Originally published at: https://peakprosperity.com/daily-digest/us-china-talks-advance-us-oil-rig-count-drops-to-4-year-low/
Economy
President Trump has hinted at a “total reset” in U.S.-China tariff negotiations, suggesting “great progress” after extended talks in Switzerland. Despite no major breakthroughs, Trump remains optimistic about reducing trade tensions. Discussions aim to address longstanding disputes over technology theft and market access.
China has approved the use of foreign currency by banks to fund increased gold imports, signaling a potential shift away from U.S. dollars towards hard assets. This move could have implications for global currency markets and economic stability. However, some analysts argue that China’s gold reserves are still a small fraction of its total foreign exchange reserves, suggesting the shift might not be as significant as some reports suggest.
In crypto news, Steak ‘n Shake announced it will accept Bitcoin at all locations starting May 16, marking a significant step in mainstream crypto adoption. Meanwhile, Tether has integrated Chainalysis compliance tools into its Hadron platform to enhance transparency and compliance in the tokenization of real-world assets, reflecting the growing trend of RWA tokenization. Over in the privacy space, Tari Labs launched its mainnet, introducing a blockchain focused on privacy and user accessibility, with transactions hidden by default. This development aims to provide a safer environment for users in the cryptocurrency space. Some critics argue that while privacy is crucial, the focus on anonymity might attract illicit activities, raising concerns about potential money laundering or other illegal financial transactions.
Energy
The number of active oil drilling rigs in the U.S. has reportedly dropped to near a four-year low, reflecting spending cuts by multiple shale drillers. This reduction could impact oil production and economic growth. The decline in U.S. oil drilling rigs indicates a contraction in the energy sector, which could affect energy prices and national energy security. Despite the cutbacks, some companies are investing in technology to increase efficiency, suggesting that the industry might not be as pessimistic as the rig count suggests.
Geopolitics
India and Pakistan, both nuclear-armed nations, reportedly agreed to a ceasefire mediated by the United States, according to President Donald Trump’s announcement on Truth Social. However, the ceasefire was short-lived as reports of blasts in Indian Kashmir emerged. India has accused Pakistan of violating the agreement. Indian Foreign Secretary Vikram Misri confirmed the attacks and stated that India would provide an “adequate and appropriate response.” The Indian Army remains on high alert, committed to non-escalation if reciprocated by Pakistan. Pakistan’s Foreign Office has denied any ceasefire violation, claiming that Indian forces initiated the firing.
US Politics
Meanwhile, FBI Deputy Director Dan Bongino provided updates on several fronts, including intensified efforts to deport dangerous illegal aliens, the arrest of 764 child predators under “Operation Restoring Justice,” and the ongoing Epstein investigation. Bongino also defended FBI Director Kash Patel against media attacks, emphasizing the need for transparency and accountability. Goldman Sachs anticipates that both countries might reduce tariffs by more than half, signaling a potential de-escalation in trade tensions.
Health
The FDA has announced plans to integrate artificial intelligence across the agency to streamline drug reviews, following a successful pilot program. This initiative aims to reduce review times significantly, enhancing the speed at which new therapies reach the market.
In other news, the FDA reportedly paused the use of the Ixchiq vaccine due to 17 adverse events and two deaths, highlighting the complexities and risks associated with vaccine distribution and safety. Critics pointed out that this is inconsistent with their continuing to allow the COVID-19 mRNA therapies to remain on the market.
Preparedness
Local communities are reportedly focusing on resilience through self-sufficiency in food, energy, finance, and security. This grassroots movement emphasizes building parallel systems that can function independently of national policies, promoting strategic resilience over dependence on potentially failing systems. However, critics argue that localized systems could lead to economic fragmentation, potentially weakening national economic cohesion.
Sources
Building Resilience: Local Solutions Amidst National Noise
Forget waiting for the cavalry — it’s time to build local solutions that work.
Source | Submitted by Gamma Geek
Tari Blockchain Goes Live: Aiming for Privacy and Ease in Crypto Mining
“Our hot take: Existing chains are missing key ingredients needed for them to succeed in becoming the foundation for a new global financial system,” Tari contributor Naveen Jain told Decrypt.
Source | Submitted by AaronMcKeon
Tether Integrates Chainalysis Compliance Tools into Hadron Platform Amidst Rising RWA Tokenization Trend
“By integrating Chainalysis directly into the platform, we’re offering institutional-grade transparency, compliance, and risk mitigation without compromising on decentralization or control,” Tether CEO Paolo Ardoino said in a statement.
Source | Submitted by AaronMcKeon
Trump Hints at “Total Reset” in U.S.-China Tariff Talks, Sees “Great Progress”
“A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,”
FDA Plans Agency-Wide AI Integration to Streamline Drug Reviews
“I was blown away by the success of our first AI-assisted scientific review pilot,” Makary said in a statement.
India and Pakistan Agree to Ceasefire After US Mediation, Averting Potential WWIII Scenario
“After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE,” Trump said.
Steak ‘n Shake to Accept Bitcoin at All Locations Starting May 16
“Our goal is to utilize Bitcoin at all locations, including all international units.”
FBI Deputy Director Dan Bongino Updates on Epstein Case, Defends Director Patel, and Addresses Public Concerns
If you came here illegally to prey on our citizens, your days here are numbered.
India-Pakistan Ceasefire Crumbles: Blasts in Kashmir, India Vows Retaliation
India Accuses Pakistan Of Violating Short-Lived Ceasefire Initiated By President Trump, Vows ‘Adequate & Appropriate Response’
FDA Halts Use of Obscure Ixchiq Vaccine Following 17 Adverse Events and 2 Deaths
The FDA is apparently pausing the use of Ixchiq – a vaccine no one has heard of and that has only seen 80,000 doses distributed.
China Approves Foreign Currency for Increased Gold Imports, Signals Shift from U.S. Dollars
“China is ramping up gold buying… swapping U.S. dollars for hard assets.”
US Oil Drilling Rigs Drop to Near Four-Year Low Amid Spending Cuts
According to Baker Hughes, the number of active US oil drilling rigs has fallen by 15 over the last five weeks to approach its lowest level in nearly four years.
In addition to sources submitted by community members, the following were also used in the creation of this report: Al Jazeera, Baker Hughes, Bloomberg, Booz Allen Hamilton, CDC, Chainalysis, China Daily, CNN, Cointelegraph, CryptoPrivacy, CryptoSkeptic, CyberSecurityWatch, Dan Bongino, Dawn, Decrypt, Dr. John Ioannidis, Dr. Marty Makary, FDA, Financial Times, G7, GeoPolAnalyst, Goldman Sachs, Gold Telegraph, Health Equity Watch, Health Freedom Watch, Kash Patel, Nikkei Asia, Oil & Gas Journal, President Donald Trump, Reuters, RWA.xyz, Science Insider, South Asia Watch, South China Morning Post, Stake n’ Shake, State Department, Sun Yun, The Conservative Treehouse, The Financial Skeptic, The Guardian, The Washington Post, The Wall Street Journal, Times of India, Tom Renz, Truth Social, Tether, X, Xinhua News Agency, Zero Hedge.