According to data from SWIFT, the global messaging service for cash transactions, use of the euro has collapsed over the past nine months. Its share of transactions dropped from 38 percent in January to a measly 23.2 percent at the end of August – this is the lowest level recorded in at least 12 years.

It is now being acknowledged that Europe is more than likely already in a recession. And based on the old standards of calculating a recession, the U.S. is likewise in a recession – and heading towards a great depression that will be much worse than the first one.

All gains made by the euro from December 2022 through July 2023 have now been lost. And since mid-July, the common currency has lost another eight percent against the dollar – and is likely only just getting started in terms of its continued decline.

(Related: Back in August, India and the United Arab Emirates [UAE] completed their first dollar-free sale of oil in rupees rather than in petrodollars.)

The global economy is grinding to a halt as inflation continues to soar

Based on the new standards, the U.S. is expected to “officially” enter a recession in 2024 as the effects of monetary tightening take their toll. Some believe that the dollar will hold roughly steady through the winter months before dropping off a cliff next year.

As poorly as the U.S. is doing right now economically, the Eurozone is reportedly doing much worse. There, growth momentum is declining at the most rapid pace, while the U.S. economy has seemingly magically continued to “hang in there.”

Factory job losses across Europe are increasing as new orders decline and business confidence deteriorates. In its 26-year history, the Eurozone HCOB PMI report has never seen this severe of a decline in new product orders across Europe.

The European car sector is struggling as well, and EU leaders have launched their own probe into illegal state subsidies in the Chinese car sector. It remains to be seen what will become of the trade relations between the EU and China moving forward.

“At the end of the day, we believe that the most likely scenario is a negotiated settlement that would either result in some protective measures and / or entails an agreement on Chinese investments in Europe in either the car or the battery sector,” reported Zero Hedge.

The European Commission says it will also assess the risks of four critical technologies: semiconductors, artificial intelligence, quantum technologies and biotechnologies such as vaccines and genome sequencing. The aim is to ensure that these technologies are not “being weaponized by countries not aligned with its values.”

For the first time since April, there has also been an acceleration in the rate of inflation both here and abroad. There have likewise been substantial increases in energy prices, particularly during the month of September.

“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks,” reads a statement from Reserve Bank of Australia (RBA) head Michelle Bullock about the dire situation there.

All in all, the global economic climate is getting uglier and uglier as it nears falling off a cliff, never again to return to what it once was.

The end of Western dominance over world affairs is now in sight. Learn more at Collapse.news.

Sources for this article include:

• ZeroHedge.com
• Newstarget.com

The system went live with its euro transactions last week, and the first payment in euros on its platform was carried out by the German company Siemens.

JPM Coin was originally launched in 2019 for dollar payments with the aim of offering clients a payment rail that uses blockchain. It allows large multinational clients to transfer money between accounts with the bank around the world and make payments to one another via blockchain technology rather than traditional payment methods.

So far, it has processed around $300 billion worth of transactions using JPM Coin. However, this is just a fraction of the firm’s daily transaction volume of almost $10 trillion via conventional banking methods.

The system allows customers to make payments around the clock and executes them faster than traditional transactions, which are only processed during business hours in most cases. It also allows customers to initiate payments that are not due yet.

The head of Coin Systems for Europe, the Middle East and Africa for JPMorgan, Basak Toprak, said: “There are cost benefits to paying at the right time. This could mean they could earn more interest income on their deposits.”

When JPMorgan introduced its system in 2019, it was the first major American bank to introduce its own digital token. Announcing the dollar-denominated coin in a blog post, they explained that the JPM coin was “not money per se.”

“It is a digital coin, representing United States dollars, held in designated accounts at J.P. Morgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time,” they clarified.

JPMorgan Chase fined $4 million by SEC for deleting subpoenaed emails

The move comes as JPMorgan Chase faces a $4 million fine by the U.S. Securities and Exchange Commission over its mismanagement of internal communications. The bank was accused in 2019 of deleting 47 million emails belonging to its retail banking group during the first four months of 2018; securities laws stipulate that financial firms are required to keep their business records for at least three years.

The emails, many of which were sought by subpoenas in a series of regulatory investigations, were permanently deleted and could not be recovered. Some of the lost emails could also be related to other impending legal matters and investigations in the future. They came from the inboxes of around 7,500 employees in JPMorgan’s retail banking sector.

The bank has stated that it is taking steps to avoid similar situations in the future. It agreed to sanctions from the SEC and instituted a new retention coding system to prevent mistakenly deleting emails. Any employees who try to delete emails must now obtain approval from superiors before proceeding.

The latest incident marks the third time the bank agreed to a punishment for its failure to comply with electronic record preservation regulations. They also agreed to pay $125 million in penalties for their failure to preserve text messages and other types of electronic communication related to banking transactions that were sent between 2018 and 2020. Back in 2005, they were hit with $700,000 in penalties for not saving electronic records from 1999 to 2002.

Sources for this article include:

• CoinTelegraph.com
• PYMNTS.com
• NATURAL NEWS