What to Watch For: Cashless Society, World Money and More by Craig Wilson
Here are the five stories to watch this week and going forward. Included is the latest news out of the Brexit efforts, how a cashless society is already in the works and what moves world money and the SDRs have made now that China is in the currency basket.
1. Heavyweight Brexiteers Among 60 Tory MPs to Demand Clean Break From the EU (Telegraph)
A total of sixty members of the UK parliament, including seven former Cabinet ministers, have recently demanded that Theresa May remove Britain from the single economic market of the EU and its customs agreements amid fears that the current PM’s position on Brexit could be weakened considerably. Currently, there is much debate in the UK parliament on whether its MP’s must vote before invoking article 50, the EU mechanism required to leave the Union.
To read the full article by the Telegraph click here.
2. Sweden’s Riksbank Eyes Digital Currency (Financial Times)
Mike Milne wrote in the Financial times that “The world’s oldest central bank — it was the first to issue paper banknotes in the 1660s — is launching a project to examine what a central bank-backed digital currency would look like and what challenges it would pose. It hopes to take a decision on whether to start issuing what it calls an ekrona in the next two years.”
As physical currency becomes more rare, this story shows government shift to a cashless society – more will surely fall behind in a growing trend to kill cash.
To read the full Financial Times article, click here.
3. Oil Climbs to Three-Week High as Dollar, Yields Dip (Reuters)
The price of oil hit a near three-week high today after a weakening US dollar and a full range of inflationary talk hit the euro zone causing the currency to also rise to its highest level in almost 10 months. Oil prices rose to three-week highs on Monday, supported by a weak dollar and helping to nudge a gauge of inflation expectations in the euro zone to its highest since January.
Reuters noted that the move was a response to “signs that OPEC was moving closer to a deal to cut output when it meets next week.” This news is important for an incoming white house administration and the likeliness of increased oil activity over the coming years.
To read the full article by Reuters click here.
4. Former CEO Of UBS And Credit Suisse: “Central Banks Are Past The Point Of No Return, It Will All End In A Crash” (ZeroHedge)
As Tyler Durden writes, “In an interview with Swiss Sonntags Blick titled appropriately enough “A Recession Is Sometimes Necessary”, the former CEO of UBS and Credit Suisse, Oswald Grübel, lashed out by criticizing the growing strength of central banks and their ‘supremacy over the markets and other banks’. The former chief executive officer claimed that the use of negative interest rates and huge positive balance sheets represent ‘weapons of mass destruction’. He calls for an end to the use of negative interest rates.”
This news comes as eye opening from a former insider who can see that the economic standing that currently exists could, and very well should, be in for a bumpy road ahead.