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Wall Street Journal
3 hours ago
- Wall Street Journal
The Most Exclusive Credit Cards Are About to Get Even More Expensive
When JPMorgan Chase said it was raising the annual fee by 45% on its popular Sapphire Reserve credit card, longtime cardholder David O'Brien didn't notice. 'My eyes glaze over with this stuff,' said the 36-year-old New York lawyer.
Yahoo
4 hours ago
- Yahoo
Peter Schiff Says He Intends To Launch Gold-Backed Stablecoins, Deems Dollar As A 'Flawed' Fiat Currency
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Financial commentator Peter Schiff expressed his intent to launch a gold-backed stablecoin Thursday, questioning the value of those backed by the U.S. dollar. What Happened: Schiff responded to a comment on X that he should launch a gold-backed stablecoin. 'They already exist. But I do intend to launch my own,' Schiff replied. Many users soon converged on this post, with some even suggesting names for the initiative, such as SchiffCoin, while others called it a genuinely 'good idea.' It wasn't immediately clear whether Schiff was making a joke or genuinely interested in tying cryptocurrency to the asset he passionately supports. Benzinga reached out to entities connected to Schiff, such as SchiffGold, to gather additional information. The article will be updated when they respond. Trending: Your Crypto, Locked Down: Store Bitcoin, Ethereum, and more, with the Ledger Nano S Plus — .The conversation started on his original post, where he called the dollar a 'flawed' fiat currency and instead supported having a token purely backed by gold. 'I get Bitcoin, but not U.S. dollar stablecoins. If you're going to introduce a third party custodian, why settle for a token backed by a flawed fiat currency like the dollar, when you can own one backed by gold?,' he stablecoins do exist, with Tether Gold (CRYPTO: XAUT) and PAX Gold (CRYPTO: PAXG) among the most well-known. Year-to-date, the two coins have gained over 28%, matching the gains in the yellow It Matters: Schiff's views on stablecoins have been clear for some time. He has expressed doubts about the potential of stablecoins to maintain the U.S. dollar's dominance, suggesting their primary use would be in cryptocurrency trading. The discussion around stablecoins has picked up momentum, especially after the passage of the stablecoin bill by the Senate. President Donald Trump praised the move and urged Congress to get it on his desk without delay. Interestingly, Schiff established a personal 'Strategic Bitcoin Reserve,' promising not to sell any of it, in a move seen as a mockery of a similar declaration by President Donald Trump. Read Next: Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Photo courtesy: Shutterstock This article Peter Schiff Says He Intends To Launch Gold-Backed Stablecoins, Deems Dollar As A 'Flawed' Fiat Currency originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Yahoo
Top economist who previously sounded the alarm on tariffs sees a possible scenario where Trump ‘outsmarted all of us'
Torsten Sløk, chief economist at Apollo Global Management, laid out a potential scenario where President Donald Trump's tariffs are extended long enough to ease economic uncertainty while also providing a significant bump to federal revenue. That comes as the 90-day pause on Trump's 'reciprocal tariffs' is nearing an end. Businesses and consumers remain in limbo over what will happen next with President Donald Trump's tariffs, but a top economist sees a way to leave them in place and still deliver a 'victory for the world.' In a note on Saturday titled 'Has Trump Outsmarted Everyone on Tariffs?', Apollo Global Management Chief Economist Torsten Sløk laid out a scenario that keeps tariffs well below Trump's most aggressive rates long enough to ease uncertainty and avoid the economic harm that comes with it. 'Maybe the strategy is to maintain 30% tariffs on China and 10% tariffs on all other countries and then give all countries 12 months to lower non-tariff barriers and open up their economies to trade,' he speculated. That comes as the 90-day pause on Trump's 'reciprocal tariffs,' which triggered a massive selloff on global markets in April, is nearing an end early next month. The temporary reprieve was meant to give the U.S. and its trade partners time to negotiate deals. But aside from an agreement with the U.K. and another short-term deal with China to step back from prohibitively high tariffs, few others have been announced. Meanwhile, negotiations are ongoing with other top trading partners. Trump administration officials have been saying for weeks that the U.S. is close to reaching deals. On Saturday, Sløk said extending the deadline one year would give other countries and U.S. businesses more time to adjust to a 'new world with permanently higher tariffs.' An extension would also immediately reduce uncertainty, giving a boost to business planning, employment, and financial markets. 'This would seem like a victory for the world and yet would produce $400 billion of annual revenue for US taxpayers,' he added. 'Trade partners will be happy with only 10% tariffs and US tax revenue will go up. Maybe the administration has outsmarted all of us.' Sløk's speculation is notable as he previously sounded the alarm on Trump's tariffs. In April, he warned tariffs have the potential to trigger a recession by this summer. Also in April, before the U.S. and China reached a deal to temporarily halt triple-digit tariffs, he said the trade war between the two countries would pummel American small businesses. More certainty on tariffs would give the Federal Reserve a clearer view on inflation as well. For now, most policymakers are in wait-and-see mode, as tariffs are expected to have stagflationary effects. But a split has emerged. Fed Governor Christopher Waller said Friday that economic data could justify lower interest rates as early as next month, expecting only a one-off impact from tariffs. But San Francisco Fed President Mary Daly also said Friday a rate cut in the fall looks more appropriate, rather than a cut in July. Still, Sløk isn't alone in wondering whether Trump's tariffs may not be as harmful to the economy and financial markets as feared. Chris Harvey, Wells Fargo Securities' head of equity strategy, expects tariffs to settle in the 10%-12% range, low enough to have a minimal impact, and sees the S&P 500 soaring to 7,007, making him Wall Street's biggest bull. He added that it's still necessary to make progress on trade and reach deals with big economies like India, Japan and the EU. That way, markets can focus on next year, rather near-term tariff impacts. 'Then you can start to extrapolate out,' he told CNBC last month. 'Then the market starts looking through things. They start looking through any sort of economic slowdown or weakness, and then we start looking to '26 not at '25.' This story was originally featured on
