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Home Daily Digests Payments, Politics, and Pump Prices: A Rollercoaster News Roundup

Payments, Politics, and Pump Prices: A Rollercoaster News Roundup

From political payments to economic rollercoasters, this news roundup has it all. Find out how President Biden’s brother got caught up in a money laundering scandal, why Venezuela’s oil exports could be on the rise, and why your bank account might be feeling a little lighter. Plus, brace yourself for potential pain at the pump if tensions in the Middle East heat up. Buckle up, it’s going to be a wild ride!

user profile picture Ivor Oct 21, 2023
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DISCLAIMER: The following content does not reflect the opinions of Peak Prosperity, but is rather a summarization of content that has caught the interest of members of the community.

Discussion is welcome in the comments section!

The House Oversight Committee has unveiled a direct payment to President Joe Biden, allegedly laundered through his brother James. In 2018, James Biden received $600,000 in loans from Americore, a financially distressed rural hospital operator. On March 1, 2018, Americore wired a $200,000 loan into James and Sara Biden’s personal bank account, and on the same day, James Biden wrote a $200,000 check from this account to Joe Biden. The Committee is continuing its investigation into these transactions.

In international news, the United States has welcomed an electoral roadmap agreement between the Unitary Platform and Maduro representatives in Venezuela. In response to these democratic developments, the U.S. Department of the Treasury has issued General Licenses authorizing transactions involving Venezuela’s oil and gas sector and gold sector. The easing of sanctions could potentially boost Venezuelan oil exports significantly, with the country’s oil production currently standing at 800,000 barrels per day.

On the economic front, the total amount of debt owed by the US government is increasing at an alarming rate. The Treasury’s FiscalData platform shows $106.12 billion has been added to America’s debt in the seven-day stretch ending on October 18th. The US government’s spending exceeded its revenues by $1.7 trillion in the now concluded 2023 fiscal year, representing a $300 billion jump from the year before.

In the banking sector, Credit Suisse is preparing for a third wave of job cuts, targeting 10% of support roles. The Swiss bank has informed employees that job cuts will commence on November 6. Meanwhile, three of America’s biggest banks, JPMorgan Chase, Wells Fargo, and Citi, have recorded an outflow of deposits in Q3, with a total of $84.5 billion worth of deposits disappearing in a single quarter.

Finally, US gasoline prices are poised to climb if oil persists at $90/barrel. Despite the recent surge in oil prices, pump prices have declined more than 4% in the past two weeks due to soft demand and relatively high inventories. However, if tensions in the Middle East escalate, the impact at the pump could reach consumers sooner than expected.

Sources

Goldman Stunned by Relentless Hedge Fund Shorting: "Longest Streak on Record"

The S&P 500 fell -2.4% on the week and closed below its 200-day moving average, as bond yields touched fresh highs and investors had to contend with rising geopolitical tensions and digest ongoing Q3 EPS.

Source | Submitted by aaronmckeon

Gasoline Prices Expected to Rise as Oil Surges

But if oil persists at $90/barrel, pump prices are poised to climb.

Source | Submitted by aaronmckeon

Major US Banks Close Dozens of Branches, Leaving Americans Without Access to Financial Services

Major US banks are continuing to close branches across the US, leaving an increasing number of Americans without access to basic financial services.

Source | Submitted by aaronmckeon

UBS Announces Additional 10% Job Cuts at Credit Suisse

UBS cutting an additional 10% of Credit Suisse ‘support staff’.

Source | Submitted by aaronmckeon

$84.5 Billion in Deposits Vanish from America's Biggest Banks in Q3

Three of America’s biggest banks just watched $84.5 billion worth of deposits disappear in a single quarter.

Source | Submitted by congero1

Credit Suisse to Cut 10% of Support Roles in Third Wave of Job Cuts

The Swiss bank has told employees that job cuts will start on 6 November, according to people familiar with the matter.

Source | Submitted by congero1

US Government Debt Soars to $33.62 Trillion, Raises Concerns for Investors

On the current trajectory, interest payments on the federal budget will exceed military expenditures by 2027. So higher for longer has a big impact on the fiscal side of the equation, which is relevant to all investors because the US debt situation is definitely a concern…

Source | Submitted by congero1

US Eases Sanctions on Venezuela, Allowing Boost in Oil Production

“The United States welcomes the signing of an electoral roadmap agreement between the Unitary Platform and Maduro representatives,” Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson said in a news release.

Source | Submitted by nickythec

House Oversight Committee Uncovers $200,000 Direct Payment to President Biden Laundered Through Brother James

In 2018, James Biden received $600,000 in loans from Americore—a financially distressed and failing rural hospital operator. According to bankruptcy court documents, James Biden received these loans ‘based upon representations that his last name, ‘Biden,’ could ‘open doors’ and that he could obtain a large investment from the Middle East based on his political connections.’

Source | Submitted by nickythec

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