We have already talked about the financial crash many times. With each passing day, we are getting closer to it. Federal reserve chairman Jerome Powell gave a speech recently at Jackson Hole. The speech was well received by investors, who took it to suggest that the central bank would not abruptly reduce its support for the economy. However, not every speaker at the annual meeting was upbeat. Instead, Don Kohn, the Fed's former vice chair for financial supervision, used the occasion to warn of potential threats to the global financial system's stability, and urged regulators and lawmakers to move quickly to address those concerns.
He said during a speech to the Federal Reserve Bank of Kansas City’s annual Jackson Hole Economic Policy Symposium that,
“Dealing with risks to the financial stability is urgent. The current situation is replete with…unusually large risks of the unexpected, which, if they come to pass, could result in the financial system amplifying shocks, putting the economy at risk.”
Given that the Federal Reserve is already engaged in aggressive monetary stimulus and the federal government is maintaining a historically high budget deficit, the government appears to be in a poor position to respond to an economic downturn that could result from the bursting of an asset bubble or a debt crisis. The world is soon going to see a crisis and the federal reserve should make this a priority. Even the congress is asked to pass a new mandate for all federal financial regulators to make financial stability a priority.
Everything that is happening in the United states with inflation and the economy, all signs are indicating a financial crisis and a massive cyber attack. According to Reuters, China plans to ban overseas IPOs for tech firms with data security risks
China is drafting regulations that would prevent internet companies whose data poses a security concern from listing outside of the country, including in the United States. The ban is also expected to be enforced on companies that deal with ideological concerns. According to Reuters, the person that revealed this information doesn't want to be identified because it is a confidential information. The countries have started to pull off the U.S dollar. Russia has already done this and now China is also in line.
Under the planned rules, the Chinese securities regulator would tighten scrutiny of overseas IPO-bound firms and ban those that collect vast amounts of users' data or create content that could pose possible security risks, said the person. The plan is one of several proposals under consideration by Chinese regulators as Beijing has tightened its grip on the country's internet platforms in recent months, including looking to sharpen scrutiny of overseas listings.
After years of a more laissez-faire attitude, the crackdown has shattered stocks and seriously hurt market sentiment, focusing in particular on unfair competition and internet companies' handling of a vast cache of customer data.
Another news signaling the same thing. Microsoft warns thousands of cloud customers of exposed databases. According to Reuters, Microsoft warned thousands of its cloud computing customers, including some of the world's largest companies, that intruders could have the ability to read, change or even delete their main databases, according to a copy of the email and a cyber security researcher.
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