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Keyword: currency

Brevity: Headers | « Text »

    11/25/2015 2:52:09 PM PST · by NYer · 13 replies
    Atlas Obscura ^ | November 23, 2015 | DAN HESS
    The only known depiction of Oliver Pollock, in Baton Rouge, Louisiana. (Photo: Richard Cummins/Alamy)Wars cost money. So when the Revolutionary War broke out, the Colonies turned to a number of sources for backing. The top contributors to America’s Independence: The Kingdoms of France and Spain, the Dutch banking conglomerate, and a single Irish merchant based in New Orleans. His name was Oliver Pollock, and he was the “Financier of the Revolution in the West.”  Pollock saw opportunity in war– the chance for a young but wealthy immigrant to stand as a symbol of success and greatness. He desired to carve out a...
  • Treasury Sells 3-Month Bills At 0% Yield For First Time Ever

    10/10/2015 4:16:27 PM PDT · by Lorianne · 77 replies
    Zero Hedge ^ | 06 October 2015 | Tyler Durden
    "Investors" are so desperate to hold on to short-term paper that they paid $100 for a 3-month Treasury-bill at today's auction. That is a 0% yield - for the first time ever - lower even than the auction right after Lehman's bankruptcy in Nov 2008. It is probably safe to say that NIRP is next, followed by more negative yields further to the right of the curve, as the US gradually becomes Europe. But don't worry: as Yellen admitted during her healthcare-scare speech, "nominal interest rates cannot go much below zero", just a little.
  • Lazard Asset Management Fund Dumps The Dollar

    10/26/2009 11:07:33 AM PDT · by Lorianne · 6 replies · 495+ views
    Istock Analyst ^ | October 23, 2009
    It was only a matter of time before asset managers said "enough" to Bernanke's plan of debasing the dollar day after day, and took appropriate measures. In a not very surprising, yet quite shocking at the same time, development, caught by Annuity IQ, Lazard's The World Trust Fund has had enough of the dollar. Lazard will "change the currency in which the Fund's shares are traded from US dollars to Sterling." Good work Mr. Chairman and Wall Street lobby. The reason for the seismic shift: In response to comments from a number of shareholders and potential investors in the Fund...
  • You know the stock market is in trouble when Apple's Tim Cook is emailing Jim Cramer

    08/24/2015 6:21:07 PM PDT · by SeekAndFind · 52 replies
    The Verge ^ | 08/24/2015 | By Ben Popper
    Stock markets around the world have beenposting big losses for the last few days. The route was especially rough this morning, with the DOW Jones at one point falling 1,000 points in less than an hour. At the heart of the current slide is an issue which could impact many tech companies:economic weakness in China. Two weeks ago China's government made an aggressive move todevalue its currency. This followed several weeks of tumult in the Chinese stock market, during which the government had also interceded with force. Taken together, investors saw a Chinese market where growth was flagging. That...
  • George Soros: We Are On The Threshold Of A Third World War

    05/27/2015 8:46:07 AM PDT · by aimhigh · 57 replies
    ETF Daily News ^ | 05/27/2015 | Paul Joseph Watson
    Billionaire investor George Soros told the World Bank this week that the planet is on the verge of a third world war that could arise out of an economic collapse in China. If there is conflict between China and a military ally of the United States, like Japan, then it is not an exaggeration to say that we are on the threshold of a third world war, Soros said during a Bretton Woods conference. . . . . Soros said the only solution to the prospect was to allow China to join the IMFs basket of global currencies so that...
  • What Donald Trump Doesnt Know about U.S. Trade

    08/19/2015 6:42:03 AM PDT · by SeekAndFind · 86 replies
    National Review ^ | 08/19/2015 | Kevin D. Williamson
    A great deal of Donald Trumps silly and illiterate trade talk presupposes the gutting or repeal of NAFTA, the trade accord between the United States, Canada, and Mexico that went into effect in 1994, with his dreams of punitive sanctions and blockades. Indeed, NAFTA is a favorite whipping boy for populists Left and Right, a reminder that populist conservatives have much more in common with populist progressives such as Senator Bernie Sanders than they do with the political tendency that connects Adam Smith to F. A. Hayek and Ronald Reagan. Trump fancies himself an ace negotiator, a skill that he...
  • Venezuela's Currency Is Now So Worthless That People Are Using It As Napkins

    08/18/2015 3:12:26 AM PDT · by blam · 11 replies
    BI ^ | 8-17-2015 | Mike Bird
    Mike BirdAugust 17,2015 There's an image going round that sums up just how ridiculous Venezuela's economy has become. A Reddit user uploaded a picture on Monday of a man using a 2 bolivar note to hold an empanada. According to Venezuela's official bolivar-dollar exchange rate, the man using his money as a napkin is wasting about $0.31 (0.20). But on the black market, the reality is completely different. You can get 676.88 bolivars to the dollar, according to dolartoday.com. That means holding food with a 2 bolivar note costs the holder less than a third of one US cent.(snip)
  • 12 Signs That An Imminent Global Financial Crash Has Become Even More Likely

    08/16/2015 4:24:40 AM PDT · by SkyPilot · 49 replies
    Economic Collapse ^ | 11 Aug 15 | Michael Snyder
    Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were rattled. The Dow fell 212 points on Tuesday, and Apple stock plummeted another 5 percent. As we hurtle toward the absolutely critical months of September and October, the unraveling of the global financial system is beginning to accelerate. At this point, it is not...
  • Chinese Devaluation Extends To 3rd Day - Yuan Hits 4 Year Low, Japan Escalates Currency Race

    08/12/2015 9:03:30 PM PDT · by tcrlaf · 32 replies
    Zerohedge ^ | 8-12-2015 | Durden
  • 10 Reasons to Love the Strong Dollar [The USD is Today, the World's Strongest Major Currency]

    08/12/2015 6:01:38 AM PDT · by SeekAndFind · 6 replies
    The Street ^ | 08/12/2015 | BySimon Constable
    The surge in the greenback has some stock investors screaming foul, but they shouldn't be. Instead, they should embrace the strength. It is true that the trade-weighted value of the U.S. dollar has climbed more than 21% in the last 13 months, according to recent data from the St. Louis Federal Reserve. It's also true that the rally is taking its toll on the earnings reports of some multinational companies -- their foreign revenues take a hit when translated back into dollars. Still, there is plenty to feel great about. Here are 10 reasons to smile. 1. It makes imports...
  • Global Markets Turmoil After China Extends Currency War To 2nd Day - Devalues Yuan To 4 Year Lows

    08/11/2015 7:41:45 PM PDT · by tcrlaf · 38 replies
    Zerohedge ^ | 8-11-15 | Durden
    Chinese stocks opened lower, extending yesterday's losses, after The PBOC weakened its Yuan FIX dramatically for the 2nd consecutive day (from 6.1162 Monday to 6.2298 last night to 6.3306). Offshore Yuan fell another 9 handles against the USD after China closed but was hovering at 6.40 as the market opens (now at 11 hnadles weaker at 6.51). Bear in mind the utter devastation in Chinese credit markets that data showed occurred in July, it remains ironic that for the 3rd days in a row, Chinese margin debt balances grew. Before the real fun and games started, Chinese officials once again...
  • China's Currency Move (Devaluation) Will Hurt One Country More Than Any Other (Brazil)

    08/11/2015 1:39:49 PM PDT · by blam · 6 replies
    BI ^ | 8-11-2015 | Linette Lopez
    Linette Lopez August 11, 2015There is one country that stands to suffer more than any other from China's decision to devalue its currency: Brazil. China is Brazil's largest export market, gobbling up 50% of the iron ore, oil, and other commodities that the South American nation sends around the world. The devaluation of the yuan threatens to lower the already record low prices of those commodities. "Our commodity team has estimated that a 1% move in CNY is associated with a 0.5-0.6% decline in USD commodity prices," said Bank of America in a note following the yuan devaluation. It's a...
  • China Devalues Its Currency as Economic Slowdown Raises Concerns

    08/11/2015 3:04:44 AM PDT · by SkyPilot · 24 replies
    The New York Times ^ | 10 Aug 15 | NEIL GOUGH and KEITH BRADSHERAUG
    As China contends with an economic slowdown and a stock market slump, the authorities on Tuesday sharply devalued the countrys currency, the renminbi, a move that could raise geopolitical tensions and weigh on growth elsewhere. The central bank set the official value of the renminbi nearly 2 percent weaker against the dollar. The devaluation is the largest since Chinas modern exchange-rate system was introduced at the start of 1994. Chinas abrupt devaluation is the clearest sign yet of mounting concern in Beijing that the country could fall short of its goal of roughly 7 percent economic growth this year. Growth...
  • Eleanor Roosevelt a Favorite Among Americans for New $10 Bill

    08/05/2015 11:49:36 AM PDT · by Zakeet · 97 replies
    NBC News ^ | August 5, 2015 | Kathryn Robinson
    Eleanor Roosevelt is the current front-runner in the race to earn a spot on the soon-to-be redesigned $10 bill, according to a McClatchy-Marist poll released Wednesday. The poll showed that more than one in four Americans (27%) are hoping that when the U.S. Treasury Department unveils the new design, the former first lady will be the woman featured. African-American abolitionist Harriet Tubman is the second most popular choice with 17% of the vote, followed by Native American explorer Sacagawea with 13%.
  • Greece rocked by reports of secret plan to raid banks for drachma return

    07/27/2015 9:38:49 PM PDT · by TigerLikesRooster · 9 replies
    The Guardian ^ | 26 July 2015
    Greece rocked by reports of secret plan to raid banks for drachma return Opposition demands answers after covert proposals attributed to Yanis Varoufakis and fellow ex-minister highlight deep split in Syriza party Staff and agencies Sunday 26 July 2015 19.39 BST Some members of Greeces leftist-led government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports that highlighted the chaos in the ruling Syriza party. It is not clear how seriously the government considered the plans, attributed to former energy minister Panagiotis Lafazanis and ex-finance minister Yanis Varoufakis. Lafazanis...
  • $10 bill change rankles Hamilton descendant

    07/10/2015 11:11:42 AM PDT · by Citizen Zed · 31 replies
    YourWestValley.com ^ | 7-10-2015 | ap
    Columbus, Ohio (AP) Doug Hamilton is just fine with plans to put a womans portrait on U.S. paper money, but hed prefer that the Treasury Department leave the $10 bill alone particularly the prominent visage of his great-great-great-great-great grandfather, Alexander Hamilton. The 10-spot is a source of family pride in Hamiltons house in suburban Columbus, a dignified symbol of the historical importance of his ancestor, whose picture has been on it since 1929. So naturally, Hamilton started making some noise when he heard about the proposal that has Alexander Hamilton sharing the note with a deserving woman yet...
  • Defiant Greeks reject EU demands as Syriza readies IOU currency

    07/05/2015 9:10:39 PM PDT · by catnipman · 41 replies
    The Telegraph ^ | 7/5/15 | Ambrose Evans-Pritchard
    "If necessary, we will issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago," said Yanis Varoufakis, the finance minister. ... Syriza sources say the Greek ministry of finance is examining options to take direct control of the banking system ... They want a new team installed, one that is willing to draw on the central bank's secret reserves, and to take the provocative step in extremis of creating euros. "We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print...
  • 'It's time to hold physical cash,' says one of Britain's most senior fund managers

    06/23/2015 6:46:51 PM PDT · by Lorianne · 8 replies
    Telegraph (UK) ^ | 20 June 2015 | Andrew Oxlade
    It may be time to put money under the mattress. High profile fund managers explain how to prepare for a 'systemic event' ___ Ian Spreadbury, who invests more than 4bn of investors money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a systemic event could rock markets, possibly similar in magnitude to the financial crisis of 2008, which began in Britain with a run on Northern Rock. Systemic risk is in the system and as an investor you have to be aware of that, he told Telegraph Money. Get a...
  • Mankiller Money?

    06/24/2015 5:41:28 AM PDT · by Kaslin · 46 replies
    Townhall.com ^ | June 24, 2015 | John Stossel
    A woman will be on the new $10 bill, bumping Alexander Hamilton aside. Treasury Secretary Jack Lew says he will choose the woman by year's end, based on "input from the public." In one survey of the "public," the first female chief of the Cherokee Nation, Wilma Mankiller, placed fourth. I understand the wish to counter sexism prevalent in early America, but "Mankiller?" The name alone probably reveals something about the attitude of some of those voters. Fortunately, more voted for Harriet Tubman. Tubman escaped slavery to become a leader of the Underground Railroad, then repeatedly returned to slave territory...
  • The Ten Dollar Bill - So Much More than a Means of Exchange

    06/23/2015 6:48:27 PM PDT · by jfd1776 · 13 replies
    Illinois Review ^ | June 23, 2015 A.D. | John F. Di Leo
    What is a nations currency? Ask an economist, and hell tell you that a U.S. Dollar bill, or a European Euro note, or a British Pound note, for that matter, is not really objectively worth its denomination. Its just a piece of cotton paper, with a drop of ink and a magnetic strip. Its not worth much. But it represents confidence in the nations economy, and it serves the economy as a means of exchange a few pennies worth of decorated cotton serving to enable the purchase of a $1 loaf of bread, or a $10 lunch, or a...
  • We petition the Obama Administration to: place Ayn Rand on the ten dollar bill.

    06/20/2015 9:00:17 AM PDT · by walford · 36 replies
    White House Petitions ^ | June 19, 2015 | Unknown
    we petition the obama administration to: place Ayn Rand on the ten dollar bill. Ayn Rand is the perfect candidate for the woman on the ten dollar bill.1. An immigrant who fled oppression2. Success story in literature, philosophy, and Hollywood- a true rags to riches story. She embodies the American dream3. Authored the most read book by an American author4. Has influenced more people than any other woman in American history male or female.If she isn't in the running to be on the ten then no other woman should be on that list.Published Date: Jun 19, 2015
  • Everythings a problem: Some people unhappy that a woman will be featured on $10 bill instead of $20

    06/19/2015 5:00:18 PM PDT · by SeekAndFind · 39 replies
    Hotair ^ | 06/19/2015 | AllahPundit
    <p>In fairness to them, some of the reason for the upset is righteous. “Alexander Hamilton is not someone that people have a problem with,” said the director of the Women On 20s campaign. Why kick the great man off the currency instead of the far more dubious Andrew Jackson? I couldn’t agree more.</p>
  • Some people unhappy that a woman will be featured on the $10 bill instead of the $20 [tr]

    06/19/2015 1:12:03 PM PDT · by C19fan · 63 replies
    Hot Air ^ | June 19, 2015 | Allahpundit
    In fairness to them, some of the reason for the upset is righteous. Alexander Hamilton is not someone that people have a problem with, said the director of the Women On 20s campaign. Why kick the great man off the currency instead of the far more dubious Andrew Jackson? I couldnt agree more. But thats not the only reason. Some feel that women are being, er, shortchanged:
  • The Moronization of the Republic ... Mark Steyn

    06/19/2015 12:36:09 AM PDT · by Rummyfan · 33 replies
    Steyn Online ^ | 18 June 2015 | Mark Steyn
    Martha Washington on the 1891 one-dollar bill. I shared my thoughts on the church murders in Charleston and the Pope's encyclical on climate change on this afternoon's Hugh Hewitt show. We'll print the transcript here tomorrow morning. ~The decision to boot Alexander Hamilton off the ten-dollar bill - or at any rate reduce him to one-half of a double-act (like the short-lived Dan Rather and Connie Chung) - is one of those small acts of historical vandalism I absolutely loathe. The powers that be have decided it's time (once more - see right) for "a woman" on a US banknote....
  • Obama Administration to Take Alexander Hamilton First Treasury Secretary Off the $10 Bill

    06/17/2015 7:51:06 PM PDT · by Nachum · 95 replies
    The Gateway Pundit ^ | 6/17/15 | Jim Hoft
    The Obama administration is taking Alexander Hamilton, the first Treasury Secretary, off of the ten dollar bill.They will replace him with a woman. Scoop: Goodbye Alexander Hamilton. Hello 1st woman on the $10 bill. http://t.co/S1Or49drYo pic.twitter.com/088rppV4dP Benny (@bennyjohnson) June 17, 2015 Dana Loesch added: There is nothing wrong now with Hamilton, a Founder, Constitution signer, and founder of the Federalist Party, on the $10 bill. The choice to remove him for a yet-to-be-named woman while a genocidal, Democrat bigot who defied a Supreme Court ruling to tickle his relocation fetish remains on the $20 is insulting.
  • Surprise: Woman to replace Alexander Hamilton on the $10 bill, not Andrew Jackson on the $20

    06/18/2015 8:37:36 AM PDT · by SeekAndFind · 83 replies
    Hotair ^ | 06/18/2015 | AllahPundit
    Ben Domenech wonders how early America’s most famous self-made man, who fought by Washington’s side in the revolution, who co-wrote the Federalist Papers, who constructed the country’s financial system, and who was decades ahead of his time in opposing the slave trade ended up on the currency chopping block.Our terrible ruling class can’t even resist farking up our money. Back in 2009, during the height of the Tea Party, there were crotchety old Americans who warned in dark tones about the dangers of this president. He was a socialist, they said, and feckless to boot. He hated the American...
  • The US is reportedly changing the face of the $10 bill

    06/17/2015 5:55:51 PM PDT · by 11th_VA · 122 replies
    Business Insider ^ | JUN. 17, 2015 | HARRISON JACOBS
    Secretary of the Treasury Jack Lew is set to announce on Thursday that the Bureau of Engraving and Printing will remove Alexander Hamilton from the ten dollar bill, in favor of a woman. The change could happen as soon as 2020. The announcement came via Nancy Lindborg, president of the US Institute of Peace, who tweeted out the news.... ...The choice to replace Hamilton on the $10 bill as opposed to President Jackson on the $20 bill is a curious one. There were clear reasons to replace Jackson on the bill. Jackson has long been reputed as a deeply flawed...
  • Keep Andrew Jackson on the $20

    06/15/2015 8:47:13 AM PDT · by Brad from Tennessee · 37 replies
    Politico ^ | June 14, 2015 | By DAVID GREENBERG
    He was a slave owner, hostile to the forces of abolitionism that were rising in America. He imposed a cruel policy of Indian removal, forcing the tribes of the Southeast across a brutal march to the Oklahoma territory. He was a hot-headed general, quick to violence and known to overstep his legal bounds, as when he summarily executed two Britons for aiding the Indian enemy during the First Seminole War. On some levels, its easy to understand the campaign to remove Andrew Jacksons mug from the $20 bill. Pundits are rushing to endorse the idea. The leading candidate to replace...
  • Zimbabwe slashes 16 zeros from currency but dollar still a joke

    06/12/2015 9:00:55 AM PDT · by Citizen Zed · 45 replies
    euronews ^ | 6-12-2015
    From next Monday Zimbabweans with have their mental arithmetic simplified for them with the news some zeros are coming off the currency. Quite a lot of zeros. No less than 16, as the federal reserve attempts to end funny money by offering one new Zimbabwe dollar in exchange for 35 quadrillion old ones. However the real hyperinflation rate is in fact worse. The money being replaced was only issued in 2008, when the exchange rate was one for 10 billion. The real hyperinflation rate has 25 zeroes attached. This is now hyperinflation an elderly German would recognise, with all its...
  • The Dollar Joins the Currency Wars

    06/12/2015 8:13:51 AM PDT · by Jan_Sobieski
    Project Syndicate ^ | MAY 1, 2015 | Nouriel Roubini
    NEW YORK – In a world of weak domestic demand in many advanced economies and emerging markets, policymakers have been tempted to boost economic growth and employment by going for export led-growth. This requires a weak currency and conventional and unconventional monetary policies to bring about the required depreciation. Since the beginning of the year, more than 20 central banks around the world have eased monetary policy, following the lead of the European Central Bank and the Bank of Japan. In the eurozone, countries on the periphery needed currency weakness to reduce their external deficits and jump-start growth. But the...
  • Obama's Asian Trade Deal Sells Out American Workers

    06/11/2015 7:53:32 AM PDT · by xzins · 52 replies
    Newsmax ^ | Thursday, 11 Jun 2015 07:38 AM | Peter Morici |
    Congress should not grant President Barack Obama authority to conclude another free trade agreement in Asia, because it would lower American wages and exacerbate income inequality. The Trans-Pacific Partnership (TPP) would eliminate tariffs and lower other regulatory barriers to trade and investment among the United States, South Korea, Japan and nine other Pacific Rim nations. In March 2012, President Obama inaugurated a free trade pact with South Korea and in many ways, it provides a template for what we may expect from a broader TPP. Imports from South Korea are up 3.6 billion, U.S. exports are down marginally and the...
  • Pushing You Into A Cashless Society

    05/28/2015 2:10:42 PM PDT · by HammerT · 26 replies
    Freedom Outpost ^ | May 27, 2015 | Rory Hall
    One of the most effective means the elite use today to get their way and push a particular agenda is to make it "hip, swinging, and very, very cool." Another way is to simply tell you what is obsolete and "out dated." Who wants to be "behind the times"? Certainly not someone who is looking for the next "really cool" gadget! No, this particular person wants to be on the "cutting edge" of the "next big thing"! Enter the banking cabal and their desire to have total and absolute control of your life through your banking account and your means...
  • Germans want to keep their hands on cash (74% oppose cashless systems)

    05/28/2015 10:14:29 AM PDT · by Olog-hai · 13 replies
    TheLocal.de ^ | 28 May 2015 15:23 GMT+02:00 | (DPA/The Local)
    Confirming conservative stereotypes, Germans have come out strongly in favor of sticking to hard cash in conducting transactions, a survey published on Thursday showed. Paying for your bus ticket with a contactless card, putting down plastic in a restaurant or shopthese may be everyday aspects of life in the Anglophone world. But not so in Germany, where remembering to go to the cash point is something many expats have to get used to. And according to a study released by YouGov on Thursday, this is just how Germans like it. Nearly three quarters (74 percent) of respondents said that they...
  • Venezuelan currency tanks; inflation seen near 100%

    05/14/2015 3:09:53 PM PDT · by Oldeconomybuyer · 29 replies
    CNBC ^ | May 14, 2015 | by Katy Barnato
    Venezuela's black market exchange rate weakened below a key level on Thursday, as the bolivar's decline steepened in the face of hyperinflation and a rapidly shrinking economy. Over the past couple of years the value of the currency has plummeted against the dollar to its present 300 bolivar level. In 2012, a dollar would get you 10 bolivars, according to unofficial exchange rates. By the time President Nicolas Maduro was inaugurated in April 2013, it was 24 bolivars to the dollar and by this January it was at 173. This black market rate of 300.72 on Thursday was almost 50...
  • Citi Economist Says It Might Be Time to Abolish Cash [Zech 5]

    04/17/2015 2:48:36 PM PDT · by Jan_Sobieski · 27 replies
    YaLibnan ^ | 4/17/2015 | Staff
    The world's central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy. In a new piece, Citi's Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the...
  • The Soaring dollar puts the world on sale for Americans

    04/10/2015 4:38:14 AM PDT · by SeekAndFind · 12 replies
    Los Angeles Times ^ | 04/10/2015 | Tom Petruno
    Americans have long complained that the dollar doesn't buy much anymore. Suddenly, the dollar's problem may be that it buys too much a change that has huge implications across the global economy for consumers, businesses, investors and governments. The U.S. currency's value has surged over the last nine months, reaching levels against some world currencies last seen more than a decade ago. In Europe, it now costs just $1.09 to buy one euro, down from $1.37 a year ago and almost $1.50 four years ago. To put it another way, an American tourist strolling the streets of Paris this...
  • Vladimir Putin calls for 'Eurasia' currency union

    03/24/2015 5:42:51 AM PDT · by mykroar · 4 replies
    The Telegraph ^ | 3/20/2015 | Reuters
    Vladimir Putin proposed on Friday creating a regional currency union with Belarus and Kazakhstan, Russia's partners in a political and economic union made up of former Soviet republics. Mr Putin made his proposal at a meeting with the Belarussian and Kazakh presidents which highlighted the challenges facing the Russian-led Eurasian Economic Union following the fall in global oil prices and the decline of the Russian rouble. "The time has come to start thinking about forming a currency union," Mr Putin said after the talks in the Kazakh capital Astana with Belarussian President Alexander Lukashenko and Kazakh President Nursultan Nazarbayev.He gave...
  • Currency Wars Continue As IMF Concedes End To Dollar Hegemony

    03/10/2015 9:07:39 AM PDT · by Olog-hai · 36 replies
    GoldCore ^ | March 9, 2015 | Mark OByrne
    Currency wars and the growing trend away from dollar dominance in international finance, particularly in emerging markets, was highlighted in an interesting CNBC article this morning entitled Is the Dollar Losing its Clout Among EMs? It refers to the deliberate and stated policy of de-dollarization around the world, the decline in the use of the dollar in international trade and as a reserve currency, and the emergence of the new BRICS bank. The article quotes best-selling author and Pentagon insider, Jim Rickards. Rickards says that the status of the dollar as a reserve currency is still solid despite its decline...
  • Japan Now Spends 43% Of Tax Revenue To Fund Interest On Debt

    03/05/2015 3:45:06 PM PST · by blam · 18 replies
    Zero Hedge ^ | 3-5-2015 | Simon Black - Tyler Durden
    03/05/2015 Simon BlackTyler Durden Its entirely possible that we may see interstellar space travel in our lifetime. And what a dream that would be. But in the meantime, for anyone thats losing patience with space technology, I would recommend you visit Japan. Because for anybody that has been here, this place is as close as it gets to being on another planet.Japan is a land of irony and dichotomy. It is one of the most conservative cultures in the world, while simultaneously being one of the most perverted. Business culture here is yet another thing that seems totally alien. Creativity...
  • Ukraine Enters Hyperinflation: Currency Trading Halted

    02/25/2015 9:42:33 AM PST · by tcrlaf · 16 replies
    zerohedge ^ | 2-25-2015 | durden
    Yesterday we summarized the most recent economic, political and social situation in Ukraine as follows: "A year or so on from the last coup in Ukraine, Ukraines former Prime Minister Sergey Arbuzov told TASS, with growing popular discontent, "another state coup cant be ruled out in Ukraine." As the cease-fire deal hangs torn and tattered in the Debaltseve winds, the nation is a mess, a new gas dispute looms as Gazprom demands upfront payments, capital controls have been tightened as the $17.5bn IMF loan may not be enough; and the central bank governor faces prosecution as the economy craters. All...
  • Sweden cuts rates below zero as global currency wars spread

    02/12/2015 3:34:09 PM PST · by NRx · 30 replies
    The Telegraph ^ | 12 Feb 2015 | Ambrose Evans-Pritchard
    Sweden has cut interest rates below zero and launched quantitative easing to fight deflation, becoming the latest Scandinavian state to join Europes escalating currency wars. The Riksbank caught markets by surprise, reducing the benchmark lending rate to minus 0.10pc and unveiled its first asset purchases, vowing to take further action at any time to stop the country falling into a deflationary trap. The bank presented the move as precautionary step due to rising risks of a poorer outcome abroad and the crisis in Greece. Janet Henry from HSBC said the measures are clearly a beggar-thy neighbour manoeuvre to weaken the...
  • Currency warriors get a boost at G-20 meeting

    02/11/2015 8:01:41 AM PST · by Rusty0604 · 7 replies
    Market Watch ^ | 02/11/2015 | Ian
    ISTANBUL--The world's top finance leaders on Tuesday in effect backed currency depreciation as a tool for promoting growth by signaling strong support for aggressive easy-money policies aimed at boosting the fragile global economy. The support by finance ministers and central bankers from the Group of 20 largest economies for mass monetary easing--policies that have weakened exchange rates from Europe to Japan--is at odds with the traditional view that currency depreciation could have damaging effects on other economies. It also reflects worry that economies in much of the world could get stuck in a low-growth rut without decisive cash injections from...
  • The Global Currency Reset is Real & in Motion.

    02/09/2015 1:23:45 PM PST · by alexmark1917 · 8 replies
    Jim Willie: The Global Currency Reset is Real and in Motion JIM WILLIE INTERVIEW (PART ONE) http://www.oneradionetwork2.com/mp3/money/economy/01.26.15_willie_jim_one.mp3 JIM WILLIE INTERVIEW (PART TWO) http://www.oneradionetwork2.com/mp3/money/economy/01.26.15_willie_jim_two.mp3 -Willie says there is a strong contingent of powerful Good Guys ex military who are tired of the status quo; and there are extremely wealthy Chinese Elders who are sick and tired of The Boys andtheir destruction of the Planet. -There are three major factions who run the world.for now; who are they? -Germany is actively looking for credible ways to exit the Euro Zone, political and currency -The dollar is losing market share, as we speak,...
  • Russians advised to pull their money out of banks and prepare for 'black market in cash'

    02/06/2015 8:26:31 AM PST · by Perseverando · 14 replies
    Business Insider ^ | February 06, 2015 | Tomas Hirst
    A columnist for Russia's Vedomosti newspaper, a joint venture between the Financial Times and The Wall Street Journal, has advised readers to pull their savings out of banks and convert them into physical dollars. The ruble has tanked over the past year, falling over 50% from 33 rubles to the dollar to 67 rubles at market open Friday. The collapse in the currency's value has helped drive up prices in the country, which is heavily reliant on imports, with inflation surging to 15% in January. Now, it seems, it is affecting sentiment on the streets. Andrey Panov, a freelance columnist...
  • U.S. companies face billions in Venezuela currency losses, Reuters analysis shows

    02/02/2015 11:43:06 AM PST · by Lorianne · 23 replies
    Reuters ^ | 02 February 2015 | Tim McLaughlin
    At least 40 major U.S. companies have substantial exposure to Venezuelas deepening economic crisis, and could collectively be forced to take billions of dollars of write downs, a Reuters analysis shows. The companies, all members of the S&P 500, and including some of the biggest names in Corporate America such as autos giant General Motors (GM.N) and drug maker Merck & Co Inc (MRK.N), together carry at least $11 billion of monetary assets in the Venezuelan currency, the bolivar, on their books. The official rate is at 6.3 bolivars to the dollar and there are two other rates in the...
  • Top 10 Reasons George Soros is Dangerous

    04/02/2011 4:34:49 PM PDT · by opentalk · 23 replies
    Human Events ^ | April 2, 2011 | Human Events
    Human Events readers, in an online poll, recently voted billionaire financier George Soros the single most destructive leftist demagogue in the country. Here are the Top 10 Reasons George Soros Is Dangerous1. Gives billions to left-wing causes: Soros started the Open Society Institute in 1993 as a way to spread his wealth to progressive causes. Using Open Society as a conduit, Soros has given more than $7 billion to a whos who of left-wing groups. This partial list of recipients of Soros money says it all: ACORN, Apollo Alliance, National Council of La Raza, Tides Foundation, Huffington Post, Southern Poverty...
  • The World's Next Mortgage Crisis? (Europe)

    01/31/2015 5:03:40 PM PST · by Lorianne · 5 replies
    The Atlantic ^ | 29 January 2015 | David Frum
    My breakfast companion looked gloomy. Hed flown into Washington from Vienna the day before. When he deplaned, he found a shocking email waiting for him: a demand from his banker for immediate payment of 12,000. Although a resident of Austria, he had taken a home mortgage in Swiss francs, which carried a lower interest rate than mortgages in euros. But 48 hours before he had arrived in the United States, the Swiss franc had surged by 20 percent against the euro. That currency appreciation had wiped out his equity in the house. His frightened banker wanted a new infusion of...
  • The United States Is Imploding, On The Eve Of Destruction.

    01/24/2015 6:04:06 AM PST · by alexmark1917 · 45 replies
    The United States is gradually, but unrelentingly, destroying part of itself. The facts to support this are well-documented, told in many ways from past to present. The most egregious example of Americide is our country's treatment of African-Americans. Almost everyone agrees about the evils of slavery, once dismissed simply as a Peculiar Institution. But a debate goes on about reparations, with passionate arguments on both sides, ranging from a demand for a Reparations Superfund for jobs and education, to a claim that blacks actually benefited from slavery because of the years of 'reparations' received through poverty programs. Reparations opponents insist...
  • As Euro Slides, Strategists Cut Forecasts

    01/24/2015 3:51:11 AM PST · by SkyPilot · 14 replies
    The Wall Street Journal ^ | 23 Jan 15 | Tommy Stubbington and James Ramage
    Rip up your euro forecasts. A day after the European Central Bank unveiled its bond-buying program, the single currency still was in free fall, blowing past analysts expectations for how low the euro can go. Some investors now say the euro could fall to the point where it is on equal footing with the U.S. dollar for the first time since it climbed above the buck in late 2002. If you would have asked me a few months ago, I wouldve said that parity could be in the cards in the years ahead. Now, we cant rule it out anymore...
  • This Is What Gold Does In A Currency Crisis, Euro Edition

    01/23/2015 1:19:26 PM PST · by blam · 18 replies
    Zero Hedge ^ | 1-23-2015 | Tyler Durden
    Tyler Durden 01/23/2015 Submitted by John Rubino via Dollar Collapse blog Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. Theyre bidding gold up dramatically.(snip)