tybs
morning
Putin says crypto currencies too unstable to be used for oil contracts
Russian President Vladimir Putin said that crypto currencies were too unstable to be used to settle oil contracts but that they still deserved a place as a means of payment.
The Russian leader made the remarks in an interview with CNBC that was published on the Kremlin’s website on Thursday. He was asked if he could see oil contracts being denominated in cryptocurrencies instead of dollars in future. Russia has for years been trying to lower its dependence on the U.S. dollar, which is widely used to settle oil contracts, but it has not managed to achieve that on a large-scale even though some firms have switched to trading commodities in euros. “It’s too early to talk about that for now because cryptocurrency can of course be a payment unit, but it is very unstable. To transfer funds from one place to another, yes, but I think it’s still premature to trade, especially to trade energy resources,” said Putin.
Russia brought in crytocurrency regulation this year and has made it illegal to pay for goods and services in cryptocurrencies in the country, though it is legal to invest in them. “It has a place to exist and can be used as a means of payment, of course, but trade in oil, say, or other primary materials and energy sources - still, it seems to me, it is a bit early to talk about this,” Putin said. The central bank has said Russians investing in cryptocurrencies has the potential to become a significant problem. It points to the lack of transparency on crypto markets as well as huge risks involved due to the volatility there.
Although Russia could move to ban crypto purchases, Russians would still be able to buy the currencies via foreign intermediaries, the bank has said.
https://www.reuters.com/article/russia-putin-crypto-currency/putin-says-crypto-currencies-too-unstable-to-be-used-for-oil-contracts-idUSL8N2RA45G
still one of the best moments on qr by far imo.
chek't
>and if you think you are smart, someone else will always be smarter than you.
or faster
morning B
little better...a small victory yesterday afternoon right after I mentioned having little victories.
Gave back a little.
Still sucks but take 'em as they come.
Quietly, the Fed Releases the Names of Banks that Got Billions in Emergency Repo Loans in 2019
The Federal Reserve Bank of New York has quietly posted the names of the banks that grabbed billions of dollars under the Fed’s emergency repo loan operations that commenced on September 17, 2019 – months before there was a COVID-19 crisis anywhere in the world.
The emergency repo loans were made via Open Market operations at the New York Fed. Under the Dodd-Frank financial reform legislation of 2010, the names of the banks, dollar amounts borrowed, interest rate and collateral posted must be made public “on the last day of the eighth calendar quarter following the calendar quarter in which the covered transaction was conducted.” Since the emergency repo loans were initiated in the third quarter of 2019, that meant eight quarters had passed and the public was entitled to the information for at least the month of September 2019. (The Fed has the power to release the information earlier if it chooses.) We asked the Fed yesterday for the data and were stunned to learn that it had already been quietly posted on the New York Fed’s website with no media outlet being any the wiser.
The names of the banks and the eyebrow-raising amounts they borrowed from the New York Fed do not square with the official story at the time – that the liquidity crisis occurred because U.S. corporations withdrew large amounts from the banks in order to make quarterly tax payments. The fact that so many huge loans ended up going to foreign banks, as well as Goldman Sachs and JPMorgan Securities, suggests that this was a derivatives counterparty problem, potentially triggered by Deutsche Bank’s crisis at the time. Deutsche Bank is a major derivatives counterparty to Wall Street mega banks. It was having serious problems throughout 2019. Its attempt to merge with Commerzbank fell through in April 2019. It announced a plan to fire 18,000 workers in July 2019 and had plans to create a good bank/bad bank, isolating off toxic assets that it planned to sell. Deutsche Bank had incurred losses in three of the prior four years. Its share price had lost 90 percent of its value over the prior dozen years and was trading close to an historic low in September 2019.
1 of 2
2 of 2
The Monday after the emergency repo loan operations began, Deutsche Bank announced that it would be moving clients and staff from its prime broker unit (that makes loans to hedge funds) to BNP Paribas along with its electronic trading operations. On September 17, 2019, the first day of emergency repo loan operations, Deutsche Bank borrowed $1.5 billion in a one-day loan. By September 24, Deutsche Bank had upped its one-day repo loans to $7 billion. By September 25, Deutsche Bank increased its one-day borrowing to $9 billion. On September 27, Deutsche Bank took a $3 billion 14-day term loan and rolled over $6 billion in a 3-day loan.
This first release of data from the Fed covers only the emergency loan operations from September 17 through September 30, 2019. Even more interesting will be the next release of data for the fourth quarter of 2019, when the sums borrowed from the New York Fed under its repo loan operations had grown exponentially. By March 14, 2020, we reported that the Fed had pumped more than $9 trillion cumulatively in repo loans to unnamed banks. The current data for the last 14 days of September 2019 shows that Goldman Sachs and Nomura Securities International (part of a Japanese financial firm) borrowed huge sums under the Fed’s 14-day term repo loans. Goldman Sachs had $29.6 billion in 14-day term repo loans outstanding by September 27, then took an additional $5 billion one-day repo loan on September 30. Nomura, by September 27, had $30 billion outstanding in 14-day term loans.
On September 27, JPMorgan Securities had a total of $20 billion in 14-day term repo loans outstanding. On September 30, JPMorgan Securities took an additional $8 billion one day repo loan. On the first day of the emergency repo loan operations on September 17, the New York Fed provided a total of $53.15 billion in one-day repo loans. JPMorgan Securities was the largest borrower at $7.6 billion or 14 percent of the total. JPMorgan Chase, the parent organization, owns the largest depository bank in the United States. At that point in time, JPMorgan Chase held $1.6 trillion in deposits. Why would it need to borrow $7.6 billion from the New York Fed on the very first day the emergency repo loan operations opened?
In addition to the $7.6 billion borrowed by JPMorgan Securities on the first day of repo operations on September 17, UBS Securities, a unit of the Swiss multinational investment bank UBS, borrowed $5.5 billion or 10 percent of the total offered that day. Also on the first day: BNP Paribas Securities, part of the French investment bank, took $5 billion of the $53.15 billion or 9 percent. Goldman Sachs also took $5 billion or another 9 percent; Citigroup borrowed $3.5 billion; Nomura Securities borrowed $3.5 billion; the New York branch of Societe Generale, a French multinational investment bank, borrowed $3 billion; the New York unit of the Bank of Nova Scotia borrowed $2.5 billion; Barclays Capital, part of the U.K. bank, took $2.4 billion (There were numerous other borrowers.) See the full list here.
It’s long past the time for the Senate Banking Committee and the House Financial Services Committee to get to the bottom of what the financial panic that started on September 17, 2019 was all about.
https://wallstreetonparade.com/2021/10/quietly-the-fed-releases-the-names-of-banks-that-got-billions-in-emergency-repo-loans-in-2019/
dis is Hungary's Foreign Minister Peter Szijjarto heading back to Hungary after doing this deal-see below.
interdasting they are getting approval for this.....
Hungarian AF HUAF421 A319 sw from Moscow and heading back to Kecskemet AB where it departed from yesterday
Hungary will receive technology to produce Sputnik V COVID-19 vaccine -foreign minister
Hungary will receive technology this year to produce Russia’s Sputnik V COVID-19 vaccine at a Hungarian plant currently under construction, Foreign Minister Peter Szijjarto said in Moscow on Thursday according to a foreign ministry statement.
This would be the first concrete step towards making the vaccine in the European Union, even though it is not yet approved in the bloc. The Sputnik V vaccine, widely used in Russia and approved for use in more than 70 countries, is still undergoing a review by the World Health Organization (WHO) and the European Medicines Agency. “There is a huge demand for the Russian vaccine around the world, thus Hungary has an economic interest in taking part in the production,” Szijjarto said, adding that Hungary and Russia had signed a “political agreement” about producing Sputnik in Hungary. Hungary has widely used China’s Sinopharm vaccine and also Sputnik during its mass vaccination campaign last year — along with western made COVID shots — although neither has been granted approval for emergency use by the bloc. Without EMA approval, it is harder for Russians – and hundreds of thousands of Hungarians vaccinated with Sputnik – to travel throughout the EU. The WHO said on Wednesday that the Emergency Use Listing process for Russia’s Sputnik-V COVID-19 vaccine was on hold pending some missing data and legal procedures, which the U.N. body hopes will be “sorted out quite soon”.
It is still unclear when the European Medicines Agency will approve Sputnik.
https://kfgo.com/2021/10/14/hungary-will-receive-technology-to-produce-sputnik-v-covid-19-vaccine-foreign-minister/
>>100992 pb
Nancy heading outta San Francisco
BOXER47 USAF C-40C departed San Francisco Int'l after an overnight en
from yesterday
Nancy Pelosi: Support for Israel ‘is in Our DNA’
US Speaker of the Congress Nancy Pelosi said that bipartisan support for Israel in the US is a source of pride, the Jerusalem Post reported. “It is a privilege to talk about the importance of the US-Israel bond, one based on our mutual security, mutual values, and is again something that is a source of pride to all of us in the Congress who work on this,” Pelosi reportedly said in a meeting with Israeli Foreign Minister Yair Lapid. According to the Israeli newspaper, she stated that support for Israel “has always been bipartisan in the Congress of the US and continues to be so.” “For many of us, it is in our DNA,” Pelosi added, pointing out that her father, the late Rep. Thomas D’Alesandro Jr. of Maryland, pushed then US President Franklin Delano Roosevelt to support the establishment of the state of Israel. For his part, Lapid thanked Pelosi for being a “great friend of Israel,” and for pushing for support for Israel in the US to remain bipartisan. “We need to unite around the idea that we want to expand and deepen the circle of peace,” the Jerusalem Post quoted him as saying.
https://www.palestinechronicle.com/nancy-pelosi-support-for-israel-is-in-our-dna/
Shredded Banksy Painting Sells for Record-Setting $25.4 Million
A partially-destroyed Banksy painting sold at auction on Thursday at Sotheby’s in London for more than 1,750% than it sold for just three years ago. It’s the most expensive artwork by the artist to sell at auction, ever.
The work, then called Girl with Balloon, made headlines around the world in Oct. 2018 when it self-destructed immediately after selling at Sotheby’s for about £1 million ($1.2 million at the time). The artist claimed it was a “prank,” and the auction house disclaimed any complicity in the stunt, raising many an eyebrow. The artwork was subsequently renamed Love Is in the Bin and quickly became “a cultural phenomenon,” says Emma Baker, a contemporary art specialist at Sotheby’s in London. “You’ve seen it on T-shirts and protest placards and political cartoons, and McDonalds and IKEA have used this artworks as a basis for a couple of their ads. It’s in the realm of the iconic.” In the lead-up to the sale, which took place in the midst of London’s Frieze Week, Sotheby’s promoted the work to clients around the globe, and even went so far as to shred the banner outside its headquarters as an homage. Its efforts paid off. “A huge amount of people came to see it,” says Baker. “There were up to 1,000 people per day since last weekend.”
The work was estimated to sell for between £4 million to £6 million pounds ($5.5 million to $8.2 million). During the sale, bidding began at £2.5 million, and quickly rose in half-million pound increments to £14 million, when two phone bidders began to compete concertedly for the work. After what Sotheby's says was 10 minutes of bidding, the auctioneer, Oliver Barker, hammered the work at £16 million. With auction house fees, the total came to £18.58 million ($25.42 million).
https://www.bnnbloomberg.ca/shredded-banksy-painting-sells-for-record-setting-25-4-million-1.1666496
12-3047 USAF Dornier Wolfhound departed San Salvador, El Salvador after a ground stop.
Prolly head to Miami and then back to Eglin where it departed on 1005
Started off at Panama Pacifico Airport (USCBP haz Guardian drones based here) earlier today after an overnight and inbound from Bogota.
Roundtrip Bogota-Quito-Bogota on 1012.
Cartagena, Columbia on 1008 and somewhere on the se Columbian/Venezuelan border prior to arrival at Cartagena from Bogota
Had that AFSOC C-32B SLUM71 head dis way on 1010 and back on 1012-cap#2
Biden to meet with pope, push for global minimum tax at G20 in Rome
Joe Biden will meet with Pope Francis on Oct. 29 before attending a two-day summit of G20 leaders in Rome where he hopes to reach agreement on a Global Minimum Tax of 15%, White House officials said on Thursday.
On the second foreign trip of his presidency, Biden will then attend the U.N. climate conference known as COP26 in Glasgow, Scotland, from Nov. 1-2 and announce “key actions” on the conference’s top themes, including goals for fighting climate change and forest and land use, one White House official told Reuters.
Biden’s visit with the pope comes as some Roman Catholic bishops in the United States have sought to admonish Biden for his support of abortion rights. Biden is a Catholic who attends church regularly. His wife, Jill Biden, will also attend the meeting with Pope Francis. “They will discuss working together on efforts grounded in respect for fundamental human dignity, including ending the COVID-19 pandemic, tackling the climate crisis, and caring for the poor,” White House spokesperson Jen Psaki said in a statement about the meeting. Biden’s visit to Italy and Britain for meetings with major world leaders is meant to signal that the United States is re-engaging with international groups after four years of Republican former President Donald Trump’s “America First” policies. But the trip comes amid international frustration over the chaotic American withdrawal from Afghanistan, a rift with top ally France over a submarine deal with Australia, and question marks over the U.S. ability to meet Biden’s climate goals as lawmakers within his own Democratic Party haggle over his multitrillion-dollar legislative agenda.
Biden is likely to meet with French President Emmanuel Macron while the two leaders are in Rome, the White House official said.
https://www.reuters.com/article/us-usa-biden-g20/biden-to-meet-with-pope-push-for-global-minimum-tax-at-g20-in-rome-idUSKBN2H41Q9
Watch them give AF1 back for this trip....
Ford Removes Minimum FICO Score Requirements For 84 Month Loans
There is no officially no longer a minimum credit score necessary to get an 84 month (7 year) car note at Ford.
Yes, those pesky FICO scores determining who does and who doesn't have the means to pay or a history of paying bills will finally no longer have leverage over the broke, spend-heavy U.S. consumer. Ford sent a bulletin to dealers this week announcing they would be removing the requirement, CarsDirect wrote.
And while 7 year loans aren't commonplace yet, they soon will be. Covid sped up the rate at which these types of loans were being offered and Ford introduced a 0% APR for 84 months in 2020. The offer then vanished, but the loan term has remained a part of Ford's incentive arsenal. "Our proprietary scoring models do an excellent job of assessing the probability that an applicant will be able to pay. FICO is one input. Eliminating the separate FICO requirement opens the prospect of financing to more customers who would qualify for 84-month financing within our models regardless of their FICO score," Ford Credit spokesperson Margaret Mellott told CarsDirect.
84 month loans routinely have higher interest rates than most other loans. CarsDirect points out that a current 6.9% rate on a 2022 Ford Bronco Sport would make the vehicle, listed at $40,000, actually cost $50,000.
And just think, Ford. If you amortize the car payments over 10 million years, you could charge less than a penny a day to pay back loans and 100% interest. And then, everyone would qualify!
https://www.zerohedge.com/markets/ford-removes-minimum-fico-score-requirements-84-month-loans
Nancy should begin descent soon.
BOXER47 USAF C-40C from San Francisco Int'l overnight back to JBA
VV101 USMC G5 east from 29 Palms overnight and on final at JBA
inbound to 29 from MCAS Yuma yesterday
SAM530 USAF G5 on ground at Fayetteville Regional Airport (earlier today)
Ex-Boeing 737 MAX chief technical pilot indicted for fraud
A former chief technical pilot for Boeing Co (BA.N) was charged on Thursday with deceiving federal regulators concerning the evaluation of the company's 737 MAX plane in order to save the U.S. planemaker money, the U.S. Justice Department said.
Mark Forkner, 49, was indicted for scheming to defraud Boeing's U.S.-based airline customers to obtain tens of millions of dollars for Boeing.
Boeing and a lawyer for Forkner did not immediately respond to requests for comment.
The indictment said Forkner provided the Federal Aviation Administration (FAA) with "materially false, inaccurate, and incomplete information" about a new part of the flight controls for the Boeing 737 MAX, called the Maneuvering Characteristics Augmentation System (MCAS). The MCAS was tied to two fatal crashes of the 737 MAX over a five month period that killed 346 people and led to the plane's 19-month grounding by the FAA, lifted in November 2020. The FAA declined comment.
In January, Boeing agreed to pay more than $2.5 billion in fines and compensation after reaching a deferred prosecution agreement with the U.S. Department of Justice over the MAX crashes.
Prosecutors noted a key FAA document lacked any reference to MCAS and as a result airplane manuals and pilot-training materials for U.S.-based airlines also lacked any reference. "In an attempt to save Boeing money, Forkner allegedly withheld critical information from regulators," said Acting U.S. Attorney Chad E. Meacham in Northern Texas. "His callous choice to mislead the FAA hampered the agency's ability to protect the flying public and left pilots in the lurch, lacking information about certain 737 MAX flight controls."
One November 2016 message from Forkner released in 2019 said he was working at "jedi-mind tricking regulators into accepting the training that I got accepted by FAA." Forkner is charged with two counts of fraud involving aircraft parts in interstate commerce and four counts of wire fraud. He is expected to make his initial court appearance on Friday in Fort Worth, Texas.
If convicted, he faces a maximum penalty of 20 years in prison on each count of wire fraud and 10 years in prison on each count of fraud involving aircraft parts in interstate commerce.
https://www.reuters.com/business/aerospace-defense/ex-boeing-737-max-chief-technical-pilot-indicted-fraud-us-justice-dept-2021-10-14/
All dis guy's fault.......
way moar to dis than just one or two test pilots.
They knew wut was going on with this at the highest level-saying they did not is just disingenuous.
They all try it though at some point.
SPICE98 USAF E-4B Nightwatch back up from Wright-Patterson AFB (it's second departure from here today) and starting a refueling exercise with OKIE43 USAF KC-135 tanker over Iowa and Missouri