Originally published at: https://peakprosperity.com/daily-digest/tariffs-thousands-lose-savings-after-synapse-collapse/
Economy
In a situation affecting thousands of Americans, the collapse of Synapse, a fintech firm, has left many without access to their savings. Customers like former Texas schoolteacher Kayla Morris, who deposited over $280,000 from a house sale into a Yotta account, have been informed they might receive only a fraction of their funds. The crisis began with a dispute between Synapse and Evolve Bank, leading to Synapse’s bankruptcy and reportedly missing $96 million in customer funds. The situation highlights the risks of indirect banking relationships, where customers rely on fintech startups and intermediaries like Synapse to manage their money.
Also in the news, President-Elect Trump has announced significant tariffs: 25% on products from Canada and Mexico and an additional 10% on Chinese goods. These measures aim to address issues of drug inflow and illegal immigration, with Trump citing a caravan from Mexico as a particular concern. The tariffs have led to mixed reactions in global markets, with fluctuations in currency values and stock indices. Trump’s approach has sparked debate, with some analysts predicting a gradual implementation and potential economic repercussions.
Geopolitics
Tensions persist as Russia launched missile attacks on the Ukrainian cities of Odessa and Kharkiv, injuring several people and damaging infrastructure. The Kremlin has expressed a willingness to engage in dialogue with the incoming U.S. administration, contingent on retaining captured Ukrainian territories and Ukraine’s non-membership in NATO. On the ground, Russian forces are advancing in the Donetsk region, while reports suggest Ukrainian forces have targeted Russian military sites, including an airfield in Kursk.
In response to the conflict, NATO is reportedly contemplating the deployment of European troops to Ukraine. This move is part of a broader strategy to strengthen Kyiv’s position amid concerns of reduced U.S. support under a potential Trump administration. Discussions have also touched on the use of long-range missiles by Ukraine, with France approving the use of Scalp missiles. NATO’s military committee chair, Admiral Rob Bauer, has urged businesses to prepare for a ‘wartime scenario,’ emphasizing the strategic implications of commercial dependencies.
Amid these developments, NATO is also reportedly considering preemptive strikes against Russia in the event of an armed conflict. Admiral Rob Bauer, head of NATO’s Military Committee, suggested that the alliance should not wait to be attacked but instead consider precision strikes to disable potential threats. While the likelihood of a Russian attack on NATO countries is deemed low, the discussion reflects the heightened state of alert within the alliance.
Finally, Russian President Vladimir Putin has criticized Western elites, blaming them for global economic issues. In a recent address, Putin accused these elites of prioritizing their interests over the welfare of ordinary citizens, leading to increased inequality and social unrest. He argued that the West’s attempts to maintain dominance are causing widespread problems, a narrative that aligns with Russia’s broader geopolitical stance.
Sources
Thousands of Americans Left Penniless as Synapse Fintech Fiasco Unfolds
‘I have no money’: Thousands of Americans see their savings vanish in Synapse fintech crisis
Source | Submitted by Shplad
Russia Strikes Odessa and Kharkiv Amid Hopes for U.S. Dialogue on Ukraine Conflict
Russia has launched another missile attack on the Ukrainian port city of Odessa.
NATO Considers Troop Deployment to Ukraine Amid Escalating Tensions and Business Warnings
NATO Revives Talk Of Sending European Troops To Ukraine, Warns Biz Leaders To Prepare For “Wartime Scenario”
Trump’s Tariff Tango: 25% on Canada and Mexico, Extra 10% for China
Trump announced he is to charge Mexico and Canada a 25% tariff on all products and will charge China ‘an additional 10% Tariff, above any additional Tariffs’.
Trump Unleashes Tariff Storm: 25% on Canada and Mexico, Targets China in Drug Crackdown
Trump Announces 25% Tariff For Canada, Mexico; Ramps Up Promised Tariffs On ‘Drug-Pushing’ China
Putin Addresses Western Citizens; Blames Western Elites for Global Woes in Latest Address
The myth of the Western welfare society of the so-called golden billion is crumbling.
NATO Considers Preemptive Strikes on Russia, Says Military Chief Rob Bauer
It is more competent not to wait, but to hit launchers in Russia in case Russia attacks us.