Business
US Faces Economic Uncertainty Over the Decline of the US Dollar

The US is facing an economic catastrophe as the use of the US dollar as a global currency may fall to 40-45% within 2-3 years because of international trading with a new BRICS currency.
The United States experienced an economic catastrophe in March 2023. One of the most famous American banks, Silicon Valley Bank, ranked one of the top 20 banks in the United States with over $215 billion in assets, went bankrupt. The bank incurred a $1.8 billion loss due to the interest rate increase on US Treasury securities.
Days later, New York-based Signature Bank, with over $110 billion in assets, failed because its deposits exceeded the maximum permissible limits of the US Federal Deposit Insurance Corporation, while First Republic Bank, with over $215 billion in assets, saw its share price fall by 67% and Western Alliance Bancorporation fell by 90%.
Also, almost every major private bank in the United States has had its credit ranking downgraded. Before all of this, Silvergate Bank, another cryptocurrency-related institution, failed due to liquidity problems in the first week of March 2023.
Global demand for the US dollar falling
The manner American financial institutions are collapsing one after the other portends the Western superpower’s economic doom. These banks have a singular explanation for their failure, and it is related to the interest rate on US Treasury bonds.
As global demand for the US dollar falls, so do these bonds, and to keep them afloat, banks are forced to give higher interest rates, which eats into their liquidity.
When renowned economist Dr. Nouriel Roubini, also known as ‘Dr. Doom,’ who accurately predicted the 2008 global recession, not only predicts another global economic collapse but also warns that problems will last for a long period, possibly a decade or more.
De-dollarization would be one of the primary causes of the impending recession. Once thought to be the sole currency for global commerce, the US dollar is losing its luster and being replaced by other currencies.
Naturally, it will significantly affect the American economy and may lead to an economic disaster for the world’s leading superpower.
Let us attempt to grasp the concept of de-dollarization.
Historically, the value of any currency has been determined by the assets held by the nation issuing that currency. Until about a century ago, the British Pound was the most valuable worldwide currency, not the US Dollar.
Following World War I, America, which escaped relatively unscathed because the war was not fought on its soil and got the lion’s share of wartime gold reserves, began to replace the pound as a global trade currency.
The Bretton Woods Agreement
In 1944, the United States implemented the Bretton Woods Agreement, which promoted bilateral commerce in US dollars. Surprisingly, by the late 1960s, it was thought that keeping US dollars was more profitable than holding stocks or gold. As a result, its hoarding was widespread not only among people but also among countries.
After the London Gold Pool was disbanded in 1970, the Bretton Woods Agreement was nearly null and void, and Asian economies began to recover. On the other hand, the United States was confronting a negative balance of payment crisis due to massive Cold War and Vietnam War expenditures.
President Nixon canceled the US dollar’s convertibility into gold in 1971, detaching it from the worth of his country’s assets. As a result, the value of the US dollar was now determined by worldwide demand rather than assets held by the US government.
The advent of ‘Petro Dollars increased demand for the greenback, and to meet the demand, the US began printing more and more dollars.
Because the United States was the largest contributor to worldwide institutions such as the IMF and the World Bank, all payments were made in US dollars. Consequently, developing or underdeveloped countries were compelled to trade in US dollars with other countries. By the late 1990s, nearly 90% of worldwide trade was conducted in US dollars.
Bilateral currency swap agreements
Hoarding grew, and more money was printed to meet the demand. Today, instead of nearly $500 billion in US gold reserves, they have released nearly $4 trillion in hard currency and $38 trillion in US treasury bonds, nearly 80 times the total assets of the US Treasury.
The US believed that because its currency was in high demand in the market, it would continue to cruise on its artificial bubble. It has produced war-like situations worldwide in recent years, compelling countries to purchase more weapons, fuel, and other items from the global market, promoting trade in US dollars.
The Information Technology (IT) boom of the 1990s boosted demand even more because most of the top IT firms were American, and nearly 80% of the IT industry was based in the United States. American sanctions were also imposed on bilateral currency swap agreements between nations to discourage trade in other currencies.
Since 2014, when the US imposed economic sanctions on Russia and created roadblocks in its trade in US dollars, countries have considered alternatives to using the US currency.
The introduction of the Euro also assisted nations in breaking the US dollar’s monopoly. Over the last eight years, many nations have signed bilateral agreements to avoid a situation similar to Russia’s. Russia and China created payment gateways, and India and Russia signed a similar arrangement that linked the Reserve Bank of India and Russia’s Sistema Peredachi Finansovykh Soobscheniy. (SPFS).
The US dollar’s share has fallen.
Meanwhile, nations such as Brazil, China, Australia, Argentina, Egypt, the European Union (EU), Iran, Japan, Saudi Arabia, the United Arab Emirates (UAE), and Turkey signed bilateral treaties to break the monopoly of the US dollar.
As a result, the total circulation of the US dollar worldwide decreased considerably, as has greenback stockpiling. According to one estimate, the US dollar’s worldwide trade has dropped by more than 20% in the last four years.
This is evident in the International Monetary Fund’s foreign currency assets, where the US dollar’s share has fallen from 71% in 1999 to 57% in 2021 and is expected to fall further.
The net cascading impact on the worldwide circulation of the US dollar will be significant. The worldwide use of the US dollar as a currency is anticipated to fall to 40-45% within the next 2-3 years.
The Euro, previously traded below the US dollar, now has the upper edge. Russia trades in Ruble against its cheap oil, while other nations trade in Chinese Yuan, Japanese Yen, Saudi Riyal, and UAE Dirham. India also trades in the Indian Rupee with over 44 nations.
Business
Some ‘Diablo IV’ Players Report Invalid License Error Message After Early Access Launch

Washington, D.C. The highly anticipated action role-playing video game “Diablo IV” launched its early access on Thursday night. However, there were some delays, particularly for PlayStation players.
While many players who pre-purchased eligible “Diablo IV” editions experienced no problems with the early access launch, some PS5 users reported getting an invalid licensing error message. After initially stating that a server-side balance update had been implemented, Blizzard acknowledged the problem.
A software upgrade known as a hotfix focuses on a single problem and normally does not cause service interruptions.
The most recent game in the Blizzard “Diablo” series, which debuted in 1996, is titled “Diablo IV” and was released in May 2012. This is more than ten years after “Diablo III”‘s debut. Although the game’s early access began on Thursday, the launch is set for the following week.
Diablo’s general manager, Rod Fergusson, referred to “Diablo IV” as “our most brutal vision of Sanctuary,” the make-believe setting for the game. He continued, saying that it incorporates “the darkness of the original game” and expands on significant elements from other games in the franchise.
Activision Blizzard, the parent business of Blizzard Entertainment, announced in April that its net sales for the first quarter of 2023 increased to $2.38 billion from $1.77 billion. Activision reported that “Diablo IV” presales were robust, indicating that the game had undergone successful public testing.
What you need to know about “Diablo IV’s” upcoming official release and early access launch on Thursday is provided here.
WHEN DOES DIABLO IV COMMENCE?
Depending on your local time zone, “Diablo IV” will be formally published on Tuesday or Wednesday next week. The game will begin in the United States on Tuesday at 7 p.m. ET (4 p.m. PT).
Although “Diablo IV” is set to be on sale next week, early access started a few days earlier, on either Thursday or Friday, depending on where you are. Players who pre-purchased the game’s digital deluxe or ultimate edition were expected to have early access.
Additionally, some devices allow players who have previously purchased “Diablo IV” to pre-load the game. According to Blizzard, pre-loading is possible for Windows PC, Xbox, and PlayStation.
DIABLO IV “UNABLE TO FIND LICENCE”?
Although early access appeared to open without incident for the majority of gamers, some PS5 users reported receiving an error message that stated, “unable to find a valid licence for Diablo IV,” according to posts on Blizzard’s community forums and social media. Players on the PS5 appeared to be the ones most affected by the problem, but some other users said they also received the notice on Xbox and other platforms.
In a forum post late Thursday night, Blizzard recognized the PlayStation customers’ complaints. Adam Fletcher, director of global community development, later claimed that “Diablo IV” had received a server-side balance update implemented across all platforms.
How many early access players were affected by the problem is unknown. On Blizzard’s forum, some angry customers reported that they were still having access issues as of Friday morning.
The Associated Press requested statements from Blizzard and PlayStation on Friday morning.
WHAT CLASSES DO DIABLO IV CHARACTERS FALL INTO?
“Diablo IV” reportedly takes place decades after the events of “Diablo III: Reaper of Souls.” The angel Inarius and the demon Lilith have started a battle and are at odds.
In “Diablo IV,” players can choose from one of five classes: Druids, Rogues, Sorceresses, Barbarians, or Necromancers.
At launch, “Diablo IV” will support couch co-op and cross-platform play on Windows PC, Xbox Series X, Xbox One, PlayStation 5, and PlayStation 4, among other platforms.
Financial results for Activation for 2022, Microsoft Deal
In 2022, Activision, the company behind “Call of Duty,” “Candy Crush,” and “World of Warcraft,” recorded net revenues of $7.53 billion, a decrease from the $8.8 billion reported in 2021.
Microsoft revealed plans to buy Activision in January 2022, but the historic transaction is doubtful more than a year later. Last month, the European Union authorized the $69 billion purchase, but British regulators halted it due to concerns about competition. Authorities in the US are also attempting to block the merger.
Regulators worldwide have scrutinized the agreement because of concern that it will give Microsoft and its Xbox platform control of popular s. PlayStation maker rival Sony has led a ferocious opposition.
Activision and Microsoft have appealed to a tribunal about the U.K. ruling. Liam Deane, a gaming industry analyst at digital research and consultancy firm Omdia, previously told The Associated Press that if the appeal is unsuccessful, Microsoft would be compelled to either cancel the arrangement or carve out the U.K. as a distinct market, which appeared to be an impractical choice.
SOURCE – (AP)
Business
Brad Pitt And Angelina Jolie’s Winery Court Battle Heats Up

Brad Pitt and ex-Angelina Jolie are still embroiled in a contentious argument over a winery amid their custody case.
The Maleficent actress allegedly carried out a “vindictive and unlawful sale” of her part of their French estate and vineyard, Château Miraval, according to fresh records filed in Los Angeles on June 1 and obtained by E! News. The actor from Once Upon a Time…in Hollywood makes this claim.
Pitt, referring to his ex’s company, said in his amended complaint that “Jolie went forward with the vindictive putative sale in breach of her and Nouvel’s contractual obligations,” preferring to sell her stake in Miraval to a designated Russian oligarch and prevent Pitt from continuing to pursue his successful vision and strategy in developing the property and business that was intended to be their children’s legacy.
The purchase of 50% of Chateau Miraval and the Miraval trademark from Angelina Jolie was revealed in a press release by Tenute del Mondo, a division of the alcohol manufacturer Stoli Group, in October 2021. The statement continued, “We are thrilled to have a position alongside Brad Pitt as curators of their extraordinary vintages.”
Brad Pitt and ex-Angelina Jolie are still embroiled in a contentious argument over a winery amid their custody case.
And in his most recent filing, the actor claims that he learned about “Jolie’s putative sale” to Stoli from the press release and that she “collaborated in secret” with the company’s founder, Russian-born billionaire Yuri Shefler, and his associates to “pursue and then consummate the purported sale, ensuring that Pitt would be kept in the dark.” Pitt also mentioned that he rejected Shefler’s offer to purchase Miraval.
According to CNN, the billionaire was exiled from Russia in 2000 due to his opposition to President Vladimir Putin. The Oscar winner also claimed in his paperwork that the U.S. Treasury Department had branded Shefler as an “oligarch in the Russian Federation.”
In addition, the actor claims that Jolie changed her mind about giving him her interest after a temporary custody decision went in his favor. About four months before the announcement, in late May 2021, Pitt was given joint custody of the former couple’s children by a retired judge who had been retained to resolve the dispute.
The actress for Eternals, who has seven children with her ex—Maddox, now 21; Pax, 19, Zahara, 18, Shiloh, 17, and twins Knox and Vivienne, 14—later filed a lawsuit, and a California appeals court agreed with her that the judge who issued the decision should be removed from the case because he failed to adequately disclose his professional relationships with Pitt’s attorneys. The custody dispute is still pending.
Despite her contractual duties and years of pledges to Pitt, the actor claims in his amended complaint that “in the wake of the adverse custody ruling, she no longer wanted to sell to Pitt.”
Jolie had stated in court records from 2022 that she was not required to sell her stake to her ex, but she has yet to react to Pitt’s most recent filing. Her lawyer was contacted by E! News for comment, but no response was received.
The conflict between the ex-couple and the winery began in 2022. Pitt filed a lawsuit against Jolie in February of that year for allegedly selling her shares in Chateau Miraval without his permission. In 2008, the two invested together to purchase the winery. In front of their six children, they married in 2014 on the vineyard’s property.
Brad Pitt and ex-Angelina Jolie are still embroiled in a contentious argument over a winery amid their custody case.
After that, in September 2022, Jolie’s business filed a $250 million countersuit against Pitt, claiming that he had organized an effort to “seize control” of Chateau Miraval “in retaliation for the divorce and custody proceedings.” Although a judge pronounced the couple legally separated in 2019, the divorce between the Girl, Interrupted actress and the actor has not yet been finalized. The actress filed paperwork to break her marriage to the actor in 2016.
According to Jolie’s petition, the Babylon star allegedly “ignored” a “final offer to sell her interest in the winery,” thus, Jolie sold Nouvel to a global beverage corporation in 2021.
Jolie offered to sell Pitt her investment despite not being required to do so and engaged in months-long negotiations with him, according to her declaration. “Pitt’s hubris got the better of him, and as a deal was about to be struck, he made an eleventh-hour demand for onerous and irrelevant conditions, including a clause designed to prevent Jolie from publicly speaking about the circumstances that had caused their marriage to end.”
Pitt responded to Jolie’s countersuit on June 1 by stating that he vigorously refutes all of the charges and requests that the court dismiss Jolie’s cross-complaint with prejudice.
Pitt is suing Jolie for punitive and exemplary damages and a statement that her alleged sale of Nouvel was invalid. Pitt is also demanding a jury trial.
SOURCE – (AP)
Business
Tommy Prine, 27, Doesn’t Dodge His Father’s Legacy But Makes His Own Way

NASHVILLE, Tenn. Tommy Prine spoke about his father’s passing in front of a crowded audience in The Basement, one of Nashville’s most intimate music venues.
During a recent sold-out performance, he observed, “It stinks to lose a parent at any age — in my case, when he was the world’s greatest songwriter.”
Singer-songwriter John Prine, Prine’s father, passed away in April 2020 at 73 due to coronavirus complications. Even for a period when grieving had grown commonplace, his death sparked a flood of global mourning.
In the music industry, the heartbreak was especially severe. The bonds John Prine formed with his music were only strengthened by his generosity to budding musicians. Many others tried to digest the unthinkable by expressing their sadness through memorial songs.
It turns out that Prine’s own family was experiencing a similar situation.
Last year, Tommy Prine published “Ships in the Harbour,” a song about his father that is as heartfelt and open-hearted as ever. It resists the urge to curl up in the fetal position rather than flee from what he lost. It gets the closest of any song to properly expressing the immense weight of grief brought on by the pandemic.
Tommy Prine, now 27 years old, is set to release a whole album of songs that deal with growing up, love, and grief. The film “This Far South,” which will be released on June 23, is daring in how it faces his father’s passing head-on and how the son of a legend handles the inevitable concerns that arise from working in the same field.
Tommy Prine keeps going and works hard on a risky project. He created a unique album, and it is captivating.
According to Prine, “honestly, even if my Dad wasn’t who he was, I feel like I would’ve made the same record,” he stated in an interview with The Associated Press. Because of who he is, “I didn’t include these songs, but I also didn’t shy away from them.”
Writing songs enabled Prine to process everything he had lost. His father’s legendary position feels almost incidental to the intimacy of that journey.
“I’m Tommy Prine, and I lost my Dad in the pandemic, and that’s going to be the focal point of what I’m trying to get across,” he said. And while I am aware that it was a fairly public event and that most people will be aware of the background, I believe that they are optional.
I believe people may just listen to it from the viewpoint of a young man who lost his father unexpectedly.
The few allusions, such as the card games and talks they avoid, are vivid without ever becoming cloying. In a lovely song called “By the Way,” he discusses the singular sensation of occasionally hearing his father’s voice.
Prine sings, “I don’t want to talk about the day you slipped away.” The tunes we used to sing still make it difficult to hear your voice.
But Tommy also has other weaknesses and is more or less influenced by those who aren’t his biological father. For instance, the anthemic flourishes and introspective lyrics on the album show co-producer Ruston Kelly’s influence. The song “Reach the Sun” begins with a manic episode in the middle of the night but eventually soars to resemble Kelly’s best work, including the excellent album he recently published.
In an interview conducted after Kelly’s performance with Prine at The Basement, Sufjan Stevens was named another artist who influenced both. Prine heard a sound that matched the wistful desperation he wanted to express while listening to Stevens’ “Carrie & Lowell” album, which Kelly had directed him towards.
Tommy spoke about his father’s passing in front of a crowded audience in The Basement, one of Nashville’s most intimate music venues.
It was “probably the last thing I wanted to do for the rest of my life,” according to Prine, but it ended up being a “saving grace” for him as he dealt with the hardship of losing his father.
Listeners would do well to consider how they would react if they weren’t aware that this album was produced by the legendary John Prine’s son, given the darkness that hangs over anyone named Prine who dares to try his hand at making original music. Social media and other modern methods of music distribution make it plausible, if not probable, that Prine’s music will reach a brand-new audience. His father may not be well-known to some listeners his age or younger, but these songs will draw comparisons on their own.
But everyone who pays attention will hear the promise of a creative person who bravely followed his heart. Fans of John Prine may recognize elements of the album’s disarming honesty, but they will also hear a new voice presenting intense music that crackles.
Tommy claims that although having considered it, he rarely worries about the legacy issue. But that’s simply another thing he has arranged in its appropriate position.
“I’m just making the music I want to make, and music that is a representation of who I am as a person,” he stated. I have my tale to share because I had quite different childhood experiences than my father.
SOURCE – (AP)
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