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The dollar is finished as the world’s currency, analysts predict

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Recently retired financial analyst Richard X. Bove has predicted that China will surpass the United States in terms of economic power, causing the US dollar to dramatically collapse.

Bove, an 83-year-old banking expert known for his often unconventional predictions, has declared that “the dollar is finished as the world’s reserve currency.”

Bove’s proclamation, although attention-grabbing, aligns with the long-term outlook shared by many analysts, suggesting that China is on track to become the world’s leading economy within the next decade.

Property sector

Despite China’s recent economic challenges, including the collapse of its property sector, which constitutes approximately a quarter of its economy, Bove remains steadfast in his prediction.

In contrast, the US economy has demonstrated resilience, exceeding expectations in the final quarter of the previous year.

Bove explained that his prediction is not echoed by other analysts because they are unwilling to challenge the mainstream financial system that sustains their livelihoods.

He likened them to “monks praying to money,” emphasizing their dependence on the existing financial establishment.

Audacious predictions

Throughout his illustrious career, Bove has made several audacious predictions, some of which have proven accurate. Notably, he predicted the 2008 housing crisis three years before it occurred in a 2005 report titled “This Powder Keg Is Going To Blow.”

Bove’s career has been marked by controversy, with his unconventional forecasts occasionally sparking criticism within the industry.

He was terminated from two prominent firms, Dean Witter Reynolds and Raymond James, with Dean Witter Reynolds citing his excessively bullish stance on bank stocks as the reason for his dismissal.

He also faced legal disputes, including a lawsuit from BankAtlantic over a critical 2008 research report they considered defamatory.

Despite mixed opinions in the financial world, influential figures like Jamie Dimon, the CEO of JPMorgan Chase, have expressed support for Bove’s insights, while others like Bank of America’s Brian Moynihan hold a contrasting view.

Growth rates

Bove’s latest forecast is consistent with the projections based on current growth rates, indicating that China’s GDP will surpass that of the US within the next decade, as reported by World Economics.

Although the US economy displayed robust growth in the last quarter of the previous year, while China faced challenges in its property sector, Bove’s long-term outlook remains unchanged.

The US economy outperformed expectations with GDP expanding at a rate of 3.3 percent in the fourth quarter, surpassing the anticipated 2 percent growth rate.

The continued strength of the US economy, coupled with its consumers’ willingness to spend despite high interest rates and prices, contributed to the unexpected resilience.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Bitcoin surges closer to all-time high

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Bitcoin surged to new heights on Monday, inching ever closer to its all-time high as the cryptocurrency market continued its bullish momentum following a weekend pause.

The flagship cryptocurrency recorded a remarkable 7.65% increase, reaching a price of $67,608.30, according to data from Coin Metrics.

Earlier in the day, it peaked at $67,977.77, marking its highest level since November 2021 when it achieved its previous all-time high. Ether, the second-largest cryptocurrency, also experienced gains, rising by 3.41% and trading near January 2022 highs at $3,588.83.

Both bitcoin and ether are riding the wave of their best week in almost a year, with bitcoin witnessing a 21% surge and ether climbing by 16%.

However, the weekend saw a temporary halt in their ascent as the market absorbed two days of significant outflows from the Grayscale Bitcoin Trust (GBTC), which were offset by inflows into other newly launched bitcoin exchange-traded funds (ETFs).

Market dynamics

Antoni Trenchev, co-founder of crypto exchange Nexo, noted the influence of these new ETFs on market dynamics, suggesting that major movements are now occurring during regular trading days rather than weekends. He emphasized the potential for explosive price action amidst strong demand from these new spot ETFs.

Although bitcoin currently stands around 3% below its intraday record of $68,982.20, it continues to uplift other crypto tokens, particularly meme coins like Dogecoin and Shiba Inu coin, which surged by 14% and 45% respectively.

Analysts interpret this as a sign of renewed interest from retail investors in the crypto market, as meme tokens’ weekly trade volume recently reached its highest level since late 2021.

Meanwhile, the rally in crypto equities varied, with Coinbase and Microstrategy experiencing gains of 11% and 24% respectively, while miners witnessed a downturn.

Companies such as CleanSpark, Cipher Mining, Iris Energy, Marathon Digital, and Riot Platforms faced declines ranging from 5% to 7% as concerns over the upcoming halving event in April weighed on investor sentiment.

Although some analysts foresee potential short-term corrections due to extreme profit margins, long-term investors remain optimistic.

They anticipate sustained upward momentum driven by increasing demand through new U.S. ETFs and tightening supply post-April halving.

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Taxing times: 64% of Aussies think they pay too much tax

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As the cost of living continues to rise, a staggering 64% of Australians are voicing their concern over the amount of tax they pay annually, according to recent research conducted by Finder, Australia’s leading comparison site.

The survey, which polled 1,004 respondents, found that nearly two-thirds of Australians, equating to approximately 13 million individuals, feel burdened by the tax they contribute each financial year.

Of particular note is the sentiment among millennials, with a striking 80% expressing dissatisfaction with their tax contributions. Following closely behind are Gen Xers, with 72% sharing similar sentiments. Comparatively, Gen Z (63%) and baby boomers (39%) exhibit less discontent with their tax obligations.

Sarah Megginson, a personal finance expert at Finder, highlighted the strain that the cost of living imposes on individuals’ financial situations.

“Budgets are stretched thin, with many struggling to make ends meet,” she noted. “While inflation is trending downwards, the financial burden remains heavy for a significant portion of Australians.”

Tax hope

However, there is a glimmer of hope on the horizon.

The Australian government has announced plans to implement tax cuts commencing July 1, aimed at providing relief to taxpayers grappling with the escalating cost of living.

According to Finder’s analysis, Australians earning between $45,000 and $135,000 annually stand to benefit from a further tax cut of $804, in addition to previously announced reductions.

This translates to a substantial increase in disposable income, potentially alleviating financial strain for many households.

For instance, an individual earning the median Australian income of $83,200 could expect a tax cut of $1,759 over 12 months, nearly double the previous $955 reduction.

Meanwhile, those earning over $200,000 annually will receive approximately $4,529 under the new stage 3 tax cuts, compared to $9,075 under the previous scheme.

Money back

Megginson emphasized the significance of this financial injection in easing the burden of everyday expenses.

“Those struggling with everyday costs will see more money back in their pocket to help battle expenses,” she remarked.

“If your budget allows, stashing some of this extra cash is a wise move. Every bit helps build a buffer for those unexpected rainy days.”

Megginson advised individuals to explore avenues for potential savings, such as switching service providers to reduce expenses. For those unable to save, she recommended allocating the extra funds towards paying down debt and bills to alleviate financial pressure.

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Anticipation builds for US jobs data and it’s global impact

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What to expect on. a global scale as investors brace for key U.S. employment figures.

Investors and economists are eagerly awaiting the release of the latest US jobs data, anticipating its potential impact on global market trends.

The numbers are expected to provide crucial insights into the health of the world’s largest economy and may influence investment decisions and market sentiments worldwide.

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