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Latvian PM Says Exclusion of Russia From SWIFT to Paralyze Global Economy

January 29th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150129/1017519925.html

The possible exclusion of Russia from the SWIFT payment system proposed by the European Parliament will hurt the world’s economy, Latvian Prime Minister Laimdota Straujuma told Baltkom. In response, Russia's Central Bank said the country might introduce alternative channels of interbank communications to replace SWIFT.

Putin Pivots Back: Russia Confirms Willingness To Provide Financial Aid To Greece

January 29th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-01-29/putin-pivots-back-russia-confirms-willingness-provide-financial-aid-greece

Russia's finance minister Anton Siluanov: *RUSSIA WOULD WEIGH FINANCE FOR GREECE IF ASKED, "if such a petition [for financial aid] is submitted to The Russian Government, we will definitely consider it."

Alaska’s State Budget Collapses by 50%

January 29th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Alaska%E2%80%99s_State_Budget_Collapses_by_50%25/41319/0/38/38/Y/M.html

80 percent drop in oil revenues since June, Alaska has no state sales or income taxes, “Even if you lay off every state employee, that only saves us a billion [dollars]“We’d still have $2.5 billion to go; ”Chris Tuck, Democrat minority leader in the Alaska House of Representatives. Governor, considering creating the state’s first income and sales taxes.

New leader vows that Greece will no longer submit to eurozone demands

January 28th, 2015
Categories: Economic

Link: http://america.aljazeera.com/articles/2015/1/28/greek-pm-will-no-longer-submit-to-eu.html

Greece's new prime minister: his government's top priority is negotiating with creditors to resolve the country's debt without blindly submitting to the demands of its European partners. New government's anti-austerity agenda alarmed financial markets, reviving fears Greece could crash out of the eurozone.

Chechen leader accuses US, West of seeking to shatter Russian economy

January 28th, 2015
Categories: Economic

Link: http://itar-tass.com/en/russia/773969

Head of Russia’s North Caucasian Republic of Chechnya, Ramzan Kadyrov, has accused the United States and the West of seeking to shatter the Russian economy by their sanctions but vowed Russia will hold out.

Russian Banks Cancel US Contracts Over Demands to Reveal Taxpayers' Data

January 28th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150128/1017469026.html

Russian banks have canceled contracts with their US clients because of the Foreign Account Tax Compliance Act (FATCA), the law that requires foreign banks to share information on US citizen's banking activities. If a bank does not comply, it may be subject to a fine.

Chinese yuan now top 5 major intl payment currency

January 28th, 2015
Categories: Economic

Link: http://rt.com/business/227031-yuan-top-5-payment-swift/

The Chinese currency is the 5th most-used currency in international payments, according to the SWIFT network responsible for international financial transactions. Breaking into the top 5 is symbolic to balance dollar-denominated payments. In 2014, yuan payments doubled by 102 percent, and increased by 20.3 percent in December alone.

Greece’s new dream team vows to defy foreign creditors

January 28th, 2015
Categories: Economic

Link: http://shareverything.com/2015/01/28/greeces-new-dream-team-vows-to-defy-foreign-creditors/

Pressure on the Tsipras government to honour the terms of the bailout deals struck by the previous two Greek governments, terms the new prime minister in Athens has threatened to repudiate, says its priorities will be to cancel austerity and renegotiate the country’s “unsustainable” €320bn (£238bn)debt load.

Ukraine to receive €1.8bn from EU

January 27th, 2015
Categories: Economic

Link: http://rt.com/business/226755-ukraine-eu-aid-economy/

European Union finance ministers have agreed to loan Ukraine €1.8 billon to stave off a default. Some governments pressed for €2.6 billion in medium-term loans for 2015 and 2016.

Medvedev Warns Of "Unlimited Reaction" If Russia Cut From SWIFT

January 27th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Medvedev_Warns_Of_%22Unlimited_Reaction%22_If_Russia_Cut_From_SWIFT/41283/0/38/38/Y/M.html

Prime Minister Dmitry Medvedev:"Russian response - economically and otherwise - will know no limits" if Russia is cut off from the SWIFT payments system. Russia intends to have its own international inter-bank system by May 2015, Russia says it needs its version of SWIFT in case of possible ”challenges” from the West.

Microsoft tanks 10 percent, hit by 4 downgrades on earnings

January 27th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/1014999327

Microsoft shares plunged 10 percent Tuesday after the software giant reported quarterly revenue that beat expectations but warned that a weak PC market and a strong dollar will curb growth this year. Many analysts slashed price targets on the stock and some cut their Buy ratings to Hold.

Australia’s Debate Over Wage Floors Intensifies as Economy Faces Slowdown

January 26th, 2015
Categories: Economic

Link: http://sputniknews.com/news/20150126/1017367742.html

Supporters of higher minimum wage in the US have mentioned Australia's $16.88 an hour minimum wage nearly two times higher than federal minimum wage level in the US. as an example that high wage floor do not necessary suppress a country's economic growth. The country has not suffered a recession for nearly 20 years,

Wealth Gap: 10% of Americans Own 91% (but the Queen and Rothschilds Still Own Almost Everything)

January 26th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/wealth-gap-10-of-americans-own-91-but-the-queen-and-rothschilds-still-own-almost-everything_012015

10 percent of Americans own 91 percent of the nation’s stocks and mutual funds. Most of the remainder is held by a “middle class” that is steadily losing ground. The bottom 60 percent is almost entirely shut out. Queen of England worth £17,600,000,000,000. Owns 6.6 billion acres, could end world poverty and hunger all by herself if she wanted to.

German Economists Reportedly Call for Free Trade Zone With Russia

January 25th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150125/1017314578.html

President of the Committee on Eastern European Economic Relations in Germany Eckhard Cordes told NDR (North German Broadcasting) Radio that a free trade zone with the Eurasian Economic Union (EEU) would make sense "from the political and economic perspective".

Bundesbank President Says ECB Monetary Policy 'Grave Decision'

January 25th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150125/1017323458.html

The president of the German central bank, Jens Weidmann, has expressed his disagreement with the ECB's decision to implement quantitative easing. "Bond-buying by the government is not a normal instrument of monetary policy," when carried out in a monetary union like the Eurozone, "is connected with particular drawbacks and risks.

ECB will buy 10% of Spain’s public debt

January 25th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/ECB_will_buy_10%25_of_Spain%E2%80%99s_public_debt/41208/0/38/38/Y/M.html

The asset-buying program will also help homeowners with their mortgage payments with the Euribor rate expected to drop further from this week’s 0.28% as a result of lenders’ increased liquidity. With a home ownership rate of nearly 80% and close to 90% of mortgages set at variable rates that depend on the Euribor, Spain stands to gain more than any other eurozone country from this reduction.

Iran Joins Growing List of Countries to Ditch Dollar in Foreign Trade

January 24th, 2015
Categories: Economic

Link: http://sputniknews.com/middleeast/20150124/1017299147.html

Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won; deputy governor at Iranian Central Bank told the Tasnim News Agency.

The Davos oligarchs are right to fear the world they’ve made

January 24th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/The_Davos_oligarchs_are_right_to_fear_the_world_they%E2%80%99ve_made/41146/0/38/38/Y/M.html

The billionaires and corporate oligarchs meeting in Davos this week are getting worried about inequality. 80 individuals now have the same net wealth as 3.5 billion people – half the entire global population. 1% will have pocketed more than the other 99% put together.

Medvedev Says Producers, Retailers Should Get Used to Lower Profits

January 23rd, 2015
Categories: Economic

Link: http://sputniknews.com/russia/20150123/1017268424.html

Retailers and producers should “curb their economic appetite” and drop their level of profit on products; Russian Prime Minister Dmitry Medvedev.

Asset Ownership and Our System of Deepening Debt-Serfdom

January 22nd, 2015
Categories: Economic

Link: http://www.washingtonsblog.com/

Debt-serfs must borrow money to buy essentials while wealthy borrow to invest in productive assets, goods and services must be paid with highly profitable debt. Need to borrow to pay for essentials evident in student loans, vehicles and housing. Result is a system in which majority of productive assets are owned by the few who have the means to exploit the many.

Russia, Ecuador Should Seek Greater Independence From Dollar

January 22nd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150122/1017215571.html

Ecuadorian Ambassador to Russia Patricio Alberto Chavez Zavala: Russia and Ecuador should adopt financial mechanisms that reduce their dependence on the dollar for international trade, important for our countries to create new mechanisms of financial compensation, which depend on the dollar less in trade. Russia and Ecuador must seek to establish system of payment in national currencies.

ECB announces milestone €1.14trn ‘easy money’ program

January 22nd, 2015
Categories: Economic

Link: http://rt.com/business/225111-ecb-announces-qe-draghi/

The European Central Bank announced it will embark on a fully-fledged quantitative easing program from March, which will break down to €60 billion per month. The move is made to counter a triple-dip recession in the eurozone.

China, Switzerland sign deal on yuan trading in Zurich

January 22nd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/China%2C_Switzerland_sign_deal_on_yuan_trading_in_Zurich/41103/0/38/38/Y/M.html

The central banks of China and Switzerland have signed a pact to establish a yuan trading center in Zurich. The deal is expected to increase the number of European transactions in yuan. Switzerland's central bank said on Wednesday it had signed the agreement with the People's Bank of China.

Flashback 2009: Drug Money Saved Banks in Global Crisis

January 22nd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Flashback_2009%3A_Drug_Money_Saved_Banks_in_Global_Crisis/41104/0/38/38/Y/M.html

Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis; United Nations’ drugs and crime tsar has told the Observer. Antonio Maria Costa, head of the UN Office on Drugs and Crime: proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. Majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

Russian economists disagree with Obama’s gloom prophecies

January 21st, 2015
Categories: Economic

Link: http://itar-tass.com/en/opinions/772444

President Obama’s claims Russia is isolated and its economy is in tatters have nothing to do with reality and represent wishful thinking. Russia’s unemployment is low, agri-industrial sector is not bad, basic industries keep working, the country is looking for new markets and the foreign debt has shrunk. “Russia is exploring new markets for its products in Asia. Contracts with China.

Oil Prices Not Expected to Return to $100 per Barrel

January 21st, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150122/1017208966.html

Venezuelan President Nicolas Maduro: The oil won't return to 100 dollars per barrel. We have to generate new sources of income to the country. Venezuela's economy relies on oil production to a great extent, with oil accounting for 95 percent of the country's exports and comprising 45 of budget revenues.

Gold above $1,300 for first time in 5 months

January 21st, 2015
Categories: Economic

Link: http://rt.com/business/224807-gold-price-record-high/

Gold prices have risen above $1,300 an ounce for the first time since August 2014. This is due to the global economic slowdown, expectation of ECB ‘easy money’ and currency volatility, increased uncertainty in the financial markets.

Russia and China ‘Furiously’ Buying Up Gold As “a Global Currency Crisis – Albeit Unstated – is Underway”

January 21st, 2015
Categories: Economic

Link: http://www.shtfplan.com/headline-news/russia-and-china-furiously-buying-up-gold-as-a-global-currency-crisis-albeit-unstated-is-underway_01202015

Widely believed China has accumulated much larger reserves. Lots of other countries are rapidly buying up gold including – Serbia, Greece, Ecuador, Mexico, Kazakhstan, Kyrgyzstan, and Tajikistan. Russia’s increase is the most dramatic, according to IMF. Russian central bank has almost doubled its gold holdings in the last 5 years.

Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is "Sorry" For "Overzealousness"

January 21st, 2015
Categories: Economic

Link: http://www.zerohedge.com/

Owen Li, former Raj Rajaratnam's Galleon Group trader, and the clients of his Canarsie Capital hedge fund, December 2014 will never be forgotten. According to CNBC, from around $100 million in AUM in March 2014, Li told investors in a letter, the fund had lost all but $200,000 and he was "truly sorry," for "acting overzealously" in the last 3 weeks.

Even Central Bankers Now Admit QE Doesn’t Work

January 21st, 2015
Categories: Economic

European Central Bank to Unleash Massive Round of Quantitative Easing, Central Bank Heads Admit QE Doesn’t Work. Former head of Bank of England Mervyn King: more QE will not help economy; We have had biggest monetary stimulus ever seen, still not solved problem of weak demand. The idea that monetary stimulus after six years is the answer doesn’t seem (right) to me.

Bank of America CEO Says Public Anger At Banks Is 'Understandable'

January 21st, 2015
Categories: Economic

Link: http://www.ibtimes.com/bank-america-ceo-says-public-anger-banks-understandable-1789774

Bank of America CEO: Americans remain concerned about whether policymakers have adequately protected the country from another financial crisis, acknowledged that financial institutions were a primary driver of the economic crisis.

Russia may spend over $7 billion from Reserve Fund on anti-crisis plan — deputy PM

January 21st, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/772549

Russian government may spend over 500 billion rubles ($7 billion) from the country’s oil wealth Reserve Fund on an anti-crisis plan, First Deputy Prime Minister Igor Shuvalov said on Wednesday after a meeting of President Vladimir Putin with government members, where they discussed a plan of measures to support the economy in the current conditions. The Russian president broadly supported the plan.

Putin Says Russia Should Boost Economic Sovereignty

January 21st, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150121/1017187023.html

Russia will take appropriate measures to increase its economic sovereignty as the global economy is eroding under pressure from political factors; President Vladimir Putin.

Red lights blinking on Malaysia’s economic dashboard

January 20th, 2015
Categories: Economic

Link: http://www.themalaysianinsider.com/malaysia/article/red-lights-blinking-on-malaysias-economic-dashboard

Tumbling oil prices putting pressure on Malaysia's commodity-driven economy, hurting its exports and currency, putting spotlight on huge debts the country runs. Malaysia, a major exporter of liquefied natural gas and oil, suddenly faced with cheap oil, other commodities will drive current account into deficit, has unnerved foreign investors. Malaysiaa net importer of foreign capital. Credit markets now rank Malaysia riskiest in Southeast Asia, exposeure to market volatility," foreign currency reserves dropping US$25 billion since 2013.

Oxfam: Richest one percent set to control more wealth than the bottom 99 percent

January 20th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/01/20/oxfa-j20.html

The richest one percent of the world’s population will have more wealth next year than the other 99 percent combined, according to a report issued Monday by the Oxfam charity.

Russian stocks shrug off weak oil prices, geopolitical factor

January 20th, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/772098

Russian stock indices edged up on the Moscow Exchange on Tuesday after opening in negative territory, despite weak oil prices and increased tension over the situation in eastern Ukraine.

China Partially Rebounds From Monday’s Crash; Europe, US Extend Gains

January 20th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150120/1017138481.html

Stock markets mostly climbed worldwide as China managed to partially recover from yesterday’s stock crash on the optimistic GDP report and stimulus measures, while the European bourses advanced, beating their 7-year highs on the expectations of the full-scale ECB stimulus, due Thursday.

Barack Obama goes after the one per cent with proposed $320 billion tax hike

January 20th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/01/barack-obama-goes-after-one-per-cent.html

Will use his annual State of the Union address to propose hundreds of billions of dollars in tax hikes on America's "one per cent" in a move that will increase tensions with the Republican-dominated Congress. Obama will call for raising capital gains rate on high earners, elimination of a tax break on inheritances, and implementation of a fee on large financial firms lending and borrowing money.

Would forgiving Greece’s debt really be that bad?

January 20th, 2015
Categories: Economic

Link: http://www.cnbc.com/id/102348549

As anti-bailout party Syriza leads polls ahead of a general election in Greece this coming weekend, the head of the International Monetary Fund warned Monday that the country couldn't renegotiate any debt restructuring deal without accepting "the consequences." Allowing Greece to restructure its debts could set a precedent for other struggling economies.

Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders

January 19th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/swiss-shocker-triggers-gigantic-losses-for-banks-hedge-funds-and-currency-traders/

Stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Citigroup and Deutsche Bank say their losses were 150 million dollars, a major hedge fund that had 830 million dollars in assets at the end of December has been forced to shut down, several major global currency trading firms have announced that they are now insolvent. These are just the losses that we know about so far.

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