A former JPMorgan trader became the second person to be sentenced to eight months in prison for his role in a global foreign-exchange bid-rigging scheme.
"When we’ve asked associates, the overwhelming majority say their hourly wages are the most important part of their pay, well ahead of quarterly bonuses."
"...the world is going to reject the dollar standard... When the Fed creates a phony recovery by levering everybody up with debt, they can’t remove the debt. You can’t prop the economy up and then remove the prop... ”
The Bank of China has allowed the Yuan to strengthen against the dollar, thereby reversing some of the tariff-offsetting exchange rate moves. This may be an early indication that degloblization is in full swing.
The MPC had been briefed on the Bank of England’s plans to explore how a negative Bank Rate could be implemented effectively, should the outlook for inflation and output warrant it at some point during this period of low equilibrium rates.
To Dalio, the U.S. conflicts with China rose in a way that was “analogous to the rise of Japan and Germany to challenge the then-existing powers in the 1930s,” which eventually led to World War II.
