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Robert Kiyosaki’s Stark Warning: World Economic Crash on Horizon, No Soft Landing Expected
Rich Dad Poor Dad author Robert Kiyosaki has reiterated his concerns about the U.S. economy, predicting investor losses amidst bank failures and a global economic crash. “For many years I have warned, ‘Buy gold, silver, bitcoin.’ We are not going in for a soft landing,” he stressed. Robert Kiyosaki Sees No Soft Landing Rich Dad […]
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US Treasury Secretary Janet Yellen Declares ‘Soft Landing’ Reached, Americans Recovering Optimism
Janet Yellen, U.S. Treasury Secretary and former Chairman of the U.S. Federal Reserve, believes that the recent improvements in the American economy show that the country has achieved a soft landing. For Yellen, the recent low figures of inflation and the strength of the labor market are signs of this scenario.
Janet Yellen Declares U.S. Economy Reached ‘Soft Landing’ Scenario
U.S. Treasury Secretary Janet Yellen believes that the U.S. economy has improved during the last six months, declaring that she feels that what they are seeing now can be described as a soft landing, which happens when the measures taken by the Federal Reserve, as interest rate hikes, slow down inflation without causing a recession.
According to Yellen, this is what the Federal Reserve has achieved, taking the latest labor markets and inflation numbers into account. Supporting her statements, Yellen explained that the labor market hadn’t slowed down, with 23 months in a row with the unemployment percentage under 4%, something not seen in 50 years, and 216,000 jobs added in December.
In an X post, Yellen stated:
The American people, workers, and businesses have helped put us on a path to a soft landing. The President’s economic agenda is giving them the tools they need to grow the economy, including historic investments in infrastructure, clean technology, and semiconductors.
Yellen also remarked on the advances that the economic apparatus of the U.S. had reached, achieving a steep inflationary decline during the last six months. However, he acknowledged that there is more to do on the inflationary front concerning housing and food prices, that have remained high. Also, she stated that polls have started to show that Americans are becoming more optimistic about their future.
Yellen’s recent remarks are consistent with her statements from December when she stressed that, even when there was always a recession risk, she didn’t believe it was particularly high at that moment, explaining that people would start feeling better about the economy gradually over time.
What do you think about Janet Yellen’s statements on reaching a soft landing scenario? Tell us in the comments section below.
Treasury Secretary Janet Yellen Discusses US Economy, Recession Risk, Soft Landing
U.S. Treasury Secretary Janet Yellen believes that inflation has come down meaningfully but there’s still further to go for the Federal Reserve to achieve its 2% inflation target. She noted that the central bank has two risks to manage. “One is that inflation doesn’t come down back to their target as they envisioned, and the other is that the economy becomes too weak,” she detailed.
Yellen Discusses U.S. Economy
U.S. Treasury Secretary Janet Yellen discussed the state of the U.S. economy in an interview with CNBC on Wednesday as the Federal Reserve left interest rates unchanged for the third consecutive time.
While stating that “Inflation has come down meaningfully,” Yellen cautioned: “There’s further to go for the Fed to achieve its 2 percent objective, but I think we’re on a path, and you can see a consistent pattern in inflation coming down over time.” The U.S. November Consumer Price Index rose 3.1% on an annual basis.
Regarding whether the U.S. economy will slide into a recession, Yellen said:
Well, I believe in any year, even if you knew nothing about the economy, there’s a recession risk that’s over 10%. So, there is always some recession risk. I don’t think it’s particularly high. Consumer spending, we have seen remain solid.
“Gradually over time, I think people will feel better about the economy,” Yellen emphasized while admitting that people have noticed that “the level of prices in some cases is higher than it was before the pandemic.” She mentioned: “They notice their bills, certain bills are higher. Rent would be a very good example. Apartment rentals, for example.”
Yellen also reiterated her view that the U.S. economy is heading for a soft landing, adding that she saw a reasonable chance that growth would continue in 2024. “I think there’s a reasonable chance we get it. I think that we’re on that path. My baseline is that we’ll achieve a soft landing,” the Treasury Secretary described.
Commenting on whether the Federal Reserve will cut interest rates next year, Yellen opined: “As inflation moves down, it’s in a way natural that interest rates should come down somewhat because real interest rates would otherwise increase, which can tend to tighten financial conditions.” She continued:
They have two risks to manage. One is that inflation doesn’t come down back to their target as they envisioned, and the other is that the economy becomes too weak … I’m going to leave that call to them.
What do you think about the statements by Treasury Secretary Janet Yellen? Let us know in the comments section below.
World Gold Council Anticipates Flat Performance In ‘Soft Landing’ Scenario
The World Gold Council (WGC) is anticipating a flat demand for the precious metal in the expected case of a “soft landing” scenario. However, the institution states that a recession is still not off the table, given that the U.S. Federal Reserve has managed only to pull off two soft landings in nine tightening cycles.
World Gold Council Examines Gold Demand in Various Scenarios
The World Gold Council (WGC) has released its 2024 Gold Outlook report, which examines the possible behavior of the gold markets for next year. According to the institution, the most likely scenario, expected by the markets due to the prediction of growth ahead, is a U.S. economy “soft landing,” forecasting that the Federal Reserve will be able to lower inflation without setting up a decline in the country’s economy.
Gold would not be favored in this scenario, as investors historically have favored bonds and stocks instead. However, a soft landing, albeit expected, is still not sure to happen. According to the report, a recession is still not off the table, given that seven of nine tightening cycles of the Fed have resulted in recession. The behavior of the labor market will be significant, as its situation has considerably worsened in recent months.
In this context, the WGC predicts a favorable outcome for gold investors, with markets taking a “flight to safety” approach. The report stated:
If a recession becomes a reality, weaker growth will help push inflation back towards central bank targets. Such an environment has historically created a positive environment for high-quality government bonds and gold.
In addition, the geopolitical events happening on the planet, including war, conflicts, elections, and above-trend gold purchases by central banks that have escalated historically during the last two years, might also boost gold’s performance as an investment asset in 2024.
How do you think gold will perform in 2024? Tell us in the comments section below.
Economist Peter Schiff: US Dollar Near ‘Historic Crash’ — ‘Forget Soft Landing, It’s Crash and Burn’
Economist Peter Schiff has warned that the U.S. dollar is “on the verge of a historic crash.” He stressed that there won’t be a soft landing for the U.S. economy, predicting a “crash & burn” scenario. Schiff highlighted the potential for increased inflation, rising interest rates, and elevated unemployment. “The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation,” he noted.
Peter Schiff’s Latest Economic Warnings
Economist and gold bug Peter Schiff is back with gloomy economic predictions in a series of posts on social media platform X. He wrote on Tuesday:
The U.S. dollar is on the verge of a historic crash. This will be a game changer for the Fed and the economy, as it will send inflation, interest rates, and unemployment soaring. Forget about a soft-landing. It’s crash & burn.
He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternative.”
On Wednesday, the economist explained on X: “The U.S. economy is already in recession. Though Q3 GDP grew by 5.2%, government spending contributed 5.5%. So without that spending, GDP would’ve contracted by .3%. Government spending borrowed money doesn’t reflect real economic growth. It will only lead to higher inflation.”
In another post on Wednesday, Schiff detailed: “Bonds are rallying on the Fed’s Beige Book acknowledgment that the economy is slowing. Bond investors should be careful what they wish for.” He continued:
The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation.
Schiff has consistently raised concerns about the U.S. economy and the fall of the U.S. dollar. In October, he stated: “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He cautioned that individuals holding U.S. dollars would face significant losses. Furthermore, the economist has warned of the potential for a severe recession, an inflationary depression, an “unprecedented” financial crisis, and a tragic ending. In September, he said a “massive crisis” will lead to a rush to exit the U.S. dollar.
What do you think about the statements by economist Peter Schiff? Let us know in the comments section below.
‘Soft Landing Is a Primary Objective’ — Federal Reserve Signals One More Rate Hike in 2023
Based on the U.S. Federal Reserve’s forecasts, it appears that the central bank is poised to enact an additional hike to the federal funds rate by the end of 2023. The news comes in the wake of the Federal Reserve’s decision to leave the interest rate unchanged during its recent gathering of the Federal Open Market Committee (FOMC). Jerome Powell, the chairman of the Federal Reserve, emphasized this week that the central bank’s strategy entails supporting “the policy rate and await further data.” He underlined the importance of maintaining a “restrictive policy” to achieve the desired goal of curbing inflation.
Powell: A Soft Landing Is What ‘We’ve Been Trying to Achieve for All This Time’
During the recent FOMC gathering, the U.S. central bank opted to maintain the status quo on interest rates. The FOMC’s official statement underlined the “sound and resilient” nature of the U.S. banking system, even in the face of tightened credit conditions affecting businesses and households nationwide. The central bank remarked, “Recent indicators suggest that economic activity has been expanding at a solid pace.”
Following the meeting, Jerome Powell, the Federal Reserve chairman, engaged with the media in a press conference to discuss the state of the U.S. economy. In a dialogue with numerous reporters representing various news outlets, Powell articulated his long-held belief in the feasibility of a “soft landing,” a conviction he has held since the emergence of inflation pressures. Powell further emphasized:
A soft landing is a primary objective. And I did not say otherwise. I mean, that’s what we’ve been trying to achieve for all this time. The real point, though, is the worst thing we can do is to fail to restore price stability, because the record is clear on that.
The U.S. central bank has unveiled its forward-looking projections, and Federal Reserve members have underscored the likelihood of the federal funds rate climbing to 5.6% by year-end. While approximately seven Fed officials voiced reservations about this rate hike, a consensus of twelve members is firmly in favor. Currently, the CME Fedwatch tool indicates that investors are foreseeing this increase materializing in December.
As of September 21, 2023, the Fedwatch tool registers a 68.6% probability of the rate holding steady, with a 31.4% chance of an upward adjustment at the forthcoming FOMC meeting in November. Two more Fed gatherings are scheduled for this year. Furthermore, following the Federal Reserve’s deliberations, the Bank of England and the Swiss National Bank have also elected to maintain the status quo on their interest rates. On Thursday, all four primary U.S. indices closed in negative territory, while the cryptocurrency market experienced a 1.4% dip over the course of 24 hours.
In the realm of precious metals, such as gold and silver, relative stability has prevailed following the FOMC meeting. Concurrently, lending rates in the United States have been facing substantial pressure, as reported by The Kobeissi Letter on Thursday, which noted that the “average interest rate on a 30-year mortgage rises to 7.59%, its highest since December 2000.”
“With interest rate cuts now no longer expected until September 2024, it is likely we see 8% mortgages soon,” Kobeissi posted to the social media platform X. “On top of the Fed holding rates higher for longer, US deficit spending is so large that .9 trillion in bonds are being issued over 2 quarters. This is flooding bond markets with supply and driving interest rates even higher. Currently, the median payment on a new home is nearing a record ,900/month. What’s the long-term plan here?”
What do you think about the Fed raising the federal funds rate one more time before the end of 2023? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Developers Set Soft Deadline for Network Upgrade
The post Ethereum Developers Set Soft Deadline for Network Upgrade appeared first on DCEBrief.
Gifcoin Crowdsale Surpasses Soft Cap, Updates Roadmap and Rebrands VitalBet to buff88
GIFcoin, short form for Gambling Investment Fund, is backed by an already functioning, profitable business VitalBet.com. The fund recently surpassed its set soft CAP of 5000 ETH after it entered the 5th stage of the ongoing ICO. VitalBet is a fully operational regulated online gambling portal, featuring popular casino, live casino, eSports, and virtual sports game offerings.
The recent milestone, achieved on April 25, 2018 comes amid a bearish crypto-market. It signifies that the project is on the right track with its product development and offering, while maintaining transparency throughout. The GIFcoin team has been actively sharing live updates with the community which is essential to build trust among the cryptocurrency community members.
The ongoing crowdsale, in its 5th stage, is offering an exclusive bonus of 15% to the participants.
The Recipe to Impressive Token Sale
The cryptocurrency industry has been under tremendous stress since the beginning of 2018. The bullish market that continued through the last quarter of 2017 suddenly inverted, causing massive fluctuations in cryptocurrency values. The situation has been dire, especially during the months of February and March. The uncertainties associated with the bearish market, combined with low cryptocurrency prices, almost eliminated the possibility of profitable investments until the GIFcoin token sale came along. Unlike other ICOs, the GIF price is set against ETH instead of fiat equivalent, which provided an opportunity for many to invest their crypto holdings in a project with a potential for long-term returns.
Uniqueness of GIFcoin and VitalBet Rebranding
It has become a common practice for projects to run token sale campaigns armed with no more than a website and a whitepaper describing the idea. Compared to such projects, GIFcoin is among the very few which have an existing profitable business operation to initiate an ICO.
VitalBet, the online gambling platform behind GIFcoin, has years of operational history, which, combined with unprecedented transparency and the future market potential in the gambling industry, has made investing in the crowdsale an attractive proposition.
The team behind VitalBet and GIFcoin are already working on their project roadmap, much before the ICO has come to an end. Recently, the project completed one of its roadmap goals by releasing a major update on its VitalBet platform, which is now rebranded to Buff88. The newly-released version of the platform comes with a slick design and top-notch user experience as promised in the roadmap.
Buff88 is created by focusing on the mindset of gamers. It includes an easy-to-use layout and betting options that are designed to entice both experienced as well as rookie players. With an attractive logo, and a catchy brand name, the platform allows players to place bets on over 25+ eSports. Another roadmap milestone achieved by the platform includes the inclusion of support for multiple cryptocurrencies. Players can deposit funds through BTC, ETH, LTC and 50 other altcoins.
GIF Token
GIF Token is a unit of investment in the Gambling Investment Fund. Those purchasing the tokens during the crowdsale gain an opportunity to earn passive income over the years to come. With a potential long-term, sustainable growth in sight, the platform is aiming to attain the hard cap of 24,000 ETH with the support of interested participants. Unlike other cryptocurrencies, the value of GIF tokens is connected to high growth-rate online gambling market, which makes its appreciation in value a certainty.
With the token sale proceeding in full-swing, potential investors, cryptocurrency enthusiast and ardent gamblers have a limited period opportunity to become part of VitalBet’s monumental growth story.
To know more about the platform, and participate in the GIFcoin crowdsale, please visit https://www.gifcoin.io.
The post Gifcoin Crowdsale Surpasses Soft Cap, Updates Roadmap and Rebrands VitalBet to buff88 appeared first on NewsBTC.
Soft, Hard or Velvet? New Fork Promises Crypto Upgrades Without Controversy
You’ve probably heard of “forks,” a way of making changes to cryptocurrencies. Now researchers are realizing there’s a new kind.
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