Send us a textThe new chief executive of FTX, an insolvency professional who oversaw the liquidation of Enron, has said that the bankruptcy of the crypto group is the worst case of corporate failure he has seen in more than 40 years.John Ray III, who was appointed to run the FTX bankruptcy, said in a US court filing that he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information”.Patrick's Books:Statistics For The Trading ...

Send us a textFTX, the cryptocurrency exchange recently valued at $32 billion dollars, has filed for bankruptcy protection in the US.The filing in Delaware federal court on Friday included the main FTX international exchange, FTX US a US crypto marketplace, Sam Bankman-Fried’s proprietary trading group Alameda Research and about 130 affiliated companies.In today's video we discuss what went wrong at FTX, and discuss the influencers who pitched FTX to their audiences.Patrick's Books:Statistics...

Send us a textThe term robber baron is frequently used to describe men like Cornelius Vanderbilt, John D. Rockefeller and Andrew Carnegie, along with other powerful 19th-century American industrialists. These men came from nowhere and made fortunes building out Americas industrial infrastructure. In their pursuit of wealth, they put railroads in place, provided energy to American homes and manufactured the steel that built American cities. Many of the 19th Century American industr...

Send us a textChina’s crackdown on property developers and its “Zero Covid" policy are harming its economy and the economies of countries selling raw materials to China. But there is an upside to Xi's actions, these policies are reducing inflationary pressures in the rest of the world. Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvCPatreon Page: ...

Send us a textRussian oligarchs have kept their money in London for twenty years, encouraged by British bankers' lawyers and politicians. Critics say that the 'London laundromat' cleans dirty money from kleptocrats all over the world. This video looks at where dirty money comes from, how money laundering works why it took Russia's invasion of Ukraine to put this issue in the spotlight. From One Hyde Park to Bishops Avenue. Where is oligarch money kept in London?Patrick's Books:Statistics...

Send us a textThe United States has introduced new export controls to restrict Chinese companies access to the most advanced computer chips which can be used to develop cutting-edge technologies with military applications.The commerce department announced these restrictions last week which will make it extremely difficult for Chinese companies to obtain or manufacture advanced computer chips and will slow their progress in artificial intelligence.The measures are also designed to make it much...

Send us a textThe Bank of England had to step in to calm markets after the British government's economic plan sparked a fall in the pound and caused borrowing costs to surge.The Bank warned that if the market volatility continued there would be a "material risk to UK financial stability."Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvCPatreon Page: htt...

Send us a textThe British pound plummeted on Friday after the government announced huge tax cuts in its mini-budget. It then plunged again on Monday, reaching $1.04 - the lowest level the pound has ever been against the dollar. Why is the British Pound Falling?Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/P...

Send us a textFrom 1991 through 2001, Japan experienced a period of economic stagnation and price deflation known as "Japan's Lost Decade." This was caused by the collapse of an asset price bubble in late 1991. The term originally referred to the 1990s, but the 2000s and the 2010s can be added to the list due to the country’s economic stagnation. We’ll look at the postwar Japanese economic miracle, the bubble economy of the late 1980’s and the lost decades that Japan has experienced since.&nb...

Send us a textVladimir Putin announced in a speech last month that Russia had weathered the worst of the Economic sanctions imposed by Western nations. He said that “gloomy predictions about the Russian economy’s future didn’t come true” and that the sanctions had hit foreign economies much harder than they had hit Russia. He added that “The weaponry of sanctions is a double-edged sword… and European countries had dealt a serious blow to their own economies all on their own.” So are the sanct...