Money, gold and geopolitics
In the future, Turkey will play an important role in the European energy supply. The construction of various new pipelines will create a southern transport route to bring natural gas from Russia and Azerbaijan to the European market.
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The Federal Reserve announced new long-term repo operations to avoid liquidity problems in the money market by the end of the year. In addition to daily and 14-day repo operations, new liquidity injections of 28 and 42 days will be made.
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Long-term low interest rates may jeopardize the profitability of US banks and encourage bankers to engage in risky behavior, which could jeopardize financial stability, the Federal Reserve said in a new report published on Friday.
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Instead of bolivars, the central bank of Venezuela is increasingly distributing euro banknotes to its own banking sector. As a result, the euro is gaining market share in domestic payments, at the expense of the virtually worthless bolivar.
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After Hungary and Poland, Serbia has also recently added gold to its reserves. On the recommendation by President Aleksandar Vucic, the central bank bought 9 tons of gold in October. As a result, the country’s total gold stock rose to 30.4 tonnes, about 10% of total reserves.
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Mario Draghi will go down in history as one of the greatest ‘monetary fools’. That’s what former head of the Federal Reserve Bank of Dallas, Richard Fisher, said in an interview with Bloomberg.
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Europe is still Russia’s most important trading partner, but in recent years the Russians have shifted their focus more to the east. As a result, China is taking away an ever-increasing share of the EU’s market.
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After Deutsche Bank, also Commerzbank wants to pass on negative interest rates to its customers. In addition to large companies also smaller companies and wealthy individuals will have to pay interest on their bank balances.
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China will invest €600 million in the port of Piraeus. That is the result of a state visit to Greece by the Chinese president Xi Jinping.
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The French President, Emmanuel Macron declared NATO brain dead because there is no longer effective coordination within the military alliance.
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Nord Stream 2 is important for Europe’s energy supply, because we are still largely dependent on natural gas. Declining domestic production and increasing demand means that Europe needs new supply routes.
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