It’s open hunting season for Kryptans, and European banks’ problems are only getting worse.

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Russia plans to introduce a new type of Individual Investment Account (IIS) from 2024, promising both types of tax benefits at the same time. Current IIS accounts offer a return of personal income tax or exemption of all earned income from taxes, dependent on the type of account opened. The new IIS-3 will also require that funds be frozen for five or ten years, which is longer than the current three-year term. In addition, last week saw news that Deutsche Bank’s shares have plummeted and fines from allegations of sanction evasion by Credit Suisse and UBS reached significant amounts.

It’s open hunting season for Kryptans, and European banks’ problems are only getting worse.

Almost all the most important and interesting financial news in Russia and the world in a week: in the Russian Federation they want to introduce a new type of IIS, Credit Suisse and UBS presented new claims, German Deutsche Bank is faltering, Do Kwon (founder of Lunocoin and TerraUSD) was arrested in Montenegro, and harsh charges are being prepared against Tron and Coinbase.

Financial news from Russia, unfortunately, mostly does not correspond to the spirit of Habra. So you can read the full text version of this news release here, or watch the video.

IIS-3: For optimists with a planning horizon of 10+ years

In Russia, it is possible to open an IIS (individual investment account) and receive two types of tax benefits in it: or a return of personal income tax of 13–15% on a contribution of slightly more than 400,000 rubles. per year, or exemption of all earned income from taxes.

And from 2024, they want to introduce the 3rd type of IIS: both benefits will be sewn into it at the same time, and the account itself will require the freezing of funds for an even longer period (currently 3 years, it will be either 5 or 10 years) ).

By the way, previously opened IISs are promised to be allowed to be used under the old conditions: so, perhaps, if you don’t have one yet, it makes sense to open a rare “old-school” IIS in reserve now. Watch and it will come in handy in the future!

Ivan Chebeskov from the Ministry of Finance enlightened everyone on the sidelines of the Russian Financial Market Forum about the new IIS

In general, of course, one gets the feeling that IIS-3 is like a sequel to a movie about long-term investments in the movie universe, where no one knows for sure what will happen to their money even in a week.

The career path of a jerk: from a victim to a drop

Phone fraudsters have reached a new level of boundless cynicism: they say that they are now calling citizens who have already been “undressed” by the bank’s fake security service once before, and making them an offer that cannot be refused.

Namely, they are represented by conditional senior operational commissioner Perdyshchenko, and they recruit poor people to fight against organized crime. Well, for example, their task is to prevent embezzlement of funds from other citizens for a salary, by intercepting the stolen funds on their card, and then transferring them to special accounts of the FSB for return to the rightful owners.

To put it bluntly, over-credulous fools are turned into so-called “drops” – that is, people who funnel stolen money through their accounts and help cover their trail. So if any of your friends or relatives have already been scammed by phone scammers, warn them about a new prank just in case. And then the drops may end up behind bars under a criminal article as complicit in the crime.

It is quite possible that your grandfather will represent what is happening on the other end of the wire somehow – and will be happy to help his fellow majors to nail the nail of the financial fraudsters.

The laws of capitalism in the banking industry do not work the way you expect

How capitalism works: if your competitor has big problems of any kind, you need to urgently call all his customers and persuade them to switch to you. Well, that is, to suggest to a competitor and spoil all his clientele is directly the highest degree of virtue!

But not in the banking industry, surprisingly. Here, everything works quite the opposite: if the neighboring bank has begun to falter and its customers are about to panic, then in no case should you additionally throw on the fan and offer them to transfer their money to your bank. After all, if the neighboring bank cracks, it will not be “hurray, one competitor less!”, but rather “now the entire banking system is in trouble, because a general panic has begun.”

This is what I mean: last week, journalists wrote that the largest American banks (JPMorgan, Citi, Bank of America) in the midst of the sad events with Silicon Valley Bank sent internal instructions to their managers: “don’t even think about luring customers from SVB, you fools! “. In a sense, even if everyone around the bank will openly falter, game theory tells us that it will be profitable for the conditional JPMorgan to continue to make statements in the public field like “they make everything, little things, it’s a matter of life!”

The US Department of Justice is suing UBS and Credit Suisse for sanction evasion

Why do you think Credit Suisse was sold to UBS for such a tiny amount of money (much less than even the book value of the bank’s net equity)? So, for example, this is why: less than a week has passed since it became known that the USA is already preparing to “hardly” check Credit Suisse & UBS on suspicion of helping to circumvent sanctions.

Ralf Hamers (CEO UBS) here uses a Shurygin gesture – like, “they helped a lot in the end, comrade the attorney general!!”

The fines for this could amount to round sums – it is quite possible that they will exceed the guarantees of $10 billion that the Swiss Central Bank promised to UBS for the purchase of Credit Suisse as compensation for possible losses.

Eh, nothing UBS learned from JPMorgan’s adventures after buying Bear Stearns…

Deutsche Bank shareholders are panicking

Meanwhile, an even bigger financial institution – Germany’s largest bank, Deutsche Bank – has already faltered on the European horizon. The bank’s shares are plummeting, and the cost of insurance against default on its obligations, on the contrary, soared vertically upwards.

Christian Zewing (head of Deutsche Bank) here clearly shows that there will be no default – “firmly and clearly!”

The piquancy is added by the fact that in terms of the number of the most famous scandals in which Deutsche Bank managed to shine, it can even compete for the top spot with Credit Suisse: there is also participation in the laundering of hundreds of billions of dollars of dirty money, and assistance to the Malaysian corruption fund, and bankers who they hold business meetings in a strip club… In general, at least sit down and write a new article right away!

In general, judging by everything, panicky moods will now hover around all banks that managed to accumulate some baggage of doubts about their stability over the past years.

Cosplay Nickel at LSE

On the London Stock Exchange (LSE), various metals, in particular nickel, are heavily traded in derivatives. Of course, all these schmuck futures of yours are clearly backed by real piles of metal – so you can trade “paper metal” just as confidently as if it were tin bullion. Well, at least that’s what the exchange itself told all its clients.

However, last week it turned out that the corresponding warehouse in Rotterdam had been storing supply bags with ordinary stones instead of nickel for years. (Spoiler: the stones cost much less than a nickel!) The sum seems to be small (a little more than a million dollars), but the sediment still remained unpleasant.

What’s next – how do we know that GLDRUB_TOM contracts (“paper gold” on Moss Exchange) are actually backed by boxes labeled “sand”?

The rudiments of the mind in GPT-4

The guys at Microsoft have released a large scientific paper called “Sparks of AGI” (that is, Artificial Universal Intelligence) – in which they describe a huge number of different tests of GPT-4 for intelligence. The general conclusion is that this is definitely not an intelligent robot with universal AI yet, but some glimpses of the possibilities of turning into it in the future are already visible. You can already start to hope for it (well, fear it – depending on how you look at a half-full glass).

This is where the guys from Microsoft taught ZHPT-4 to draw a unicorn from the simplest symbols (it seems that you can almost recognize Pink Pie in the third picture!)

Meanwhile, the first set of plugins was rolled out for ChatGPT – there are only 11 of them so far, but there will obviously be more over time. Soon it will be possible to connect to the chat the long-awaited ability to search for information on the Internet (so far this feature is only available in the version from Bing), the powerful mathematical calculator Wolfram, the Slack messenger and much more.

Do Kwon was caught in Montenegro

Do Kwon (the one who made the crypto-wonderwaffle Terra/Luna, which fell nicely for ~$50 billion last year) told everyone on Twitter that he is not running from anyone – despite the fact that he was declared wanted immediately and in USA and South Korea.

But last week Kwon, who is “not running anywhere”, was suddenly arrested in Montenegro with a fake passport in his hands. All things considered, this particular Kryptane will head to his native Korea to serve his time first.

The young crypto genius (right) doesn’t seem very inspired by the prospect

SEC Attacks Justin Sun (Tron Creator)

The US Securities and Exchange Commission (SEC) has accused Justin Sun, the founder of the Tron blockchain (TRX coin) and the chief executive of the crypto exchange Huobi, of fraud. According to the SEC, after all, the main charge is the issuance of “securities” in the form of a crypt without proper registration. Well, SEC guys, to be honest, are all about securities — they only care about one thing in life.

Fun Fact about Justin Sun: He once paid $4.5 million to have lunch with Warren Buffett (probably trying to impress his grandfather with his cryptofantasy!)

In addition to Justin himself, almost a dozen other celebrities were accused of fraud: from actress Lindsay Lohan to YouTube fighter Jake Paul. All these guys were frantically promoting Justinovsky’s TRX on Twitter and other social networks without telling their loyal fans that they were doing it for money. Almost all of the defendants immediately rushed to admit their guilt and dropped almost half a million dollars in fines.

SEC attacks Coinbase

The US Securities and Exchange Commission decided not to stop at Justin, and has now sent an official notice about the possible filing of a lawsuit against Coinbase. Spoiler alert: a crypto exchange is about to be found guilty of violating securities laws (what else could the SEC guys come up with?).

The guys from Coinbase were very offended by all this, considering everything: as their press release says, “Dear Commission, we have met with you three dozen times over the past 9 months, and honestly tried to understand – what exactly do you need from us? and the benefit is zero!!” Well, that is, it seems to the SEC that any Kryptan is now guilty of at least being a Kryptan — so the industry needs to be regulated less than put out urine with a big gnarled stick.

In this photo, Brian Armstrong (Coinbase CEO) appears to show where the US Securities and Exchange Commission needs to stick their subpoena


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