Originally published at: https://peakprosperity.com/daily-digest/jp-morgan-introduces-jpm-coin-seattle-to-elect-socialist-mayor/
Economy
In cryptocurrency news, JPMorgan Chase introduced JPM Coin, a deposit token backed by U.S. dollar deposits, on Coinbase’s Base network to enable 24/7 instant payments for institutional clients. The launch followed a pilot phase and aligns with bank initiatives in tokenization, such as plans to accept Bitcoin and Ether as loan collateral and to provide cryptocurrency trading services. Financial Times reports raise concerns about regulatory implications, noting potential blurring of lines between traditional banking and cryptocurrency.
Relatedly, U.S. stablecoin circulation reached $280 billion by the end of the 2025 crypto summer, sparking discussion about its potential effects on bank deposits. Projections suggest stablecoin volumes could reach $1.9 trillion by 2030 in base-case scenarios, possibly drawing up to $1 trillion from domestic bank deposits. The GENIUS Act reportedly allows banks to issue stablecoins via subsidiaries, treating reserves as demand deposits without impacting capital requirements, which could enable competition with non-bank issuers in payments. Bloomberg highlights risks of up to $1 trillion in deposit drains by 2030, potentially leading to higher lending rates, though the Federal Reserve notes the Act equips banks to compete effectively.
Moving to the broader economy, Federal Reserve data indicates that upper-income Americans accounted for nearly half of U.S. consumer spending in the second quarter of 2025. This trend among the top 10% of earners contrasts with reported financial pressures on lower- and middle-income households, where subprime auto loan delinquencies reached 6.65% in October, the highest since 1994, amid increases in inflation, housing costs, and credit card debt. However, overall consumer spending remains robust, according to reports from The Wall Street Journal, suggesting a resilient broader economy despite these disparities.
Additionally, a survey shows that 55% of employed Americans express concerns about job security, following announcements of more than 14,000 corporate layoffs in October—the largest number in two decades—including reductions at Amazon, Target, and Starbucks. Private sector employment fell by 45,000 jobs in the four weeks ending October 25, the largest monthly decline since March 2023. Yet, U.S. Department of Labor data indicates a slight decrease in the overall unemployment rate, pointing to a relatively strong labor market.
Meanwhile, youth unemployment for ages 20 to 24 rose to 9.2%, the highest level since 2016 excluding the COVID-19 period. While this rise is reportedly linked to hiring slowdowns in youth-heavy sectors, the National Association of Colleges and Employers reports increased job offers for new graduates in technology and healthcare.
Lastly, container shipping volumes from Asia to the U.S. dropped to a two-year low, signaling reduced trade activity. However, some shipping routes show signs of stabilization, per Reuters, amid ongoing economic uncertainties.
US Politics
In Seattle’s mayoral race, socialist candidate Katie Wilson leads incumbent Bruce Harrell by 1,300 votes as of Tuesday, supported by mail-in ballots that favored her by 61.23%. Wilson campaigned on issues including housing affordability, economic inequality, a capital gains tax, tenant protections, and expanded public transit, appealing in a city with high median home prices. Political consultant Crystal Fincher declared the race for Wilson, pending final tallies. Washington State Republican Chairman Jim Walsh suggested the result could benefit Republicans statewide. The Washington State GOP criticizes Wilson’s policies as potentially detrimental to Seattle’s economic health, warning of business flight.
European Politics
In Germany, several banks have frozen accounts associated with the Alternative for Germany (AfD) party, now the largest opposition group, without disclosing reasons due to banking secrecy provisions. AfD leaders have described these actions as political debanking amid what they call an escalating crackdown on dissent. Deutsche Welle reports that banks deny political motivations, citing internal risk assessments and compliance with financial regulations.
Meanwhile, the European Union enacted a new digital regulation framework, including the Digital Services Act, which authorizes regulators to tackle online systemic risks, such as disinformation and hate speech. The law establishes a Centralized Enforcement Office, headed by an eSafety Commissioner, with authority to mandate content removals without judicial review. Politico EU describes these measures as necessary to protect democratic processes and children from harmful content. Proposed amendments to the EIDAS regulation seek to standardize national digital ID systems and allow platforms to employ facial recognition and personal data for AI training, exempting some activities from GDPR rules. The European Democracy Shield initiative is reportedly designed to combat election interference via information sharing and by engaging influencers to disseminate EU messaging. U.S. President Donald Trump reportedly criticized these measures as censorship aimed at U.S. companies and cautioned Australia against adopting similar policies before its scheduled December 10 implementation.
Canadian Politics
Conservative influencer Lauren Southern released recordings of encounters with Canadian intelligence agents, whom she claims tried to recruit her as an asset. According to Southern, the agents visited her home, contacted her gym, and called from untraceable numbers, applying pressure over several months by referencing potential arrest risks, U.S. travel bans, and family threats. She stated they stressed courtroom optics over factual accuracy and implied that cooperation would safeguard her ability to raise her child. Southern, who reports no legal troubles and unrestricted travel, characterized the approach as psychological manipulation. She shared excerpts under Canada’s one-party consent law, arguing public interest, and suggested other influencers may face similar tactics. The recordings reportedly include agents complimenting her demeanor, encouraging rapport-building, and warning of legal repercussions for non-cooperation. The Canadian Security Intelligence Service denies engaging in coercive tactics, emphasizing commitment to national security.
Geopolitics
President Donald Trump sent a letter to Israeli President Isaac Herzog calling for a full pardon of Prime Minister Benjamin Netanyahu amid his ongoing corruption trial on charges of fraud, breach of trust, and bribery. In the letter, Trump described the case as a political prosecution and emphasized Netanyahu’s contributions to recent peace initiatives, including a Gaza ceasefire. The trial, which began in May 2020, centers on allegations of receiving gifts in exchange for favors, media influence arrangements, and regulatory advantages for associates. Herzog’s office confirmed receiving the letter. Haaretz views the request as inappropriate interference in Israel’s judicial system, potentially straining bilateral relations.
Speaking of corruption, Ukrainian President Volodymyr Zelenskyy dismissed Energy Minister Svitlana Grinchuk and suspended Justice Minister Herman Halushchenko after a National Anti-Corruption Bureau (NABU) investigation into an alleged $100 million corruption scheme at state nuclear firm Energoatom. The inquiry, which included 70 raids and 1,000 hours of wiretaps, uncovered a purported criminal network seeking 10-15% kickbacks from suppliers to authorize payments. Businessman Timur Mindich, reportedly a former associate of Zelenskyy, fled to Israel ahead of a planned security search of his apartment. NABU released audio recordings of suspects discussing bribes and personnel shifts in the energy sector. A survey found that 77.6% of Ukrainians hold Zelenskyy accountable for persistent corruption. Some Western media outlets have attributed the scandal to Russian involvement, while Hungarian Prime Minister Viktor Orbán referenced it in his opposition to Ukraine’s EU membership application. A Bloomberg op-ed suggests the corruption stems from historical issues tied to Russian influence under prior administrations, rather than solely Zelenskyy’s tenure.
Health
Emails obtained by Sen. Rand Paul detail a September 2015 meeting between CIA officials and University of North Carolina professor Ralph Baric to discuss coronavirus evolution and potential adaptation to humans. Baric, who collaborated with the Wuhan Institute of Virology on novel coronaviruses, provided quarterly advice to the Office of the Director of National Intelligence (ODNI) on biological threats. The documents show U.S. intelligence agencies arranged the meeting and were informed of Baric’s work, including the use of humanized mice for testing and issues with the Wuhan lab’s biosafety protocols. In January 2020, Baric briefed ODNI on potential lab origins of COVID-19 and the Wuhan Institute’s sequencing of SARS-like viruses. Current Director of National Intelligence Tulsi Gabbard disbanded the biological threats office this year amid reported concerns about withheld intelligence. Sen. Paul intends to hold public hearings and request additional documents on U.S. connections to the Wuhan lab. USAID’s PREDICT program funded shipments of coronavirus samples to the Wuhan Institute from 2009 to 2020. The Washington Post describes claims of CIA involvement in COVID-19 origins as speculative and lacking concrete evidence, with the agency clarifying interactions as routine intelligence gathering.
Environment
Iceland has classified the potential collapse of the Atlantic Meridional Overturning Circulation (AMOC), which encompasses the Gulf Stream, as a national security risk, one that could a modern-day ice age under a worst-case scenario. Additionally, a study by researchers from the Chinese Academy of Sciences and the University of California, San Diego, published in Communications Earth & Environment, indicates that Greenland Ice Sheet melt is adding freshwater to the North Atlantic, slowing the AMOC since the 1960s. Such a slowdown could result in colder winters and drier summers across northern Europe, including Iceland, the UK, and Norway, with climate patterns resembling those of Arctic Canada. Past AMOC collapses coincided with the end of the last Ice Age around 12,000 years ago. The ongoing weakening risks halting warm water circulation, worsening regional cooling and shifts in precipitation. Some scientists, as reported by The Guardian, argue the likelihood of an imminent collapse is overstated, calling for further research.
Sources
America’s K-Shaped Economy: Elites Soar While the Rest Scrape By
Experts describe the current U.S. economy as “K-shaped,” a reference to the divergent fortunes of wealthier consumers compared with people lower down the ladder.
Source | Submitted by Rodster
EU Activates Digital Censorship Regime: Trump Warns Australia to Resist
Warning. The EU has just activated its most terrifying law yet, and Australia is set to follow in around 3 weeks’ time.
Source | Submitted by Shplad
Ukraine’s $100M Energy Corruption Scandal: Zelenskyy Purges Allies as West Blames Russia
“It is absolutely unacceptable that, amid all this, there are also some schemes in the energy sector,”
Source | Submitted by Mike from Jersey
Trump Urges Full Pardon for Netanyahu in Israeli Corruption Trial
I hereby call on you to fully pardon Benjamin Netanyahu, who has been a formidable and decisive War Time Prime Minister, and is now leading Israel into a time of peace.
Seattle Edges Toward Socialist Leadership: Katie Wilson Nears Victory in Mayoral Race
Self-avowed socialist Katie Wilson is on the brink of winning Seattle’s mayoral race in what is the latest sign that the Democrat Party is shifting even further to the left.
Newly Released Emails Reveal 2015 CIA Meeting with Ralph Baric on Coronavirus Evolution and Human Adaptation
CIA Met With Ralph Baric In 2015 To Discuss “Coronavirus Evolution And Possible Human Adaptation”: Emails
JPMorgan Launches JPM Coin Deposit Token on Coinbase’s Base Network
JPMorgan Chase & Co. — the world’s biggest bank by market capitalization — has begun deploying a token representing deposits held at the bank, called JPM Coin.
Stablecoin Surge: A Deposit Drain or Banking Opportunity?
Unless bank regulators inject roadblocks that prevent banks from competing as stablecoin issuers, stablecoin growth need not create deposit funding problems for banks willing to compete in the internet-based payments market.
Lauren Southern’s Bombshell Recordings: Canadian Intel’s Sinister Bid to Recruit a Top Influencer
Intelligence agents showed up at my door late last year. I told them to leave. They proceeded to call me from anonymous numbers repeatedly, contacted my gym, told me they wouldn’t go away unless I built a relationship with them as an asset.
Container Shipping from Asia to US Collapses to Two-Year Low
Container shipping volumes from Asia to the US are collapsing.
U.S. Youth Unemployment Climbs to 9.2%, Highest Since 2016 Excluding COVID
The unemployment rate for 20- to 24-year-olds in the US is 9.2% – excluding the COVID period, that’s the highest level since 2016.
Source | Submitted by Chris Martenson
German Banks Freeze AfD Accounts in Escalating Crackdown on Dissent
German banks freeze AfD accounts in escalating crackdown on dissent.
Iceland Flags Potential Atlantic Current Collapse as National Security Threat
Iceland deems possible Atlantic current collapse a security risk
Scientists Warn of Imminent Ice Age as Gulf Stream Nears Collapse
The Gulf Stream is near collapse, scientists warn — inviting a new ice age and rising sea levels
In addition to sources submitted by community members, the following were also used in the creation of this report: The Wall Street Journal, U.S. Department of Labor, National Association of Colleges and Employers, Reuters, Financial Times, Bloomberg, Federal Reserve, Politico EU, Deutsche Welle, Haaretz, Washington State GOP, The Washington Post, Canadian Security Intelligence Service, and The Guardian.
