The price chart highlights the risk zones. Support lies at $1.00, followed by $0.84 and $0.71. A break below $0.71 could see TWT suffer deeper losses towards $0.63. On the upside, only a daily close above $1.42 — and ideally $1.63 — could invalidate the bearish setup and give the market renewed confidence in the TWT rally.
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Therefore, for fiat currencies to work effectively, governments need to be able to fulfill their promises and not abuse the system. The approach taken by the United States and most developed market economies is to give central banks clear objectives (usually in the form of inflation targets) and operational independence. Elected officials typically exercise some oversight over central banks to ensure democratic accountability. With the exception of a brief post-COVID-19 spike in inflation, this system of clear objectives, operational independence, and democratic accountability has achieved low and stable inflation in major economies since the mid-1990s (Figure 6).
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If the very definition of an investment portfolio changes, then where we store our wealth will also change. Few areas demonstrate this shift more clearly than today's banks. Banks capture 97% of all banking revenue, leaving only about 3% for fintech platforms. This is a classic Matthew effect: banks generate the majority of revenue because they currently hold the majority of capital. But is it possible to build a business by divesting from monopolies and owning specific capabilities?
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