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Pope instructs that all funds be moved to Vatican bank by September 30
(Tom: We could look back on this and laugh at how it was irrelevant in the overall scheme of things or we could look back on it and say, “Now THAT was a clue as to the timing of the Great Rest.” There are probably many of these incidents that you would have to be in the know to be able to correctly estimate their relative importance. Time will tell.)
Pope Francis has ordered that the Holy See and connected entities move all financial assets to the Institute for Works of Religion (IOR), commonly known as the Vatican bank.
The pope’s rescript, issued Aug. 23, clarifies the interpretation of a paragraph in the new constitution of the Roman Curia, Praedicate Evangelium, promulgated in March.
According to Francis’ rescript, financial and liquid assets held in banks other than the IOR must be moved to the Vatican bank within 30 days of Sept. 1, 2022.
The IOR, based in Vatican City State, has 110 employees and 14,519 clients. As of 2021, it looked after 5.2 billion euros ($5.6 billion) of client assets.
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Tips to protect your laptop while on the go
Hi Mum Texts
Scamwatch is urging Australians to be wary of phone messages from a family member or friend claiming they need help, following a significant rise in ‘Hi Mum’ scams in recent months.
The scammer will claim they have lost or damaged their phone and are making contact from a new number. This is often followed up with requests for money to help urgently pay a bill, contractor or replace the phone. Scamwatch suggests that if you receive such a text, first try ringing the person’s number: if they pick up – you know it’s a scam.
World Economy Collapse explained in 3 minutes – Laughing As We Sink
John Clarke and Bryan Dawe calculate the cost of the European debt crisis – A comedy routine. It may seemed hilarious but this is actually what’s happening. Without all the financial jargon, any layman can understand what is happening to the current economy crisis. How can broke economies lend money to other broke economies who haven’t got any money because they can’t pay back the money the broke economy lent to the other broke economy and shouldn’t have lent it to them in the first place because the broke economy can’t pay back?
Slay Your Inner Dragon
Respect And Discipline
We Can All Do Better
Blackstone Prepares A Record $50 Billion To Snap Up Real Estate During The Coming Crash
The past two months have seen a barrage of negative news coverage focusing on the US housing market…
… which is predictable: after all, with mortgage rates soaring at the fastest pace on record to decade highs, and sending US housing affordability to the lowest in history…
… only a handful of the “1%” can afford the American Dream.
Alas, it also means that just like in 2007, a housing crash is now just a matter of time.
That much is known. What is also know, is that once housing craters, the largest US residential and commercial landlord – private equity giant Blackstone – is about to get even bigger. That’s when it will deploy some (or all) of the record $50 billion in dry powder it has raised to prepare for just the coming housing crash.
According to the WSJ, Blackstone is the final stages of raising a new real-estate fund that would set a record as the biggest vehicle of its kind, defying market volatility and a crowded landscape for fundraising.
The private-equity giant said in a regulatory filing Wednesday it has closed on commitments totaling $24.1 billion for Blackstone Real Estate Partners X, the latest iteration of its main real-estate fund.
According to the WSJ, Blackstone is committing about $300 million of its own capital and has allocated an additional $5.9 billion to investors, which will bring the fund to $30.3 billion when it is finalized. The firm raised the fund, expected to be the largest traditional private-equity vehicle in history, in just three months.
It won’t be just Blackstone that goes bottom fishing in a few months: a slew of private-equity funds are in the market this year, with many trying to raise huge sums even after stocks fell and deal-making dried up. The surge in requests for new cash has overwhelmed investment teams at institutions such as pension funds and endowments and has meant many have delayed making commitments to all but the top managers.