Seeds of Wisdom RV and Economic Updates Sunday Afternoon 1-5-25
Good Afternoon Dinar Recaps,
RIPPLE GOES ON HIRING SPREE IN U.S.
Ripple CEO Brad Garlinghouse has revealed that 75% of the company's open job offers are in the U.S. This is a stunning reversal compared to the previous years, during which the enterprise blockchain company conducted the majority of hiring abroad.
As of now, Ripple has 31 job openings in San Francisco and New York, with most of them being within the engineering sector.
Garlinghouse claims that SEC Chair Gary Gensler "froze" its business opportunities at home for years. On the cusp of the SEC lawsuit that was filed in December 2020, Ripple considered its global headquarters outside the U.S.
Ripple's Garlinghouse also claimed that 95% of the company's customers were not from the U.S. during an interview with CNN's Julia Chatterley. However, it ultimately decided to stay in its home country despite regulatory hostility and legal issues. In 2022, Garlinghouse said that the company was operating as if it had already lost by hiring more people outside of the U.S.
Ripple executives have repeatedly criticized the SEC for harming the cryptocurrency industry. In 2023, the Ripple boss revealed that the company was still doing a whopping 80% of its hiring outside the U.S. However, now that Gensler has confirmed his departure, the company has started a hiring spree on its home turf.
@ Newshounds News™
Source: U Today
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BRICS NEWS: BRICS: INDIA LIKELY DUMPING THE U.S. DOLLAR
BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters.
The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee.
On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets.
This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar.
The RBI is “likely keeping a check on any sharp declines,” said a currency trader on the condition of anonymity. The state-run banks were spotted offloading the U.S. dollar on behalf of the RBI. BRICS country India fears that a declining rupee will lead to inflation in the country that stems out of the imports and exports sector.
Therefore, the rise of the U.S. dollar is worrisome as it could wreak havoc on the Indian economy.
BRICS: U.S. Dollar vs Indian Rupee
The Indian rupee is hanging on a thread against the U.S. dollar and the BRICS member now remains under pressure. Trump’s re-election ignited a rally for the USD making it touch a high of 109.08 in the DXY index.
“The U.S. dollar in the New Year is basically carrying from where it left in 2024. It looks like this dollar rally will not relent till at least the Trump inauguration,” said a currency trader at a bank to Business Insider. “I am a bit surprised that we did not see a bigger pop (on dollar/rupee)” considering the dollar’s up move, he said.
@ Newshounds News™
Source: Watcher Guru
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WHY PROPERTY TAX IS ILLEGAL
“I sincerely believe that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale” - Thomas Jefferson, 1816
“They who can give up essential Liberty to obtain a little temporary Safety, deserve neither Liberty nor Safety” - Benjamin Franklin
@ Newshounds News™
Read the Story Here: ZeroHedge
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