• Economist Peter Schiff has warned that the current financial crisis will be worse than in 2008.
• He argued that too much government regulation led to the 2008 crisis and now this one will be even worse due to quantitative easing.
• He believes that future rate hikes are pointless as they won’t offset the effects of quantitative easing.
Peter Schiff’s Financial Crisis Warning
Economist and gold bug Peter Schiff shared his outlook for the U.S. economy in a series of tweets this week, warning that the current financial crisis will be worse than in 2008 due to too much government regulation and quantitative easing (QE).
Cause of Crisis: Government Regulation & Quantitative Easing
Schiff explained that when the government „imposed lots of new banking regulations after the 2008 financial crisis, we were assured that what is happening right now would never happen again.“ However, he argued: One reason we had the 2008 financial crisis was too much government regulation. That’s why this crisis will be worse.“ This time it’s different,“ he said, noting that when the 2008 financial crisis started, the dollar rose and gold fell whereas this time it’s reversed due to investors expecting high inflation because of QE. He asserted that „the Fed caused the financial crises of 2008 and 2023“ by its policy mistakes and predicted back in 2009 that another financial crisis was coming eventually.
Rate Hikes Pointless Due To QE
Schiff further explained that QE is back with last week seeing a $300 billion increase on its balance sheet which wiped out four months worth of quantitative tightening (QT). By month end, its balance sheet could reach a new high making future rate hikes pointless as any effect will be more than offset by QE. He added that if QT was designed to lower inflation then QE would raise it leading to higher inflation overall.
Bailouts For Banks & Customers
The economist also touched upon recent bailouts of major banks such as Silicon Valley Bank and Signature Bank last Sunday by U.S Federal Reserve claiming: “The only way Fed can come close to achieving its 2% inflation target is to allow a worse financial crisis than 2008 to run its natural course, with no bailouts for banks or their customers”
In conclusion, Peter Schiff asserts his belief that another more severe global economic crash is looming due to bad policy decisions from governments across the world resulting from over-regulation and monetary stimulus programs such as quantitative easing which have failed to address underlying problems in our economy causing markets instability leading investors fleeing towards gold for safety
• The Nigerian Central Bank has issued operational guidelines for open banking in Nigeria.
• These guidelines are expected to enhance financial services efficiency and access.
• The CBN will provide and maintain an open banking registry for details of registered participants.
Nigerian Central Bank Unveils Open Banking Guidelines
The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines‘ objectives include ensuring „consistency and security across the open banking system.“
Customer Permissioned Data Sharing
The Central Bank of Nigeria said on March 7 that it had issued what it called the operational guidelines for open banking in Nigeria. According to the central bank, the guidelines are expected to foster the „sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.“ The guidelines are expected to enhance efficiency and access to financial services.
Open Banking Registry
To kick things off, the CBN said it will provide and maintain an open banking registry (OBR) which acts as the industry’s storehouse. „The OBR shall be a public repository for details of registered participants. Each participant shall be identified by its CAC [Corporate Affairs Commission] business registration number, which shall be the unique key across the OBR system. The OBR shall maintain an API interface, defined within these guidelines, which shall serve as the primary means by which API providers manage the registration of their API consumers,“ revealed CBN .
Meanwhile, in its circular,the CBN said all stakeholders are required to „ensure strict compliance“ with the guidelines as well as other regulations. For its part,the central bank said it will continue monitor developments and may issue guidance as may be appropriate..
In conclusion, these new operational guidelines have been developed by Nigerian Central Bank in order to promote competition ,enhance access to financial institutions and ensure consistency & security across Open Banking System .All stakeholders must strictly comply with these regulations otherwise they’ll face actions from authorities .
• NFT sales decreased by 32.32% in the last seven days compared to the previous week, with Ethereum accounting for 79.78% of total sales.
• The top five NFT collections in terms of sales this week are all Ethereum-based and include MG Land, Momoguro Holoself, Sewer Pass, Bored Ape Yacht Club and Otherdeed.
• Ordinal inscriptions through Emblem Vault’s v4 collection have made their way into this week’s market data, with sales reaching $4.25 million.
Overview of Non-Fungible Token Sales
Non-fungible token (NFT) sales experienced a significant drop in the last seven days compared to a spike in February. Of 19 different blockchains, Ethereum accounted for $148.56 million out of the total $186.20 million in NFT sales settled this week; however, ETH-based NFTs decreased by 37.78%. Meanwhile, Solana (SOL) NFT sales increased by 12.93%, reaching $17 million and Polygon recorded just over $6 million in sales – a decrease of 17.34%.
Top 5 Collections
The top five most popular collections based on sales over the past seven days include MG Land ($10M), Momoguro Holoself ($8M), Sewer Pass ($7M), Bored Ape Yacht Club ($6M) and Otherdeed ($5M). The most expensive NFT sold during this period was Sewer Pass #21,915 which sold six days ago for $1.63 million USD.
Ordinal Inscriptions Enter Market Data
Ordinal inscriptions from Bitcoin Punks and Counterparty-crafted collections such as Rare Pepe blockchain trading cards have entered market data via Emblem Vault version four (v4). This collection has seen an impressive 287% increase compared to last week’s figures at a total sale of $4.25 million USD – making it the eighth largest collection based on weekly sales volume overall.
Blur is still leading the market this week with 79.7% market share while OpenSea captured 14/9%. Over the past thirty days more than two billion dollars worth of NFTs were sold across both platforms combined according to cryptoslam data analysis metrics .
Overall non-fungible token (NFT) markets experienced a dip in performance over the past seven day but remain strong despite fluctuations due to high demand within digital collectibles space as well as decentralized finance (DeFi). Furthermore, Ordinal inscriptions are gaining popularity among buyers offering an alternative form of collecting rare digital items on blockchains such as Bitcoin or Counterparty while Blur remains ahead as one of leading platforms for purchasing these assets worldwide