Keyword: currency
-
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...
-
The "one-off" adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows. The PBOC seeks to reassure... -CHINA PBOC SAYS YUAN REMAINS STRONG CURRENCY IN LONG-TERM -PBOC SAYS THERE IS DEMAND FOR DEVALUATION OF YUAN VS USD -PBOC CHANGE OF YUAN MECHANISM RELATED TO JULY CREDIT: ZHANG -PBOC SAYS YUAN CHANGE IS BENEFICIAL TO LONG TERM STABILITY -PBOC SAYS YUAN EXCHANGE RATE ADJUSTMENT ALMOST COMPLETED *YUAN RATE ADJUSTMENT POSITIVE TO CONFIDENCE IN YUAN: PBOC'S YI *NEW YUAN MECHANISM `POSITIVE' TO INTERNATIONALIZATION: PBOC YI *PBOC SAYS NO BASIS...
-
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...
-
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...
-
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...
-
As China contends with an economic slowdown and a stock market slump, the authorities on Tuesday sharply devalued the country’s 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 China’s modern exchange-rate system was introduced at the start of 1994. China’s 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 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 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 Greece’s 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...
-
Columbus, Ohio (AP) • Doug Hamilton is just fine with plans to put a woman’s portrait on U.S. paper money, but he’d 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 Hamilton’s 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...
-
"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 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...
-
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...
-
What is a nation’s currency? Ask an economist, and he’ll 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. It’s just a piece of cotton paper, with a drop of ink and a magnetic strip. It’s not worth much. But it represents confidence in the nation’s 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. 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
-
<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>
-
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. But that’s not the only reason. Some feel that women are being, er, shortchanged:
-
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....
-
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.
-
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...
-
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...
|
|
|