U.S. stocks rose sharply in early trading after a surprise interest rate cut in China and a hint of further stimulus for Europe from the head of that region's central bank.
One particularly troubling incident was the Fed allowing Goldman to pretend it had gotten Fed approval for a derivatives deal designed to snooker Spanish banking regulators. Another was Goldman's lack of a conflicts of interest policy.)
Senate panel accuses Goldman Sachs of manipulating aluminum storage rules in order to line its own pockets. Aluminum slabs moved from one warehouse facility to another, says the 396-page report by the Senate Permanent Subcommittee on Investigations, resulting in record U.S. fees for storing and shipping aluminum Result; higher costs for aluminum-product manufacturers and consumers.
“for a loan of $300, a typical borrower pays on average $775, with $475 going to pay interest and fees “annualized interest rates often ranging from 213 percent to 913 percent.” Interest on a payday loan could vary between 4.4% and 19% – per week.
Wall Street agenda has a plan to move more of the $3 trillion dollars in unguarded government pension funds into privately managed, high-fee investments. likely to result in more pension money going into investments which offer great benefits for Wall Street but do little for the broader economy.
The University of California would raise tuition by more than 25 percent over five years under a plan passed on Wednesday by a committee of the system’s governing board, a move strongly opposed by Democratic Governor Jerry Brown.
The increasing demand for crude in Asian countries such as China was enough reason for the region to prepare to pay for trade in the Chinese currency renminbi (RMB), an HSBC official said.
Luxembourg’s Prime Minister Xavier Bettel has criticized the European Union’s single tax plans, arguing that it should be left to member states to decide. "To say that everyone within the European Union must move toward a single tax policy with the same tax rate, that I'm against,
Putin: Russia’s economy has reserves to withstand a collapse in oil revenues; “We are considering all the scenarios including the so-called catastrophic fall of prices for energy resources, which is entirely possible and we admit it,” regarded sanctions as pointless, illegal, likely to harm not just Russian but world trade.
Would take three years of complete government shutdown, with entire general fund going toward pensions, to break even. Illinois’ unfunded pension liability grew to $111 billion this year, $48 billion increase since 2009. State has 39 cents of every dollar it should have in the bank to pay for future benefits. In the private sector, these funds would be deemed bankrupt.
The Canton, Ohio, Walmart store is holding a food drive for employees, according to a pair of photos circulated by OUR Walmart, an advocacy organization with ties to the United Food and Commercial Workers Union. Signs attached to bins located in employee backrooms ask workers to “donate food items here so associates in need can enjoy Thanksgiving dinner.”
Ukraine's President Poroshenko signed a decree Friday that will explicitly withdraw state support for the regions within a month. Central bank will no longer service bank accounts, could involve cutting energy supplies. Bank runs have already begun across the region with long lines forming at ATMs.
Russian President Vladimir Putin: Western sanctions imposed on his country over crisis in Ukraine could backfire. “If the resources of our financial institutions are cut off, they can extend fewer loans to Russian companies that work with German partners,”“Sooner or later, it will begin to affect you as much as us.”
U.S. government ran a budget deficit of $122 billion in Octobe; Treasury Department. The shortfall is $31 billion, 34%, more than a year ago. The government spent $334 billion in October, an increase of 16% from last October. Receipts totaled $213 billion in October, an increase of 7%.
Russia, according to latest data from The World Gold Council (WGC) buying gold in huge size. Dwarfing the rest of the world's buying in Q3, Russia added 55 tonnes to its reserves. Putin is taking advantage of lower gold prices to pack the vaults of Russia's central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.
Sanctions imposed on Russia over its alleged involvement in the Ukrainian crisis boomerang on the United States. Does certain damage to us, butis also harmful to the United States,”; Vladimir Putin, who is in Brisbane, Australia, to attend the G20 summit, which gathers the world’s 20 major economies.
More than 20 Italian cities including the capital city of Rome and northern city of Milan, have witnessed confrontations between police forces and anti-austerity protesters Friday as trade unions, students, and migrants staged strikes and rallies against labor market and other reforms.
Speaking on a chapter dedicated to gold in his new book, Alan Greenspan Chairman of the Federal Reserve System from 1987-2006 said, “gold is the premier currency where no fiat, including the dollar, can match it.”
The BRICS agreed to establish the New Development Bank (NDB) based in Shanghai, pushed by India and Brazil, an alternative to the Western-dominated World Bank. A Contingent Reserve Arrangement will give its members emergency access to foreign currency, might eventually dethrone the dollar as world’s reserve currency. Possible to bypass IMF for loans, thus avoiding austerity requirements.
The ISIL Takfiri terrorist group says it is planning to create its own currency in the form of two gold, three silver and two copper coins, prompting speculations on whether the move is viable. The Takfiri group said motive behind the move was to avoid the “tyranny of the international monetary and financial system,” the currency will make it possible to avoid the “global economic system that is based on satanic usury.”
Venezuelan investors abandoning ship en masse after government indicatedited iy would not take immediate measures to stop country from sinking deeper into chaos. Highest inflation rate in the world, 64%. Food shortages, much food, household goods imported. Without cash from oil government will not be able to subsidize those imports.
US President Obama’s most senior economic official during the global financial crisis claimed Ireland was “stupid” to guarantee the banks, said the country couldn’t afford the 2008 blanket guarantee, which lumped €64bn of bank losses on taxpayers. “They were eight times the size of their economy.
Only one primary silver miner is making money at the current price of silver. This is Tahoe Resources. Tahoe is an exception because it is mining 5+ million ounces of silver a quarter at a staggering 550+ grams per ton.
34 Trillion Dollars were created to “Bailout” the banks and institutions foreclosing homes. $11 trillion could have paid off all the mortgages on the residential real estate, freeing up billions of dollars a month for consumer spending that could have reinvigorated every sector of the economy.
Switzerland’s financial regulator (FINMA) found “serious misconduct” and a “clear attempt to manipulate precious metals benchmarks” by UBS employees in precious metals trading, particularly with silver as part of its review of the bank’s foreign-exchange business.
U.S. Commodity Futures Trading Commission, U.K. Financial Conduct Authority ,Swiss Financial Market Supervisory Authority said Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank and UBS agreed to settlements of $3.4 billion. FCA continuing to investigate Barclays Bank.
Chinese capital to help boost Russian stock of affordable housing by 25 million square meters by 2018. Russia's Vnesheconombank (VEB) is poised to get billions of dollars from China Development Bank for investment in Russian real estate. Deal would "help bring Chinese investment and companies to Russia."
Russia intends to have its own international inter-bank system up and running by May 2015. The Central Bank of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West.
Venezuela closed its borders with Colombia, deployed thousands of troops to fight smuggling of cut-rate gasoline and other products into the country. Estimates smugglers sneak 40 percent of the country’s basic commodities into Colombia, inflicting 3.7 billion in damage on Venezuelan economy annually.
Beijing says it will spend $40 billion to revive the historic Silk Road and connect China with Central Asia, the Middle East and Europe. Chinese President Xi Jinping said the ambitious project is designed to “break the connectivity bottleneck” in Asia. It will also secure the supply of Uranium and rare metals from Asia.
Alan Greenspan: if China converted only a “relatively modest part of its $4 trillion foreign exchange reserves into gold, the country’s currency could take on unexpected strength in today’s international financial system.”China boosted its gold reserves by 454 tonnes over the previous five years.
The tiny European country of Luxembourg has become a tax haven for hundreds of international corporations seeking ways to reduce their tax obligations by billions of dollars. Discovery, made by the International Consortium of Investigative Journalists (ICIJ) from thousands of pages of leaked documents, involves at least 340 companies, including PepsiCo and FedEx.
The Department of Justice has opened a criminal investigation into JPMorgan Chase‘s foreign exchange business, similar disclosure by Citigroup. Banks in the U.S. and abroad are facing allegations that they manipulated foreign-exchange rates. Civil enforcement authorities and foreign regulators also investigating its foreign exchange business.
The cut applies to part-timers who work fewer than 30 hours a week -- about 2% of the company's U.S. workforce. More of Wal-Mart's employees signed up for health benefits this year than the company expected, which boosted the company's costs.
On Nov. 5, top financial experts concluded a conference held in Beijing, China to discuss economic reforms and how the current global financial system could be adapted or changed to function in a rapidly evolving monetary environment
Alayne Fleischmann; securities lawyer, central witness in one of the biggest cases of white-collar crime in American history. As a deal manager at the gigantic bank, witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.
The State Duma submitted a bill banning and terminating the circulation of USD in Russia. If the bill is approved, Russian citizens will have to close their dollar accounts in Russian banks within a year and exchange their dollars in cash to Russian ruble or other countries’ currencies
"I think the big reason gold has lost so much ground is because confidence is coming back," says Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis
Ottawa and Beijing have struck a deal that will see this country designated as a trading hub for China’s yuan currency, a benefit that will lower the cost of doing business for Canadian companies seeking Chinese markets.
Qatar will become the Middle East’s first hub for clearing transactions in the Chinese yuan, that could over help Gulf oil exporting countries reduce their dependence on the US dollar. Industrial and Commercial Bank of China’s Doha branch has been appointed as the clearing bank for yuan deals in Qatar.
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