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#currencies

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🔴 🇺🇸 💲 **Collapse of the dollar shows ‘the biggest damage right now is to the U.S. brand’**

_“What we are going through now is worse than when former President Nixon took us off the gold standard in August 1971,” said Marc Chandler, the New York-based chief market strategist for Bannockburn Global Forex._

🔗 marketwatch.com/story/the-coll.

Fears of a sharp downturn in the global #economy have sent #markets convulsing again, w/action focused on #currencies & #bonds as the escalating #US#China #TradeWar has investors fleeing #dollar-based assets.

Stock futures in Europe pointed to a subdued open but the Swiss #franc reached a 10-yr high & the #yen was its strongest in 6 months. #Gold prices resumed their march to successive record highs & the #euro rose to levels not seen since Feb 2022.

King dollar no more.

#Markets tumble over #TrumpTariffs, world leaders brace for his next moves

Global #StockMarkets & #currencies tumbled over concerns that the #tariffs would trigger an economically damaging #tradewar. Futures for #WallStreet's S&P 500 fell >1.7% BEFORE the opening bell, on the heels of the year's biggest daily losses….

Sun after returning from his Mar-a-Lago estate, #Trump indicated that the 27-nation #EU would be next in the firing line….

#economy #idiocracy
reuters.com/world/us/trump-say

“When he moved to #PuertoRico in 2017, Mr. Pierce, an investor in a range of experimental crypto ventures, made headline-grabbing promises to revive the local economy, with the help of a #techbro brain trust. Best known for his role in the creation of #Tether, one of the world’s most popular #digital #currencies, Mr. Pierce led a wave of industry migrants to Puerto Rico, many of whom started buying land and trumpeting a project they called #Puertopia — the transformation of the U.S. territory into a hub for #crypto #investors and #technology #startups.

‘If you’re an American, and you’re in crypto, you have to at least take the trip,’ Mr. Pierce said in 2019.”

#nytimes <nytimes.com/2024/08/13/technol>

The New York Times · Tether Co-Founder Faces the Unraveling of a Crypto DreamBy David Yaffe-Bellany