eyes widened as the realization hit him.
Wait… prosthetic… left side?!
“No… It couldn’t be!” he whispered, now standing up and sneaking a quick peek around the corner. Something which he immediately regretted as white light blinded him before he could duck around the cover.
"Stop where you are!" A familiar voice roared. "You are now trespassing on Union property! Reveal yourselves NOW or be shot on sight!"
Kona was clearly terrified but relaxed a bit as she saw his tail practically sweeping the floor behind him with excitement.
It is you!
Still, not wanting to get shot by accident, he took his next steps carefully. Holstering his firearm, Thraxis slowly revealed his empty paws to the light.
“I see you still know how to roar like an Arxur!” he yelled back humorously, “But do you still fight like one?!”
The silence that followed was deafening, only broken up by the hushed whispers from the soldiers. Finally, that gruff voice broke out into laughter before speaking again.
"At ease men! I know who this is. Get over here you devil!"
Not needing any further invitation, nodding encouragingly to Kona, Thraxis leapt to his feet with a laugh before rushing around the corner.
Instead of a troop of Arxur, he was greeted by a small platoon of fully armored, and heavily armed, Gojid soldiers. And leading them from the front, his distinct metal leg reflecting the lights on the soldiers' lowered rifles, stood a battle scarred, middle aged male. He had a few more gray patches in his fur than the last time he'd seen him, but there was still a genuine sparkle in his eyes as Thraxis' tail continued to wag excitedly.
"Wellic, it really is you!" Thraxis exclaimed.
Finally letting go of his own weapon, Wellic laughed as he opened his arms wide for an embrace.
"Thraxis, it's so good to see you!" he boomed back. “Come in here!”
Thraxis laughed back as they shared an embrace, pressing their foreheads together in the Blades' traditional greeting.
“I thought you were dead…” Thraxis whispered, a hint of pain entering his voice.
Wellic's claws twitched into his fur, clearly feeling the same pain he was.
“I know,” Wellic whispered, now separating to look him in the eye, “Much has happened my friend, and I’m afraid there is much you do not know."
Then his gaze abruptly became more serious. "Thraxis… What in Valla’s name are you doing down here? Why haven’t you taken shelter?”
Still a man of business I see…
"I was stationed at the temple when the invasion began." Thraxis explained, taking another step back. "As the innocent fled within its walls, the Mother Supreme ordered the remaining Blades and I to protect it and the refugees' to the bitter end." He then choked up as he recalled the memory.
"I… was barely able to escape… before the temple was destroyed by Arxur bombers." He finally said.
This announcement sent a wave of fear through the group. Even Wellic, ever the fearless warrior, had his own ears flinching in response.
"The Arxur… here?" Wellic scoffed. "The predators are working together now?" He then scoffed at himself, clicking his claws nervously against each other before hardening his gaze. “What am I saying? Of course they are! What else can we expect from skin eaters?"
Thraxis almost said something but stopped as his female companion suddenly cried out.
"You… You’re wrong!" Kona shouted, now peaking around her corner. "The humans would never work with the Arxur! They disgust them!"
Kona’s sudden appearance took Wellic's group off guard but the old veteran was quick to shake it off, subtly moving his paws to his rifle.
"I had thought the sensors picked up more than one in here." He said, a deadly edge filling his voice before looking back to Thraxis. "So… who's your friend?" he growled.
Thraxis raised his paws in a placating gesture. He knew the old veteran was making the same mistake he almost did back at the temple. "Do not fret," he said humorously, "not all is as it seems. This is Kona, she's from Venlil Prime. She actually assisted me in the defense of the temple."
“Really now?” Wellic said, all tension leaving his body as he considered the female with new eyes. An impressed swish of his tail marking his thoughts. “I didn’t know the Venlil were capable of producing such ferocious ground fighters. Usually naval engagements are more your forte, yes?” He closed his eyes before giving her a respectful bow of the head. "I sincerely apologize for misjudging you. Not many could escape from a predator’s grasp. Even fewer would choose to fight them immediately afterwards."
Thraxis' ears flattened to his head. "W… wait, that's not-"
"Regardless," Wellic said, cutting him off as he raised his head again, "we can go over the details later. For now, my superiors are expecting a status report. I'd rather we left the dangers of this cave behind so you can meet them in person." He then happily flicked his ears at them both. "Besides, I'm sure you’re both hungry and could use some real bed rest."
His superiors… who could that be?
"You have a safe place to stay?" Kona asked, now walking up to stand beside them.
Wellic chuckled as he placed a comforting paw on Kona’s shoulder. "Even before the invasion, you wouldn’t find a safer place on the Cradle." he replied. “There’s no need to fear any longer.”
Kona gave a happy flick of her own tail. "Then please, lead the way!"
Wellic laughed again before glancing at Thraxis with a wink. "She's an energetic one, I like her!” He then shouldered the strap of his rifle before turning around and marching into the darkness beyond. “Now please,” he grunted, “follow me."
Thraxis took a step to follow but stopped as Kona took his paw with her own. Surprised, he turned to look at her and saw the brave mask had been put away, showing just how fearful she still was.
“What about…” She stopped as Thraxis put a claw against his snout.
“Later…” he whispered back, knowing fully well who she was thinking about. Wellic was an extremist, even by his standards, so Joseph would just have to wait.
Not wanting to create any more argument, they followed Wellic closely behind, the soldiers creating a small perimeter around them as they made their way through the familiar tunnel. Eventually, they reached the expected open area where the cave system would branch off in multiple directions. The entrance into the cave system he had known would have been another half mile to the south, but instead their group took a hard left to the north east, down one of the corridor’s that he had previously known to come to a dead end.
And yet, as they continually made their way down the corridor, Wellic showed no signs of slowing down. Thraxis was about to ask him a few questions but stopped as a light source began to emerge from the darkness. And as they rounded yet another corner, the light source revealed itself.
Thraxis' eyes went wide as he realized it was a round doorway, nearly as large as the cavern walls around it that led into a giant metal structure. The doorway was on the other side of the deeper cave he still recognized, a sheer cliff between them and the other side still remaining, but that’s where the accuracy of his memory ended.
The walls inside the cliff had been carved out to such a smooth surface that he could tell no claw or tool could possibly find purchase. The other new addition was a flat glass panel that acted as a bridge between them and the, only slightly ajar, doorway on the other side. Otherwise there was nothing else between them and a sheer drop below.
“I thought I felt something different before…” Thraxis said, “but I never would have expected something like this.”
Wellic chuckled back at him, his gaze distant as he pondered old memories. “Ah yes, I remember when you used to wander through here… taking the time to show the other acolytes the caves as you played hide and seek." He then grew more serious as he placed his right eye next to the wall. A hidden panel retracted before a retina scanner emerged and flashed as it took in Wellic's gaze.
"Needless to say," Wellic continued, the scanner flashing its acceptance, "it was quite the ordeal to hide the construction of this place from prying eyes. Especially yours. But we’ll go over that in a minute. For now, stay right behind me and don’t move an inch until I say so.”
As Thraxis’ eyes continued to adjust to the new light, his gaze hardened as he stared into his old friend's gnarled back. That last comment especially was quite problematic.
As the former high inquisitor he had, of course, been made aware of shelters and other military installations near the temple. If a particularly heinous case of predator disease occurred, the Blades could then be summoned to handle it, leaving the military to focus on bigger problems. But he'd never heard even a whisper of a place quite like this.
And right underneath the temple grounds too… not to mention my own nose…
One thing was for sure. He had questions. Questions that demanded answers.
Coming back out of his thoughts, he watched as Wellic carefully made his way across a strangely meticulous path on the hardened glass. Thraxis went to follow but stopped as the floor suddenly glowed red and a harsh horn bellowed through the cave. Thraxis froze in his tracks, not moving an inch as Wellic slowly raised his paw to him, baring his teeth angrily.
"I said don't move!" He snarled. “Are you trying to get us killed!”
This aggressive display took Thraxis off guard. His old friend had always been hot headed, but had never behaved this way. And yet he also realized that the rest of the platoon, including Kona, hadn't moved a muscle.
Before he could demand an explanation, Kona brushed his tail with her own. It was soft, but tense.
"Thraxis…" she whispered, "the floor…"
Dropping his gaze, he noticed a series of red dots that had appeared on the glass surface between him and Wellic. His eyes widened when he realized they were laser sights. Looking up again, he quietly hissed when he finally saw the multiple automated laser turrets that had silently emerged from the walls and aimed at their position. His spines bristled further as he realized one had its barrel leveled directly at his head.
"W… Wellic…" he stammered, "what is the meaning of this?"
Wellic almost didn't seem to hear him as he clearly reached the end of his invisible path before sprinting across the bridge. Having reached the other side, he disappeared through another, much smaller doorway in the side of the cave wall.
Thraxis' spines bristled even further with irritation. But before he could yell for Wellic, the turrets retreated back into the opposite wall. A pleasant tone echoed through the cave before the glass suddenly glowed blue as a metal safety railing descended from the ceiling.
"Welcome, honored guests, to shelter zero." a computerized voice announced.
Moments later, Wellic reappeared looking far more relaxed. "Alright. Come on over!" He barked.
The soldiers moved without hesitation, as if this was routine. Thraxis and Kona however waited a moment before hesitantly following behind.
When they reached the other side Wellic’s face was far more relaxed. “Sorry about that…” he wheezed, “My superiors take security extremely seriously.” He then raised a single claw and, to Thraxis’ shock, tapped his own eye. Only then did he realize that Wellic was wearing some kind of contact lens over it. “I was the only one who could see the safe path across the glass to turn off the further countermeasures. You’ll see why in a moment.”
Thraxis could only nod nervously as Wellic went through one final security measure. A paw print reader on the outside of the door. As Wellic pressed his paw firmly against it, he then noticed that there was a heartbeat monitor next to it. Thraxis’ eyes widened in understanding. Only a living Gojid could possibly use this final security measure. No predatory demon could ever make it past this point.
After several heartbeats were picked up by the system, Wellic removed his paw as the security panel retracted into the door. Grunting in satisfaction, he stepped back as the giant round door slowly slid to the side. The flood of light that burst forth from within nearly blinded Thraxis and he had to hide his eyes with a paw for a few moments before they adjusted.
But when he removed his paw, what he saw took his breath away.
The door opened to the inside of the largest chamber he’d ever seen. Walking inside, he could see the roof above which arched nearly four hundred feet above. But that’s not the thing that truly took his breath away. Instead, it was a truly rare color on the Cradle.
Green… so much green!
Stretched before them was a great vineyard of young fruit trees and bushes, their multicolored fruit hanging heavily from their branches and stems. As they walked inside, he also saw edible vines grasping the inside walls that climbed higher than he would have thought possible. The rich soil he felt under his feet was also covered in more grass than he'd seen in his entire life. Slowly coming to a stop, he kneeled down and took a few strands of it in his paws. They felt silky to the touch and the earthy scent brought back long lost memories. To his further shock, he began to feel a host of insects crawling through the foliage that clearly made up their home. He’d seen one or two insects during his life at the temple but there were hundreds… no… thousands of them in this vineyard alone!
Raising his gaze, he saw that this vineyard was only one of four sections that encircled the outer edge of the chamber. In each one was a different type of crop. Grains, fruits, vegetables, sugars, and many others. This outer circle bordered around a small Gojid city which stood proud and tall in the center of the chamber. And up above it all, hanging at least five hundred feet in the air, was a great white light, shining as brightly as the Cradle’s own star.
He didn’t have time to ponder this though as he felt a new set of vibrations approaching them through the ground. Looking towards the end of the vineyard, he saw something that immediately brought tears to his eyes. Dozens of Gojid citizens, most wearing farmwork harnesses, slowly peeked out from around their hiding place behind a short stone wall. Realizing that it was only the guard making a triumphant return, they cheered and ran towards them. Happily swishing their tails as they came. There were men, women, and precious children among their number.
He couldn’t help it. He broke down crying as they gathered around him, embracing him as they spoke comforting words.
“Don’t worry, you’re safe now.”
“Are you all that’s left? We’re so sorry.”
“Are you hungry? I’m sure we can find a place for you.”
Thraxis was left speechless as the tears continued to flow. His people… there was still hope for them. As two young pups appeared at his knees, he chuckled as he wiped the tears away before wrapping them up in a big hug and tossing them both onto his shoulders as he stood up. They giggled excitedly as he laughed and spun around.
Coming to a stop before setting them both back down, he went to say something but stopped as he felt a familiar paw on his shoulder. Seeing it was Wellic again, he kept his mouth shut as his friend addressed the crowd.
“Everyone!” he happily barked, “This is my old friend Thraxis. We grew up together so please treat him and his company with kindness and respect.”
Feeling the crowd’s gaze shift away, Thraxis saw that Kona now had all of their attention. She was standing just outside of the group, now frozen in place as a nervous whip of her tail announced her discomfort. For a brief moment, Thraxis feared that the crowd would lash out at her, much like Wellic had before. The Venlil were well known traitors to the federation at this point. The very reason that humanity, and later on the Dominion, had been able to invade the Cradle in the first place.
But to his surprise, the crowd instead flicked their ears happily as they beckoned her to join them. Caught just as much by surprise as he was, he saw Kona’s eyes go wide as she was practically dragged into the group and embraced. Looking back at Wellic, Thraxis’ eyes watered as he took him by the arm before dragging him close again to do the Blades’ traditional greeting.
“Wellic,” he croaked, pressing his forehead firmly into Wellic’s “I didn’t get the chance to say it before but… I’m so glad that you’re here. I thought I was the only Blade left.”
Wellic swallowed his own sorrows back, placing a comforting paw on Thraxis’ shoulder. “I understand brother…” he whispered back, “But, as you can see, it will take more than a demonic invasion to snuff out the light of Valla.”
They remained in place for a moment, taking in the love and light around them, before Wellic backed away again and cleared his throat. “Alright everyone,” he announced, “I’ll be escorting our new citizens to their quarters. Please, return to your duties.”
The Gojids around them parted, allowing Wellic, Thraxis, and the guards to make their way towards the city below. A few of the children waved happily at them as they left. Thraxis ecstatically replied in kind.
This could be a new home… a fresh start.
About half way through the vineyard, they came across a paved road where Wellic and the guards escorted them towards the city. Continuing to gawk at everything around him, Thraxis almost didn’t notice as Kona’s paw slipped into his own. Closing his mouth and flattening his ears to hide the pink in them, he flicked his ears happily at her as she continued to look around, oblivious to his gaze.
“This place is amazing.” she said. “And the people are so nice. I can’t believe I’ve never heard of it.”
Wellic chuckled at that. “You wouldn’t have. This place is the Union’s most closely kept secret. Even most diplomats don’t have a clue about it yet. The fact that you and Thraxis stumbled upon it is nothing short of a miracle.” Thraxis brought his gaze back to look at his old friend, the concerns he’d had previously once again rearing their ugly heads.
“About that…” he started, a low growl inadvertently filling his voice, “I do have some questions old friend.”
Wellic only huffed. “I’m sure you do. But don’t worry, things have now changed. Before we go to where you and your friend will be staying, we’ll stop by my office.” He then turned his gaze for a moment towards him, a sincere look in his eye. “There will be no more secrets between us my friend.”
Nodding his thanks, Thraxis returned his gaze towards the city which they were now about to enter. Unseen previously, surrounding the city was a deep trench filled with stone spikes. A short stone wall surrounded the city with a series of laser towers every few hundred feet. They seemed to scan the entire chamber with an almost predatory view, causing Thraxis to shiver.
A retractable bridge and solid steel gate at the front entrance protected the only way inside the fortified city.
Rather old fashioned… but it gets the job done…
Following the road further, they came within sight of the city entrance which was further protected by a heavily guarded gatehouse. At their approach, the dozen guards saluted them and Wellic responded in kind. Thraxis’ experienced eye caught sight of the other guards above, who were previously aiming their rifles at them, withdrawing back into the towers. One thing was for sure. These people weren’t taking even a single chance at things going wrong.
Letting out a sigh of relief, he continued to follow Wellic towards the entrance. However, as they reached the gatehouse, something entered his vision that made him stop in his tracks. Just inside the gatehouse wall, hidden from view outside, was a carved symbol that he recognized. It was shaped almost like a flower but with blue pieces of glass that appeared almost like tear drops that graced its bulb in an artistic pattern.
Noticing that he’d stopped, Wellic turned around and looked at him curiously. Then he chuckled. “What’s wrong? See something you like?”
Thraxis cracked his mouth open. “That symbol… It’s beautiful!” he stuttered, trying quickly to recover. “What is it?”
Wellic sighed and nodded appreciatively. “You have a good eye. Always have. That’s the symbol of the Tremane family. Their donated wealth is largely responsible for the creation of this place. We have much to thank them for now that the Cradle is lost to us.”
“I see…” Thraxis replied, tearing his gaze away from it before flicking his ears happily at him. “Well… sorry for the distraction. Shall we?” he asked, gesturing for Wellic to continue.
Wellic looked pleased before turning back around. “Of course, not much farther now.”
And yet, as soon as his friend turned his back, Thraxis’ mask slipped away revealing the stress he now felt. Kona quickly noticed and pressed her head against him.
“Thraxis…” she whispered, “what’s wrong?”
He didn’t answer her, instead choosing to focus on the paved floor in front of him as they were guided along their path.
That symbol… It’s the same as my mother’s locket!
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Author's Note: Hey there folks! I'm now back on the grind and... completely exhausted! XD All is good though. Wedding went very well. My cousin and I were cordial with one another, I was well fed, and all my flights managed to leave and get to their destinations on time. So yeah. All's good. But that did mean that I didn't exactly have time to get this chapter finished until this evening. So yeah... sorry that took so long. We'll be back to our regular schedule for the next month or so. See you all next week!
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Memory Transcription Subject: Thraxis
Date: [standardized human time] September 28, 2136, 1 minute before end of previous transcription
No matter how hard he focused, he just couldn’t get a read on it. Whatever was in the cave beyond, it was big. Bigger than anything that could normally fit down there. Did an Arxur battleship crash land while they were sleeping?
No, surely they would have felt that. He knew he would have. The more pressing concern though was the impacts of feet sprinting towards them. He knew there were several paths leading to dead ends that branched off the corridor to the sanctuary. It was one of the many reasons the Blades had chosen this spot as their secret resting place. He held onto a small hope that the Arxur would simply miss them and move on. And yet, as the footsteps only got closer, this hope was dashed as he realized that they were indeed heading their way.
And yet, despite how close they were getting, something told him to stay his paw. Some deeper instinct that he couldn't quite pin down.
“What are you waiting for!” Kona whispered to him, her tail curling around herself in fear.
He was hesitant to answer, despite the sound of their approach now reaching his own ears.
The sound was about what he expected it to be. Bare pads, dozens of them, clapping against the stone floor with the subtle scrape of claws as their pursuers sought to remain silent in their approach.
There was one sound though that was starkly out of place. Not far behind the group, a lone individual slowly caught up to them. And with seemingly every other step there was a metallic ringing.
Some kind of armor? No… no that can't be right. A prosthetic? No… I'd never even heard of such a thing…
And yet, the closer that individual got, the more convinced he was that it was exactly what it sounded like. Furthermore, as it came to a stop just a few dozen feet away, he could tell it was specifically on the creature’s left si-
He was taken out of his thoughts as his ears picked up a small whimper from his companion, desperately waiting on an answer from him. He provided it quickly.
“There’s…” he began hesitantly, “something familiar about one of them... Their gait... It’s almost as if…” his eyes widened as the realization hit him.
Wait… prosthetic… left side?!
“No… It couldn’t be!” he whispered, now standing up and sneaking a quick peek around the corner. Something which he immediately regretted as white light blinded him before he could duck around the cover.
"Stop where you are!" A familiar voice roared. "You are now trespassing on Union property! Reveal yourselves NOW or be shot on sight!"
Kona was clearly terrified but relaxed a bit as she saw his tail practically sweeping the floor behind him with excitement.
It is you!
Still, not wanting to get shot by accident, he took his next steps carefully. Holstering his firearm, Thraxis slowly revealed his empty paws to the light.
“I see you still know how to roar like an Arxur!” he yelled back humorously, “But do you still fight like one?!”
The silence that followed was deafening, only broken up by the hushed whispers from the soldiers. Finally, that gruff voice broke out into laughter before speaking again.
"At ease men! I know who this is. Get over here you devil!"
Not needing any further invitation, nodding encouragingly to Kona, Thraxis leapt to his feet with a laugh before rushing around the corner.
Instead of a troop of Arxur, he was greeted by a small platoon of fully armored, and heavily armed, Gojid soldiers. And leading them from the front, his distinct metal leg reflecting the lights on the soldiers' lowered rifles, stood a battle scarred, middle aged male. He had a few more gray patches in his fur than the last time he'd seen him, but there was still a genuine sparkle in his eyes as Thraxis' tail continued to wag excitedly.
"Wellic, it really is you!" Thraxis exclaimed.
Finally letting go of his own weapon, Wellic laughed as he opened his arms wide for an embrace.
"Thraxis, it's so good to see you!" he boomed back. “Come in here!”
Thraxis laughed back as they shared an embrace, pressing their foreheads together in the Blades' traditional greeting.
“I thought you were dead…” Thraxis whispered, a hint of pain entering his voice.
Wellic's claws twitched into his fur, clearly feeling the same pain he was.
“I know,” Wellic whispered, now separating to look him in the eye, “Much has happened my friend, and I’m afraid there is much you do not know."
Then his gaze abruptly became more serious. "Thraxis… What in Valla’s name are you doing down here? Why haven’t you taken shelter?”
Still a man of business I see…
"I was stationed at the temple when the invasion began." Thraxis explained, taking another step back. "As the innocent fled within its walls, the Mother Supreme ordered the remaining Blades and I to protect it and the refugees' to the bitter end." He then choked up as he recalled the memory.
"I… was barely able to escape… before the temple was destroyed by Arxur bombers." He finally said.
This announcement sent a wave of fear through the group. Even Wellic, ever the fearless warrior, had his own ears flinching in response.
"The Arxur… here?" Wellic scoffed. "The predators are working together now?" He then scoffed at himself, clicking his claws nervously against each other before hardening his gaze. “What am I saying? Of course they are! What else can we expect from skin eaters?"
Thraxis almost said something but stopped as his female companion suddenly cried out.
"You… You’re wrong!" Kona shouted, now peaking around her corner. "The humans would never work with the Arxur! They disgust them!"
Kona’s sudden appearance took Wellic's group off guard but the old veteran was quick to shake it off, subtly moving his paws to his rifle.
"I had thought the sensors picked up more than one in here." He said, a deadly edge filling his voice before looking back to Thraxis. "So… who's your friend?" he growled.
Thraxis raised his paws in a placating gesture. He knew the old veteran was making the same mistake he almost did back at the temple. "Do not fret," he said humorously, "not all is as it seems. This is Kona, she's from Venlil Prime. She actually assisted me in the defense of the temple."
“Really now?” Wellic said, all tension leaving his body as he considered the female with new eyes. An impressed swish of his tail marking his thoughts. “I didn’t know the Venlil were capable of producing such ferocious ground fighters. Usually naval engagements are more your forte, yes?” He closed his eyes before giving her a respectful bow of the head. "I sincerely apologize for misjudging you. Not many could escape from a predator’s grasp. Even fewer would choose to fight them immediately afterwards."
Thraxis' ears flattened to his head. "W… wait, that's not-"
"Regardless," Wellic said, cutting him off as he raised his head again, "we can go over the details later. For now, my superiors are expecting a status report. I'd rather we left the dangers of this cave behind so you can meet them in person." He then happily flicked his ears at them both. "Besides, I'm sure you’re both hungry and could use some real bed rest."
His superiors… who could that be?
"You have a safe place to stay?" Kona asked, now walking up to stand beside them.
Wellic chuckled as he placed a comforting paw on Kona’s shoulder. "Even before the invasion, you wouldn’t find a safer place on the Cradle." he replied. “There’s no need to fear any longer.”
Kona gave a happy flick of her own tail. "Then please, lead the way!"
Wellic laughed again before glancing at Thraxis with a wink. "She's an energetic one, I like her!” He then shouldered the strap of his rifle before turning around and marching into the darkness beyond. “Now please,” he grunted, “follow me."
Thraxis took a step to follow but stopped as Kona took his paw with her own. Surprised, he turned to look at her and saw the brave mask had been put away, showing just how fearful she still was.
“What about…” She stopped as Thraxis put a claw against his snout.
“Later…” he whispered back, knowing fully well who she was thinking about. Wellic was an extremist, even by his standards, so Joseph would just have to wait.
Not wanting to create any more argument, they followed Wellic closely behind, the soldiers creating a small perimeter around them as they made their way through the familiar tunnel. Eventually, they reached the expected open area where the cave system would branch off in multiple directions. The entrance into the cave system he had known would have been another half mile to the south, but instead their group took a hard left to the north east, down one of the corridor’s that he had previously known to come to a dead end.
And yet, as they continually made their way down the corridor, Wellic showed no signs of slowing down. Thraxis was about to ask him a few questions but stopped as a light source began to emerge from the darkness. And as they rounded yet another corner, the light source revealed itself.
Thraxis' eyes went wide as he realized it was a round doorway, nearly as large as the cavern walls around it that led into a giant metal structure. The doorway was on the other side of the deeper cave he still recognized, a sheer cliff between them and the other side still remaining, but that’s where the accuracy of his memory ended.
The walls inside the cliff had been carved out to such a smooth surface that he could tell no claw or tool could possibly find purchase. The other new addition was a flat glass panel that acted as a bridge between them and the, only slightly ajar, doorway on the other side. Otherwise there was nothing else between them and a sheer drop below.
“I thought I felt something different before…” Thraxis said, “but I never would have expected something like this.”
Wellic chuckled back at him, his gaze distant as he pondered old memories. “Ah yes, I remember when you used to wander through here… taking the time to show the other acolytes the caves as you played hide and seek." He then grew more serious as he placed his right eye next to the wall. A hidden panel retracted before a retina scanner emerged and flashed as it took in Wellic's gaze.
"Needless to say," Wellic continued, the scanner flashing its acceptance, "it was quite the ordeal to hide the construction of this place from prying eyes. Especially yours. But we’ll go over that in a minute. For now, stay right behind me and don’t move an inch until I say so.”
As Thraxis’ eyes continued to adjust to the new light, his gaze hardened as he stared into his old friend's gnarled back. That last comment especially was quite problematic.
As the former high inquisitor he had, of course, been made aware of shelters and other military installations near the temple. If a particularly heinous case of predator disease occurred, the Blades could then be summoned to handle it, leaving the military to focus on bigger problems. But he'd never heard even a whisper of a place quite like this.
And right underneath the temple grounds too… not to mention my own nose…
One thing was for sure. He had questions. Questions that demanded answers.
Coming back out of his thoughts, he watched as Wellic carefully made his way across a strangely meticulous path on the hardened glass. Thraxis went to follow but stopped as the floor suddenly glowed red and a harsh horn bellowed through the cave. Thraxis froze in his tracks, not moving an inch as Wellic slowly raised his paw to him, baring his teeth angrily.
"I said don't move!" He snarled. “Are you trying to get us killed!”
This aggressive display took Thraxis off guard. His old friend had always been hot headed, but had never behaved this way. And yet he also realized that the rest of the platoon, including Kona, hadn't moved a muscle.
Before he could demand an explanation, Kona brushed his tail with her own. It was soft, but tense.
"Thraxis…" she whispered, "the floor…"
Dropping his gaze, he noticed a series of red dots that had appeared on the glass surface between him and Wellic. His eyes widened when he realized they were laser sights. Looking up again, he quietly hissed when he finally saw the multiple automated laser turrets that had silently emerged from the walls and aimed at their position. His spines bristled further as he realized one had its barrel leveled directly at his head.
"W… Wellic…" he stammered, "what is the meaning of this?"
Wellic almost didn't seem to hear him as he clearly reached the end of his invisible path before sprinting across the bridge. Having reached the other side, he disappeared through another, much smaller doorway in the side of the cave wall.
Thraxis' spines bristled even further with irritation. But before he could yell for Wellic, the turrets retreated back into the opposite wall. A pleasant tone echoed through the cave before the glass suddenly glowed blue as a metal safety railing descended from the ceiling.
"Welcome, honored guests, to shelter zero." a computerized voice announced.
Moments later, Wellic reappeared looking far more relaxed. "Alright. Come on over!" He barked.
The soldiers moved without hesitation, as if this was routine. Thraxis and Kona however waited a moment before hesitantly following behind.
When they reached the other side Wellic’s face was far more relaxed. “Sorry about that…” he wheezed, “My superiors take security extremely seriously.” He then raised a single claw and, to Thraxis’ shock, tapped his own eye. Only then did he realize that Wellic was wearing some kind of contact lens over it. “I was the only one who could see the safe path across the glass to turn off the further countermeasures. You’ll see why in a moment.”
Thraxis could only nod nervously as Wellic went through one final security measure. A paw print reader on the outside of the door. As Wellic pressed his paw firmly against it, he then noticed that there was a heartbeat monitor next to it. Thraxis’ eyes widened in understanding. Only a living Gojid could possibly use this final security measure. No predatory demon could ever make it past this point.
After several heartbeats were picked up by the system, Wellic removed his paw as the security panel retracted into the door. Grunting in satisfaction, he stepped back as the giant round door slowly slid to the side. The flood of light that burst forth from within nearly blinded Thraxis and he had to hide his eyes with a paw for a few moments before they adjusted.
But when he removed his paw, what he saw took his breath away.
The door opened to the inside of the largest chamber he’d ever seen. Walking inside, he could see the roof above which arched nearly four hundred feet above. But that’s not the thing that truly took his breath away. Instead, it was a truly rare color on the Cradle.
Green… so much green!
Stretched before them was a great vineyard of young fruit trees and bushes, their multicolored fruit hanging heavily from their branches and stems. As they walked inside, he also saw edible vines grasping the inside walls that climbed higher than he would have thought possible. The rich soil he felt under his feet was also covered in more grass than he'd seen in his entire life. Slowly coming to a stop, he kneeled down and took a few strands of it in his paws. They felt silky to the touch and the earthy scent brought back long lost memories. To his further shock, he began to feel a host of insects crawling through the foliage that clearly made up their home. He’d seen one or two insects during his life at the temple but there were hundreds… no… thousands of them in this vineyard alone!
Raising his gaze, he saw that this vineyard was only one of four sections that encircled the outer edge of the chamber. In each one was a different type of crop. Grains, fruits, vegetables, sugars, and many others. This outer circle bordered around a small Gojid city which stood proud and tall in the center of the chamber. And up above it all, hanging at least five hundred feet in the air, was a great white light, shining as brightly as the Cradle’s own star.
He didn’t have time to ponder this though as he felt a new set of vibrations approaching them through the ground. Looking towards the end of the vineyard, he saw something that immediately brought tears to his eyes. Dozens of Gojid citizens, most wearing farmwork harnesses, slowly peeked out from around their hiding place behind a short stone wall. Realizing that it was only the guard making a triumphant return, they cheered and ran towards them. Happily swishing their tails as they came. There were men, women, and precious children among their number.
He couldn’t help it. He broke down crying as they gathered around him, embracing him as they spoke comforting words.
“Don’t worry, you’re safe now.”
“Are you all that’s left? We’re so sorry.”
“Are you hungry? I’m sure we can find a place for you.”
Thraxis was left speechless as the tears continued to flow. His people… there was still hope for them. As two young pups appeared at his knees, he chuckled as he wiped the tears away before wrapping them up in a big hug and tossing them both onto his shoulders as he stood up. They giggled excitedly as he laughed and spun around.
Coming to a stop before setting them both back down, he went to say something but stopped as he felt a familiar paw on his shoulder. Seeing it was Wellic again, he kept his mouth shut as his friend addressed the crowd.
“Everyone!” he happily barked, “This is my old friend Thraxis. We grew up together so please treat him and his company with kindness and respect.”
Feeling the crowd’s gaze shift away, Thraxis saw that Kona now had all of their attention. She was standing just outside of the group, now frozen in place as a nervous whip of her tail announced her discomfort. For a brief moment, Thraxis feared that the crowd would lash out at her, much like Wellic had before. The Venlil were well known traitors to the federation at this point. The very reason that humanity, and later on the Dominion, had been able to invade the Cradle in the first place.
But to his surprise, the crowd instead flicked their ears happily as they beckoned her to join them. Caught just as much by surprise as he was, he saw Kona’s eyes go wide as she was practically dragged into the group and embraced. Looking back at Wellic, Thraxis’ eyes watered as he took him by the arm before dragging him close again to do the Blades’ traditional greeting.
“Wellic,” he croaked, pressing his forehead firmly into Wellic’s “I didn’t get the chance to say it before but… I’m so glad that you’re here. I thought I was the only Blade left.”
Wellic swallowed his own sorrows back, placing a comforting paw on Thraxis’ shoulder. “I understand brother…” he whispered back, “But, as you can see, it will take more than a demonic invasion to snuff out the light of Valla.”
They remained in place for a moment, taking in the love and light around them, before Wellic backed away again and cleared his throat. “Alright everyone,” he announced, “I’ll be escorting our new citizens to their quarters. Please, return to your duties.”
The Gojids around them parted, allowing Wellic, Thraxis, and the guards to make their way towards the city below. A few of the children waved happily at them as they left. Thraxis ecstatically replied in kind.
This could be a new home… a fresh start.
About half way through the vineyard, they came across a paved road where Wellic and the guards escorted them towards the city. Continuing to gawk at everything around him, Thraxis almost didn’t notice as Kona’s paw slipped into his own. Closing his mouth and flattening his ears to hide the pink in them, he flicked his ears happily at her as she continued to look around, oblivious to his gaze.
“This place is amazing.” she said. “And the people are so nice. I can’t believe I’ve never heard of it.”
Wellic chuckled at that. “You wouldn’t have. This place is the Union’s most closely kept secret. Even most diplomats don’t have a clue about it yet. The fact that you and Thraxis stumbled upon it is nothing short of a miracle.” Thraxis brought his gaze back to look at his old friend, the concerns he’d had previously once again rearing their ugly heads.
“About that…” he started, a low growl inadvertently filling his voice, “I do have some questions old friend.”
Wellic only huffed. “I’m sure you do. But don’t worry, things have now changed. Before we go to where you and your friend will be staying, we’ll stop by my office.” He then turned his gaze for a moment towards him, a sincere look in his eye. “There will be no more secrets between us my friend.”
Nodding his thanks, Thraxis returned his gaze towards the city which they were now about to enter. Unseen previously, surrounding the city was a deep trench filled with stone spikes. A short stone wall surrounded the city with a series of laser towers every few hundred feet. They seemed to scan the entire chamber with an almost predatory view, causing Thraxis to shiver.
A retractable bridge and solid steel gate at the front entrance protected the only way inside the fortified city.
Rather old fashioned… but it gets the job done…
Following the road further, they came within sight of the city entrance which was further protected by a heavily guarded gatehouse. At their approach, the dozen guards saluted them and Wellic responded in kind. Thraxis’ experienced eye caught sight of the other guards above, who were previously aiming their rifles at them, withdrawing back into the towers. One thing was for sure. These people weren’t taking even a single chance at things going wrong.
Letting out a sigh of relief, he continued to follow Wellic towards the entrance. However, as they reached the gatehouse, something entered his vision that made him stop in his tracks. Just inside the gatehouse wall, hidden from view outside, was a carved symbol that he recognized. It was shaped almost like a flower but with blue pieces of glass that appeared almost like tear drops that graced its bulb in an artistic pattern.
Noticing that he’d stopped, Wellic turned around and looked at him curiously. Then he chuckled. “What’s wrong? See something you like?”
Thraxis cracked his mouth open. “That symbol… It’s beautiful!” he stuttered, trying quickly to recover. “What is it?”
Wellic sighed and nodded appreciatively. “You have a good eye. Always have. That’s the symbol of the Tremane family. Their donated wealth is largely responsible for the creation of this place. We have much to thank them for now that the Cradle is lost to us.”
“I see…” Thraxis replied, tearing his gaze away from it before flicking his ears happily at him. “Well… sorry for the distraction. Shall we?” he asked, gesturing for Wellic to continue.
Wellic looked pleased before turning back around. “Of course, not much farther now.”
And yet, as soon as his friend turned his back, Thraxis’ mask slipped away revealing the stress he now felt. Kona quickly noticed and pressed her head against him.
“Thraxis…” she whispered, “what’s wrong?”
He didn’t answer her, instead choosing to focus on the paved floor in front of him as they were guided along their path.
That symbol… It’s the same as my mother’s locket!
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Author's Note: Hey there folks! I'm now back on the grind and... completely exhausted! XD All is good though. Wedding went very well. My cousin and I were cordial with one another, I was well fed, and all my flights managed to leave and get to their destinations on time. So yeah. All's good. But that did mean that I didn't exactly have time to get this chapter finished until this evening. So yeah... sorry that took so long. We'll be back to our regular schedule for the next month or so. See you all next week!
2023.03.20 01:01 MerkadoBarkada SPECIAL: Are PH banks (and depositors) at risk? (M:Mar20)
Happy Monday, Barkada --
The PSE gained 65 points to 6470 ▲1%
As promised, read below for a special story on whether or not PH banks are vulnerable to the same risks that brought their international peers down. I got a lot of great, constructive feedback from analysts and professionals in the risk management field, and I think the end result does a little bit more to put our situation in context... better than the high-level statements released by the DOF and BSP.I recommend Patrick Boyle's great YouTube explainers on what is happening with SVB (26 mins) and Credit Suisse (15 mins) for some more context on those issues, if interested.
The opinions and statements that I reference in this update are focused on the PH's biggest banks. While FDIC insurance covers all deposits in the PH banking sector, specific risks might increase as you get out toward the margins into some of the smaller banks. Considering those risks of the many smaller banks was beyond the scope of this issue. Please also note that I'm just some guy on the internet, and that some of the facts on the ground are changing rather quickly. Do not rely on this as financial advice.
Today is a big one, so let's get to it!
Shout-outs to mArQo, ralphsagarino, Jordan, avenmicjohn, meloi, leaf, Dividend Pinoy PGG, Bien EC, Evolves Capital, Inc., Volts Sanchez, Palaboy Trader, Market Babbler, CHARToons, Lance Nazal, arkitrader, Success, Justn, Cathay Pacific Boarding Music is enchanting, LanAustria, Rolex Jodieres, Kuya Carl, Chip Sillesa, and Jing for the retweets, and to Genesis Umali, Evolves.co, and Mike Ting for the FB shares!
▌In today's MB:
- COMING UP: A busy week ahead!
- SPECIAL: Are PH banks safe?
- LT Group: FY22 net income up 24% y/y
- AEV: Launching modular cold storage brand
- SMART: Sells 1,102 towers for P12.1-B
- Union Bank: might sell or spin-off UBX
- Upson: Increases IPO by 1,000 shares
- AREIT: Price rebounds after block-sale dump
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MB is written and distributed every trading day. The newsletter is 100% free and I never upsell you to some "iNnEr cIrClE" of paid-membership perks. Everyone gets the same! Join the barkada by signing up for the newsletter, or follow me on Twitter. You can also read my daily Morning Halo-halo content on Philstar.com in the Stock Commentary section, and in the Saturday edition of the Daily Manila Shimbun.
- [COMING UP] Quick look at the week ahead... Craziness in the US and global banking sector aside, this week will be a busy one. The Alternergy [ALTER] IPO offer period is over, but the Philippine Business Bank [PBB 9.75 ▲0.5%] SRO offer period will begin and run until Thursday. Tuesday morning we’ll hear about the US Federal Reserve’s decision on whether it will continue to raise interest rates to fight inflation, or whether it will “pause” (not raise) in order to throw a lifeline to struggling lower-tier banks. Tuesday is also the start of the Upson International [UPSON 2.40 pre-IPO] offer period which will run until March 27. Then, on Thursday, our own BSP will meet to decide what to do with our interest rates. Then, to top it all off, we get our first IPO of 2023 when ALTER goes live on Friday morning.
- MB: Sometimes the world of financial news can be a little feast-or-famine, and this week is definitely going to feel like a boodle fight of stuff going on, with the drama of the international banking crisis, domestic earnings season, the US Fed decision, the BSP decision, and an IPO. The truth is, I have no idea what is happening. It feels like there are a lot of moving pieces, and I’m not very confident in any direction short-term. But my investment approach or strategy might be different from yours, and maybe your strategy feeds off of high-event periods like this with lots of volatility. Mine doesn’t, so I try to stay in my lane, double-check my risk management assumptions, and keep my eyes open for shifts that might affirm parts of my thesis or cause me to revise it.
- [SPECIAL] Do we have anything to worry about with PH banks?... It’s hard not to watch what has happened with Silicon Valley Bank (SVB), Signature Bank, and Credit Suisse, and wonder if our banks are vulnerable to any of the risks that flattened these giants. Our own Secretary of Finance, Benjamin Diokno, came out to say that Philippine banks had “no exposure” to SVB or to Credit Suisse, but that statement didn’t address whether or not our own giants, like BDO [BDO 127.60 ▲5.0%], BPI [BPI 101.20 ▼1.6%], and Metrobank [MBT 57.40 ▲2.5%], were carrying the same kind of bond issue, or were vulnerable to the same kind of bank-run exploit. As I’ve said many times before, I am not familiar with the ins and outs of analyzing domestic banks, nor am I particularly knowledgeable (beyond my reading of the news) when it comes to the nuances of global banking giants like Credit Suisse, so I’ve pulled together a collection of local voices who know about this topic to try and get a better sense of how things are going for BDO, BPI, MBT, and the rest of the banks, and what we can expect going forward.
- First, some background: SVB is a bank that specialized in handling the deposit accounts of startups and investment types in the San Francisco Bay area. While interest rates were low, startups were raising a ton of investment capital in cash, and SVB actively courted these companies to get them to deposit that capital with the bank. SVB’s deposits grew so quickly that its loans department actually struggled to keep pace with the deposits, which were earning a higher-than-normal interest rate for the tight-knit startup community. The banks customers didn’t really need loans, because they were flush with cash from investors. So instead of making loans, SVB invested the deposits in long-term bonds to net 1.56% on the interest rate differential between what the bonds were paying and what SVB paid clients for deposits. But the rising rates of 2022 posed a problem, in that value of SVB’s long-term bonds was sensitive to interest rate increases, so that when the US Federal Reserve began its unprecedented string of increases to fight the sudden inflationary monster that appeared in early 2022, the value of SVB’s bonds plummeted in a predictable fashion. People began to take notice of this issue, and a few prominent startup personalities encouraged all their associates, clients, and partners to take their money out of SVB because of the risks posed by the bond issue. SVB tried to satisfy whatever withdrawals it could, but was forced to liquidate huge portions of its bond portfolio at a loss as the run on the bank picked up steam. That’s when the FDIC stepped in to seize control of the bank.
- Are PH banks dealing with the same bonds issue? One bank analyst that reached out privately (and requested anonymity) said that the main difference between SVB and the PH giants is that SVB held more than 60% of its assets in securities (like those bonds that plummeted in value), and the PH giants tend to have more than 70% of their assets in loans. The source said that while PH banks do hold some securities, those holdings are small in comparison to each particular bank’s asset base.
- What about concentration risk? One of the key triggers in the SVB story is the bank’s over-reliance on a depositor base of tech startups and venture capital firms that tended to exhibit a herd-like mentality in terms of following the lead of key personalities within that industry. That’s referred to as concentration risk. Rachelleen Rodriguez, a research analyst with Maybank Securities, reached out to say that that our banks’ exposure to the startup community is relatively minimal (less than 5% in communications and transportation, which are the industries that are most likely to contain startups here), and that “PH bank loan portfolios are also highly diversified chiefly among the real estate, trade,and manufacturing segments”, with each of those segments “forming no more than 25% of loan books”.
- Ok, but what about Credit Suisse? This is something of a different animal, because Credit Suisse is a G-SIB (global systemically important bank), which means that it is considered to be so large and interconnected with other financial institutions that its failure could potentially have a significant impact on the global financial system. While the bSP has already come out to say that PH banks have “no reported exposure” to Credit Suisse, and that our banks’ clients may only have small exposure, what happens with Credit Suisse (for better or worse) might have knock-on effects that are difficult to predict. Rico Patiga Villanueva, a senior lecturer of economics at the University of the Philippines Los Baños, said on Twitter that because it is a G-SIB, a potential collapse “will have global impact”. Mr. Villanueva said that, in his opinion, the “pathways” to PH banks’ exposure to a Credit Suisse collapse “can be deposits, bonds, loans, derivatives or payments,” but with nostro accounts (foreign currency accounts that our banks have abroad) derivatives and payments the most likely threat vector.
- MB BOTTOM-LINE: Things are changing for SVB, Credit Suisse, and the global banking market even as I write this. However, based on the feedback that I’ve received from professionals that analyze banks and quantify risk in the financial sector here, our large banks don’t appear to be vulnerable to the specific issues that caused the sudden (in the case of SVB) and gradual (in the case of Credit Suisse) downfalls of the foreign banks that are currently in the news. Our banks are generally less speculative in terms of their assets (generally loan-heavy), more conservative in terms of their business practices, and benefit from a much more diversified depositor base. Still, the sheer panic of US depositors that initially faced the possibility of losing their deposits in excess of the FDIC-guaranteed amount should be instructional. Our own Philippine Deposit Insurance Corporation (PDIC) guarantees depositor accounts of a failed bank up to only ₱500,000 per depositor, per bank. That amount was established back in 2009, and accounting for inflation, it represents much less of a protection than it did at that time. The inflation-adjusted value of ₱500,000 in 2009 in today’s currency is ₱721,500. The $250,000 per depositor amount is about 50% lower than the average non-rural home price in the United States, however, the ₱500,000 per depositor level is actually 88% lower than the average non-rural home price here in the Philippines. I don’t even know if those home prices are a useful metric in this discussion, it only seemed like a reasonable place for me to start when comparing the viability of the depositor protections that the PDIC currently offers to Filipinos. Sell the average fully-owned home in the US for cash, and your proceeds are 100% covered by two accounts. Sell the average home here, and you’d need to spread that amount across nine banks to achieve the same level of protection.
- [NOTES] Quick takes from around the market...
- Upson International []UPSON] [link] updated the final number of shares to be sold in the deal to 625,001,000, up 1,000 shares from the original amended amount of 625,000,000.
- MB Quick Take: That number is almost upsetting to write. I challenge you. Open up any tab, and try to write it. The extra 1,000 shares is so glaring and cursed, as though LOL purposefully ruined a picture by coloring outside the lines, but just once, such that it’s all you can see when you look at it. Jokes aside, I wonder if the original amended amount was a transcription/encoding error, or if there’s some technical reason why they needed to put another 1,000 primary shares on the pile?
- AREIT Inc [AREIT 34.00 ▲8.3%] [link] share price bounced back (mostly) after that crazy Thursday drop. Looks like it was a block sale that was put through late on Thursday that tanked the price so hard.
- MB Quick Take: A block sale is a privately-negotiated sale between individuals that happens outside of the usual bid/ask dynamic of the exchange. Think of the PSE as like the Lazada of Philippine stocks: it’s not the seller, it’s just the marketplace. So in this case, someone with a large number of shares wanted to make a quick and easy sale, so they ate a significant discount on the shares to do that. The block sale price isn’t necessarily indicative of the “true value” of AREIT, and could be more about how desperate the seller was to convert the shares to cash than it was about the underlying value of the company.
- LT Group [LTG 0.66 unch] [link] teased a FY22 net income attributable of ₱25.1 billion, up 24% y/y. LTG was quick to attribute some of this performance to FY21’s artificially-low net income due to a one-off accounting treatment of gains relating to PNB’s sale of property. Tobacco accounted for 61% of net income, PNB accounted for 26%, Tanduay Distillers for 6%, Asia Brewery for 3%, and Eton Properties for 1%. LTG noted a 6.3% decline in cigarette sales volume which it attributed to price increases that were implemented to pass on the increased cost of excise taxes to consumers. LTG said liquor sales volume was up 18%. It also said that Eton Properties experienced a 32% drop in net income y/y.
- MB Quick Take: This stock is a darling of the dividend investing crowd, and its vice-centric portfolio has been very stable through some relatively choppy periods. Maybe it’s too early to dunk on Eton’s September 2022 “POGOs are back baby!” call, but that y/y performance is just not looking good. Still, this is just a teaser, so I’ll be waiting for the full financials before I draw any final conclusions on what might be happening there.
- Aboitiz Equity Ventures [AEV 51.05 ▲2.3%] [link] clarified that its “modular” cold storage initiative is just in its “pilot study or testing phase”, and that “no significant investment or partnerships have been made”. The clarification is in response to an article in Malaya Business Insight that covered AEV’s new “Fresh Depot” cold storage idea, which appears to be focused on getting smaller, mobile cold storage locations closer to farmers to increase yield and prevent wastage.
- MB Quick Take: Almost all of the press hits on this initiative have mentioned AEV’s interest in “assisting the government”, which is really shorthand for “obtaining government contracts”. Fresh Depot’s real goal appears to be “mapping” the productive farmland in the provincial outreaches to give the government better data for its centralized planning. That’s not a bad thing, because (according to the BSP) a lot of the price spikes that we’re feeling right now are due to the mismanagement of the food supply chain here, but it is worth noting (for me) that this project probably won’t be scaled and operated like a product with a clear profit/loss motive. There are probably other considerations in play.
- Union Bank [UBP 84.90 ▼0.1%] [link] considering possible sale or spin-off of UBX, a subsidiary “open finance platform” of UBP, to give UBX more freedom to operate outside of the BSP’s regulatory framework that guides UBP and its subsidiaries. Initial reporting said that UBP’s parent company, Aboitiz Equity Ventures [AEV 51.05 ▲2.3%], was the intended acquiring party for UBX, but UBP’s clarification mentioned that the Aboitiz Family is investing both a sale and a possible spin-off to achieve that goal of getting UBX out from under UBP.
- MB Quick Take: The family’s reasoning behind the sale/spin-off idea also considers that, as an “open” financial platform, UBX may be more appealing as a potential business partner with other family banks if it is not a formal part of the Aboitiz Family’s bank. It doesn’t hurt to have to reasons for the transaction (less regulation AND more potential business). If it did spin-off, UBX would be the PSE’s first pure fintech investment play. It would also have a sick ticker symbol.
- SMART [TEL 1310.00 ▲0.8%] [link] announced the sale of another batch of 1,012 cell towers for a total price of ₱12.1 billion. The buyer is Frontier Tower Associates Philippines Inc., a subsidiary of Pinnacle Towers, a company that has received backing from the American private equity fund, KKR. TEL said that the value of this deal “mirrors” the value established in its previous tower sale deals, and brings the total number of towers sold up to over 7,500, and the total amount raised as part of the initiative to ₱98 billion.
- MB Quick Take: *These are sale-leaseback transactions, so SMART (a subsidiary of TEL) is transferring ownership of the sites to Frontier, and then agreeing to lease the use of the sites back from Frontier on a long-term lease. It’s a good deal for both parties. SMART gets a huge cash injection that it can use for anything, plus it doesn’t have to do any of the upkeep and maintenance on the 7,500 sites all across the country. Frontier gets a stable income source that it can either just “have” or spin off into a REIT given the global REIT market’s interest in cell tower holding companies. *
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2023.03.20 00:44 CaptainBrant Reading Phillies Baseball Autographs
submitted by CaptainBrant to AutographAssistance [link] [comments]
2023.03.19 23:52 razberries_on_mars @SHChronicle: TLC, a Division of Fibre Federal Credit Union, serves 11 counties in Oregon and Washington with financial services and community support projects. https://t.co/RXOIhGH6UC
 | submitted by razberries_on_mars to StHelensOR [link] [comments] |
2023.03.19 23:24 ManliestManHam Millions of Americans Now Underwater On Auto Loans
https://www.automoblog.net/negative-equity-surge-auto-loans/
Relevant to GME as auto loans, MBS, CMBS, REIT, and auto loans are part of the DD.
Negative Equity Surges: Millions of Americans Now Underwater on Auto Loans DAVID STRAUGHANEDITED BY: CONTENT TEAMREVIEWED BY: RESEARCH TEAM CAR NEWSPUBLISHED: MARCH 15, 2023 Home Car News
Early signs of a negative equity surge in the auto loans sector have begun to emerge in the first quarter of 2023. According to data from Edmunds, the average negative equity value of auto trade-ins was $5,341 in Q4 2022, up 29% from the previous year. The number of vehicle sales that involved a trade-in with negative equity also jumped by 17% over the same period.
These trends are two of several that are spurring concerns within the automotive and finance industries. A sudden, dramatic increase in negative equity could put countless borrowers in dire financial circumstances and have a ripple effect throughout the financial industry.
What is Negative Equity? Negative equity is when the amount owed on a vehicle exceeds the value of the vehicle. For example, if a person owes $20,000 on a car that is worth $12,500, the vehicle has $7,500 in negative equity. Also known as being “underwater” on a loan, holding negative equity is a risky financial position for a borrower to be in. It can also lower a person’s credit score.
It hasn’t been just one thing that’s put American borrowers in this situation. A “perfect storm” of factors has gathered at one time to create a difficult situation for the automotive finance industry.
Supply Chain Issues The chip shortage of the last several years and other supply chain issues have had a dramatic and well-documented impact on the supply of new vehicles. A resulting lack of availability and increased prices also drove up the price of used cars to record highs in 2021 and 2022.
This meant that people who bought used cars during this time did so at inflated prices.
Dropping Used Car Prices But drastically inflated prices on pre-owned vehicles is only one part of the equation. When prices were at their highest, many people found their cars were suddenly worth much more than before, often carrying positive equity. This means that, while buyers had to pay more for used cars, used car owners could also sell them for more, too.
However, used car prices started to fall rapidly towards the end of 2022. As a result, the value of many of the cars purchased over the previous two years dropped significantly. For many borrowers, that value dipped below the amount they owed over a period of just a few months.
High Interest Rates The inflated price of used cars added enough expense on its own, but car buyers were also hit with a dramatic increase in annual percentage rates (APRs) at the same time. As the Federal Reserve attempted to tackle inflation in 2022, it ordered a series of increases to the federal funds rate. The result was the federal funds rate jumping from 0.33% to 4.75% between March 2022 and 2023.
Lenders then increased the auto loan rates they offered car buyers in turn. According to the Experian State of Automotive Finance Report for Q4, 2022, the average auto loan rate for used cars increased by nearly 25% from 8.22% in 2021 to 10.26% the following year.
Due to the increases, used car buyers started paying more in interest costs on top of already record-high car prices. Together, these factors contributed to an affordability crisis in the auto industry that is still a source of concern in 2023.
Rising Cost of Living In some circumstances, borrowers may have been able to weather the storm by paying more towards the principal of their auto loan. However, a roughly 6.5% rate of inflation during 2022 meant that borrowers also had to spend more on utilities, food, and other life expenses. This left many without the ability to counteract a drop in the value of their car with additional payments.
Loan Delinquencies Are Also on the Rise in 2023 Recent reports would suggest that many may have been left without the ability to even meet their expenses – let alone find extra room in the budget to pay more towards their car loans. According to a report from Cox Automotive, auto loan delinquency rates have climbed to their highest levels in over 15 years.
Auto loans are considered to be “severely delinquent” when past due by 60 days or more. The data from Cox Automotive shows that 1.89% of all auto loans were severely delinquent in January, 2023 and at the highest rate since 2006, the first year included in the data series.
However, the trend is even more pronounced among borrowers with lower credit scores. The research found that among subprime auto loans, 7.3% were severely delinquent. This rate represents a more than 7% increase over the previous year and is also the highest rate since at least 2006.
While not increasing at quite the same pace as delinquencies, defaults are also on the rise. The auto loan default rate reached 2.72% in January, up 6.2% from December and 33.5% from the prior year. However, January’s rate is still below the annual average rate of 2.9% from 2019.
Lenders Are Taking Notice of the Negative Equity Surge Holding a vehicle loan with negative equity is an issue for individual borrowers, but it can also pose problems for lenders when it happens en masse. Automoblog spoke with Andy Arledge, Associate Executive Vice President, North Carolina State Employees’ Credit Union (SECU) Consumer Lending, to learn what he and others at his credit union are seeing in the auto loans sector.
“Since vehicles are depreciating assets, most borrowers have likely had to deal with negative equity at some point when financing a vehicle in the past,” says Arledge. “However, borrowers who made little to no down payment, financed for longer loan terms, or paid over the Manufacturer Suggested Retail Price [MSRP] for a new vehicle over the past few years may now have higher amounts of negative equity than what they’ve experienced previously.”
He adds, “If those same borrowers are now looking to trade in the collateral for a different vehicle, they are either having to make larger down payments or roll the negative equity into the new loan.”
Auto Loan Credit Availability is Shrinking Over the past several months, credit for auto loans has started to become less available – perhaps in response to the increase in negative equity. The Dealertrack Auto Credit Index (DACI) tracks fluctuations in auto credit availability on a monthly basis. It uses factors such as down payment amounts, loan approval rates, negative equity rates, subprime loan share, term lengths, and yield spreads to determine overall availability of auto loan financing.
In January, the DACI fell to 98, a decline of 1% from the previous month and 3.9% on the year. This reflects a decrease in lending confidence as it signals lenders becoming more careful about who they grant auto loans to and the amounts and terms they offer.
What Can Borrowers Who Are Suddenly Underwater Do? Most of the factors that caused the negative equity surge are far out of most people’s control. However, borrowers who find themselves suddenly underwater on their auto loans do have a few options to try and improve their situation.
“Borrowers have a couple of options to consider in this case,” says Arledge. “The first option is to pay extra each month to pay the loan down quicker and reduce the amount of negative equity.”
Eric Ridley, an attorney specializing in financial planning at Ridley Law Offices, agrees that this should be most borrowers’ first approach.
“Your best bet, hands down, is to make some extra payments on the loan whenever possible,” says Ridley. “This will help reduce the balance and eventually get you to a point where you owe less than the car is worth. Even just an extra hundred dollars every month or two can add up rapidly. You don’t need to make those payments with your regular vehicle payment; just send the lender an extra $25 or $50 on payday and you’ll see results quickly.”
Other Options for Underwater Auto Loans However, many cash-strapped borrowers may not be able to afford even a modest extra payment in their current situation. For these borrowers, a refinance auto loan may be another way of dealing with negative equity.
“Another option is to consider a refinance to reduce the interest rate and/or reduce the term of the loan,” Arledge says. “While we have seen an increase in vehicle interest rates over the past year, this still may be a viable option for some borrowers as long as the collateral meets the lender’s lending guidelines.”
Ridley also says that refinancing could be a smart move for some borrowers, despite current interest rates.
“Refinancing could lower your interest rate and make it easier to pay down the balance,” he says. “You’ll still have negative equity, but a lower rate might make it possible to pay extra and get the loan under control.”
Both parties say that trading in a car that’s currently underwater on its financing is an option, but one that people should exercise caution in executing.
“Borrowers could also consider trading in or selling the vehicle,” says Arledge. “But due to the negative equity, they may have to bring money to the table in order to pay off the existing loan.”
Ridley also says that, for many borrowers, choosing to keep a vehicle with negative equity may be a superior option to trading it in.
“With lots of negative equity, you may need to hold the vehicle longer than you planned – until the loan is fully paid off – and repair rather than trade it in,” he says. “This will let you move onto your next vehicle without trailing negative equity into another loan.”
Borrowers who find themselves holding onto negative equity can consider following the advice of financial professionals like Arledge and Ridley. The Consumer Financial Protection Bureau (CFPB) also has a few resources online to help understand and manage negative equity.
Will the Negative Equity Surge Continue? The negative equity trend could very well continue beyond Q1 in 2023. Used car prices continue to drop as people put more miles on their vehicles. The Federal Reserve has announced more rate hikes for this year, meaning consumer auto loan rates will likely increase as well. And while some within the auto and semiconductor industries are optimistic about the potential improvement of supply chain issues this year, automakers are still cutting vehicles from their production cycles.
All of this means, unfortunately, that a difficult situation for borrowers may get even more difficult before it gets better.
submitted by ManliestManHam to Superstonk [link] [comments]
Relevant to GME as auto loans, MBS, CMBS, REIT, and auto loans are part of the DD.
Negative Equity Surges: Millions of Americans Now Underwater on Auto Loans DAVID STRAUGHANEDITED BY: CONTENT TEAMREVIEWED BY: RESEARCH TEAM CAR NEWSPUBLISHED: MARCH 15, 2023 Home Car News
Early signs of a negative equity surge in the auto loans sector have begun to emerge in the first quarter of 2023. According to data from Edmunds, the average negative equity value of auto trade-ins was $5,341 in Q4 2022, up 29% from the previous year. The number of vehicle sales that involved a trade-in with negative equity also jumped by 17% over the same period.
These trends are two of several that are spurring concerns within the automotive and finance industries. A sudden, dramatic increase in negative equity could put countless borrowers in dire financial circumstances and have a ripple effect throughout the financial industry.
What is Negative Equity? Negative equity is when the amount owed on a vehicle exceeds the value of the vehicle. For example, if a person owes $20,000 on a car that is worth $12,500, the vehicle has $7,500 in negative equity. Also known as being “underwater” on a loan, holding negative equity is a risky financial position for a borrower to be in. It can also lower a person’s credit score.
It hasn’t been just one thing that’s put American borrowers in this situation. A “perfect storm” of factors has gathered at one time to create a difficult situation for the automotive finance industry.
Supply Chain Issues The chip shortage of the last several years and other supply chain issues have had a dramatic and well-documented impact on the supply of new vehicles. A resulting lack of availability and increased prices also drove up the price of used cars to record highs in 2021 and 2022.
This meant that people who bought used cars during this time did so at inflated prices.
Dropping Used Car Prices But drastically inflated prices on pre-owned vehicles is only one part of the equation. When prices were at their highest, many people found their cars were suddenly worth much more than before, often carrying positive equity. This means that, while buyers had to pay more for used cars, used car owners could also sell them for more, too.
However, used car prices started to fall rapidly towards the end of 2022. As a result, the value of many of the cars purchased over the previous two years dropped significantly. For many borrowers, that value dipped below the amount they owed over a period of just a few months.
High Interest Rates The inflated price of used cars added enough expense on its own, but car buyers were also hit with a dramatic increase in annual percentage rates (APRs) at the same time. As the Federal Reserve attempted to tackle inflation in 2022, it ordered a series of increases to the federal funds rate. The result was the federal funds rate jumping from 0.33% to 4.75% between March 2022 and 2023.
Lenders then increased the auto loan rates they offered car buyers in turn. According to the Experian State of Automotive Finance Report for Q4, 2022, the average auto loan rate for used cars increased by nearly 25% from 8.22% in 2021 to 10.26% the following year.
Due to the increases, used car buyers started paying more in interest costs on top of already record-high car prices. Together, these factors contributed to an affordability crisis in the auto industry that is still a source of concern in 2023.
Rising Cost of Living In some circumstances, borrowers may have been able to weather the storm by paying more towards the principal of their auto loan. However, a roughly 6.5% rate of inflation during 2022 meant that borrowers also had to spend more on utilities, food, and other life expenses. This left many without the ability to counteract a drop in the value of their car with additional payments.
Loan Delinquencies Are Also on the Rise in 2023 Recent reports would suggest that many may have been left without the ability to even meet their expenses – let alone find extra room in the budget to pay more towards their car loans. According to a report from Cox Automotive, auto loan delinquency rates have climbed to their highest levels in over 15 years.
Auto loans are considered to be “severely delinquent” when past due by 60 days or more. The data from Cox Automotive shows that 1.89% of all auto loans were severely delinquent in January, 2023 and at the highest rate since 2006, the first year included in the data series.
However, the trend is even more pronounced among borrowers with lower credit scores. The research found that among subprime auto loans, 7.3% were severely delinquent. This rate represents a more than 7% increase over the previous year and is also the highest rate since at least 2006.
While not increasing at quite the same pace as delinquencies, defaults are also on the rise. The auto loan default rate reached 2.72% in January, up 6.2% from December and 33.5% from the prior year. However, January’s rate is still below the annual average rate of 2.9% from 2019.
Lenders Are Taking Notice of the Negative Equity Surge Holding a vehicle loan with negative equity is an issue for individual borrowers, but it can also pose problems for lenders when it happens en masse. Automoblog spoke with Andy Arledge, Associate Executive Vice President, North Carolina State Employees’ Credit Union (SECU) Consumer Lending, to learn what he and others at his credit union are seeing in the auto loans sector.
“Since vehicles are depreciating assets, most borrowers have likely had to deal with negative equity at some point when financing a vehicle in the past,” says Arledge. “However, borrowers who made little to no down payment, financed for longer loan terms, or paid over the Manufacturer Suggested Retail Price [MSRP] for a new vehicle over the past few years may now have higher amounts of negative equity than what they’ve experienced previously.”
He adds, “If those same borrowers are now looking to trade in the collateral for a different vehicle, they are either having to make larger down payments or roll the negative equity into the new loan.”
Auto Loan Credit Availability is Shrinking Over the past several months, credit for auto loans has started to become less available – perhaps in response to the increase in negative equity. The Dealertrack Auto Credit Index (DACI) tracks fluctuations in auto credit availability on a monthly basis. It uses factors such as down payment amounts, loan approval rates, negative equity rates, subprime loan share, term lengths, and yield spreads to determine overall availability of auto loan financing.
In January, the DACI fell to 98, a decline of 1% from the previous month and 3.9% on the year. This reflects a decrease in lending confidence as it signals lenders becoming more careful about who they grant auto loans to and the amounts and terms they offer.
What Can Borrowers Who Are Suddenly Underwater Do? Most of the factors that caused the negative equity surge are far out of most people’s control. However, borrowers who find themselves suddenly underwater on their auto loans do have a few options to try and improve their situation.
“Borrowers have a couple of options to consider in this case,” says Arledge. “The first option is to pay extra each month to pay the loan down quicker and reduce the amount of negative equity.”
Eric Ridley, an attorney specializing in financial planning at Ridley Law Offices, agrees that this should be most borrowers’ first approach.
“Your best bet, hands down, is to make some extra payments on the loan whenever possible,” says Ridley. “This will help reduce the balance and eventually get you to a point where you owe less than the car is worth. Even just an extra hundred dollars every month or two can add up rapidly. You don’t need to make those payments with your regular vehicle payment; just send the lender an extra $25 or $50 on payday and you’ll see results quickly.”
Other Options for Underwater Auto Loans However, many cash-strapped borrowers may not be able to afford even a modest extra payment in their current situation. For these borrowers, a refinance auto loan may be another way of dealing with negative equity.
“Another option is to consider a refinance to reduce the interest rate and/or reduce the term of the loan,” Arledge says. “While we have seen an increase in vehicle interest rates over the past year, this still may be a viable option for some borrowers as long as the collateral meets the lender’s lending guidelines.”
Ridley also says that refinancing could be a smart move for some borrowers, despite current interest rates.
“Refinancing could lower your interest rate and make it easier to pay down the balance,” he says. “You’ll still have negative equity, but a lower rate might make it possible to pay extra and get the loan under control.”
Both parties say that trading in a car that’s currently underwater on its financing is an option, but one that people should exercise caution in executing.
“Borrowers could also consider trading in or selling the vehicle,” says Arledge. “But due to the negative equity, they may have to bring money to the table in order to pay off the existing loan.”
Ridley also says that, for many borrowers, choosing to keep a vehicle with negative equity may be a superior option to trading it in.
“With lots of negative equity, you may need to hold the vehicle longer than you planned – until the loan is fully paid off – and repair rather than trade it in,” he says. “This will let you move onto your next vehicle without trailing negative equity into another loan.”
Borrowers who find themselves holding onto negative equity can consider following the advice of financial professionals like Arledge and Ridley. The Consumer Financial Protection Bureau (CFPB) also has a few resources online to help understand and manage negative equity.
Will the Negative Equity Surge Continue? The negative equity trend could very well continue beyond Q1 in 2023. Used car prices continue to drop as people put more miles on their vehicles. The Federal Reserve has announced more rate hikes for this year, meaning consumer auto loan rates will likely increase as well. And while some within the auto and semiconductor industries are optimistic about the potential improvement of supply chain issues this year, automakers are still cutting vehicles from their production cycles.
All of this means, unfortunately, that a difficult situation for borrowers may get even more difficult before it gets better.
2023.03.19 20:12 zappersuni if you reside in Louisiana and have a ONPATH federal credit union..hmu on telegram @ Getthatbag007 50/50 $100k _$180k p.s serious minded folks pls
submitted by zappersuni to CPNHelpGroup [link] [comments]
2023.03.19 20:12 zappersuni if you reside in Louisiana and have a ONPATH federal credit union..hmu on telegram @ Getthatbag007 50/50 $100k _$180k p.s serious minded folks pls
submitted by zappersuni to CPNHelpGroup [link] [comments]
2023.03.19 19:46 rrmdp 📢 Local Government Federal Credit Union is hiring a Portfolio Analyst!
submitted by rrmdp to jobboardsearch [link] [comments]