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China Sets up $3bn Finance Fund for East-Central Europe

December 17th, 2014
Categories: Economic

Link: http://russia-insider.com/en/2014/12/17/1955

At a meeting with leaders of 16 Central and Eastern European countries (CEE) Tuesday, Chinese Premier Li Keqiang announced a new investment fund of $3 billion to facilitate financing in the cash-strapped countries. Most of these countries are members of the European Union.

Paul Craig Roberts – US Government Most Corrupt on Earth - Vuideo

December 17th, 2014
Categories: Economic

Link: http://investmentwatchblog.com/paul-craig-roberts-us-government-most-corrupt-on-earth/

Former Assistant Treasury Secretary Dr. Paul Craig Roberts: recent spending bill, allows banks to gamble on derivatives, and taxpayers and depositors are on the hook for the losses.

German group warns against plunge in Russian ruble’s value - Video

December 17th, 2014
Categories: Economic

Link: http://www.presstv.ir/detail/2014/12/17/390666/german-group-warns-against-ruble-fall/

The German Committee on Eastern European Economic Relations said on Wednesday that ruble’s plunge would lead to a 20-percent fall in the Western European country’s exports to the Russian Federation.

Russia pledges to defend nosediving ruble - Video

December 17th, 2014
Categories: Economic

Link: http://www.presstv.ir/detail/2014/12/17/390669/russia-vows-to-support-ruble/

Russian Prime Minister Dmitry Medvedev also stated that while low oil prices and
Western sanctions have taken their toll on Russia, the central problem is that the ruble was undervalued. "The figures we saw at exchange offices in the last days do not reflect the real picture.

Russia Crisis Hits Pimco Fund, Wipes Out Options

December 17th, 2014
Categories: Economic

Link: http://www.democraticunderground.com/1014967717

Worst day in Russia’s financial crisis; fallout spreading across global markets. Pacific Investment Management Co. (PEBIX) facing mounting losses on its Russian bond holdings; almost every bullish ruble option contract registered in U.S. made worthless; foreign-exchange brokers in New York and London no longer taking ruble trades.

Apple ceases online sales in Russia due to extreme ruble fluctuations

December 16th, 2014
Categories: Economic

Link: http://www.democraticunderground.com/1014967550

"Our online store in Russia is currently unavailable while we review pricing," Alan Hely, a spokesman for the Cupertino, California-based company. "We apologize to customers for any inconvenience." It is uncertain when Apple will reinstate its operations in Russia.

Oil producers to lose $1tn if price below $60 – Goldman Sachs

December 16th, 2014
Categories: Economic

Link: http://rt.com/business/214735-oil-producers-lose-trillion/

Goldman Sachs :The global oil industry will face a loss of $1 trillion as producers will be forced to cancel a number of key projects if oil prices stay below $60:.

Surprise! Guess which currency has stronger fundamentals— the dollar or… ruble?

December 16th, 2014
Categories: Economic

Link: http://www.sovereignman.com/trends/surprise-guess-which-currency-has-stronger-fundamentals-the-dollar-or-ruble-15765/

The US Federal Reserve has a basic capital ratio of 1.26%. if the value of the Fed’s assets declines by 1.26%, the issuer of the world’s dominant reserve currency becomes insolvent. Russian central bank’s ratio is 12.5%—literally TEN TIMES GREATER than the Fed. GOLD reserves as a percentage of the money supply, i.e. how much gold backs the money supply. In Russia, it’s 6.2%. And rising. How much gold backs the dollar? Precisely zero.

Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet

December 16th, 2014
Categories: Economic

Link: http://www.zerohedge.com/news/2014-12-16/russia-contagion-spreads-european-banks-french-socgen-austrian-raiffeisen-plummet

As Russia situation has deteriorated focus on bank exposures sent stocks reeling among many European (and US) banks. UniCredit, strongly invested in Russia; 18 billion euros at stake, 40 percent of its tangible book value. US bank risk widened signicantly. No benign scenarios.

MSM are too myopic to realize a Russian collapse will just be a first domino in a worldwide conflagration.

December 16th, 2014
Categories: Economic

Link: http://investmentwatchblog.com/msm-are-too-myopic-to-realize-a-russian-collapse-will-just-be-a-first-domino-in-a-worldwide-conflagration/

Russian debt to GDP is 20% and they still have hundreds of billions of barrels of crude oil under their land. The US has debt to GDP of 103% of GDP and shale that is worthless unless oil prices are above $80 per barrel. Oil is currently $56 per barrel.

Ruble plummets losing more than 20% in a day, hitting new dollar and euro lows - Video

December 16th, 2014
Categories: Economic

Link: http://rt.com/business/214779-russia-ruble-drop-record/

The Russian stock market also went haywire, dropping more than 15 percent as of 2:30pm Moscow time, after it dropped 11 percent the day before. Sberbank, the country's largest lender, lost 17.77 percent, and VTB, the second biggest bank, fell by 14.29 percent. State-owned oil and gas companies Gazprom, Rosneft, and Surgut also saw shares plummet.

Western Banks Cut Off Liquidity To Russian Entities

December 16th, 2014
Categories: Economic

Link: http://www.zerohedge.com/news/2014-12-16/western-banks-cut-liquidity-russian-entities

Global banks curtailing flow of cash to Russian entities, response to ruble’s sharpest selloff since 1998 financial crisis; potential to add strain on Russia’s financial system. Bank of America, Citigroup, haven’t changed their trading with Russia or rubles.

Russian government works out measures to stabilize currency market — minister

December 16th, 2014
Categories: Economic

Link: http://itar-tass.com/en/economy/767350

Russian government members have worked out measures to stabilize the currency market, Economic Development Minister Alexey Ulyukayev said on Tuesday. Central Bank’s measures would be aimed at increasing foreign currency liquidity supply on the domestic market. “We have mapped out a set of measures, which should help stabilize the situation,

Brent crude oil price hits 5-year low, drop below $60 - Video

December 16th, 2014
Categories: Economic

Link: http://www.presstv.ir/detail/2014/12/16/390529/brent-crude-oil-price-drop-below-60/

The price of Brent crude oil has reached a new low, dipping below USD 60 per barrel, for the first time since May 2009. Reports suggest that the ongoing fall in oil prices were triggered by news of a drop in industrial activity in China, the world’s second largest oil consumer.

Turkish currency dips again in value against US dollar - Video

December 16th, 2014
Categories: Economic

Link: http://www.presstv.ir/detail/2014/12/16/390538/turkish-lira-hits-new-record-low/

The Turkish currency has registered a fresh record low in the wake of depreciation of the Russian ruble and police raids against opposition media critical of President Recep Tayyip Erdogan.

Oil price slide and rouble plunge shake global markets

December 16th, 2014
Categories: Economic

Link: http://www.wsws.org/en/articles/2014/12/16/lead-d16.html

Sharp falls in European markets and wild swings on Wall Street yesterday, combined with a further plunge of more than 10 percent in the value of the Russian rouble, indicate that the worsening global slump is starting to have a major impact on financial markets.

Russian rouble dives despite shock rate rise to 17%

December 16th, 2014
Categories: Economic

Link: http://www.democraticunderground.com/1014966703

Russia's rouble has fallen to a new record low despite a dramatic interest rate rise by its central bank from 10.5% to 17% in an attempt to boost the currency's value against the dollar.

Moscow Hikes Interest Rates to 17% from 10.5% Following Emergency Meeting

December 15th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Moscow_Hikes_Interest_Rates_to_17%25_from_10.5%25_Following_Emergency_Meeting/39999/0/38/38/Y/M.html

Russia has lifted its key interest rate to 17 per cent, hours after the rouble suffered its worst drop since 1998. “The decision was driven by the need to limit the risks of devaluation and inflation, which have recently significantly increased,” the central bank said in a statement.

Barclays 'may have automated currency rigging'

December 13th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Barclays_%27may_have_automated_currency_rigging%27/39931/0/38/38/Y/M.html

The allegations are especially serious because Barclays and Deutsche Bank, among other banks, are being investigated by the DFS over the foreign exchange market. Using algorithms in trading systems is common practice at banks, but employing them as part of an effort to profit from manipulating forex rates could suggest the problem was more widespread than a select few traders.

Yuan Has Real Shot at IMF Blessing on Reserve Status

December 11th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Yuan_Has_Real_Shot_at_IMF_Blessing_on_Reserve_Status/39877/0/38/38/Y/M.html

2015, the IMF will conduct its next twice-a-decade review of currencies its members can count toward their official reserves, including the yuan. Reserve-currency status for the yuan would make central banks, particularlyin developing economies, more eager to hold yuan assets, “diversify at the margin away from dollars,” as well as euros, yen and Swiss francs.

New Federal Law Targets Retirement Benefit Cuts: “We Thought Our Pension Was Secure”

December 11th, 2014
Categories: Economic

Link: http://www.shtfplan.com/headline-news/new-federal-law-targets-retirement-benefit-cuts-we-thought-our-pension-was-secure_12112014

$1 trillion spending bill moving through Congress right now includes some new provisions, pension recipients who depend on the money promised to them during their working years may see significant cuts to their monthly disbursements. Could affect millions. Strong opposition from retirees who could face deep pension cuts.

Ellen Brown-5 Big Banks will Survive Next Financial Calamity-Everybody Else Bankrupt - Video

December 10th, 2014
Categories: Economic

Link: http://investmentwatchblog.com/ellen-brown-5-big-banks-will-survive-next-financial-calamity-everybody-else-bankrupt/

When a financial crash does happen, you can forget about getting immediate access to your money. “The banks will say we don’t have it. It will bankrupt all the small banks. Over $50 trillion in derivatives and $1 trillion in deposits.

FDR’s 1933 Gold Confiscation was a Bailout of the Federal Reserve Bank

December 10th, 2014
Categories: Economic

Link: http://www.moonlightmint.com/bailout.htm

FDR. One of the very first things he did was issue an executive order basically outlawing the private ownership of gold bullion. These actions bailed out the privately-controlled Federal Reserve bank, which as of 1933 would no longer be in danger of collapsing due to a sort-fall of 20,000 or more metric tons of gold.

Ukraine Bonds Crash To Record Low After Economy Minister Asks For More IMF Bailouts

December 10th, 2014
Categories: Economic

Link: http://www.zerohedge.com/news/2014-12-10/ukraine-bonds-crash-record-low-after-economy-minister-asks-more-imf-bailouts

Ukraine bond prices have crashed to new record lows this morning with even 2015 maturing debt trading at a 25% discount to face following calls (admissions) by Ukraine's new (Lithuanian) economy minister the government will need more IMF help on top of its current $17 billion package. The country may need another $19 billion next year!

Central Banks Have Failed Because They Can't Push Wages Higher

December 10th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Central_Banks_Have_Failed_Because_They_Can%27t_Push_Wages_Higher/39834/0/38/38/Y/M.html

Despite squandering trillions of dollars, yen, yuan and euros, central banks have failed to ignite sustainable inflation or growth. You can't get "good" inflation or growth if wages are stagnant or declining. You can print all the money you want, but it will never boost wages to keep up with prices.

Russia Begins Testing De-Dollarization-Driven Payment System

December 10th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Russia_Begins_Testing_De-Dollarization-Driven_Payment_System/39820/0/38/38/Y/M.html

Russia’s Rossiya and SMP banks, which fell under Western sanctions, are among the eight lenders that will start testing the country’s new national payment system on December 15, Russia’s initiative to move away from Western dominance of its financial markets.

Deutsche Bank charged with tax fraud

December 8th, 2014
Categories: Economic

Link: http://www.democraticunderground.com/1014960688

Deutsche Bank allegedly set up three shell companies to avoid paying millions of dollars in federal taxes, according to a lawsuit filed Monday by the top federal prosecutor in Manhattan. U.S. Attorney Preet Bharara seeks to recover $190 million in taxes, penalties and interest.

Another Fabricated Jobs Report — Paul Craig Roberts

December 7th, 2014
Categories: News, Economic

Link: http://www.paulcraigroberts.org/2014/12/07/another-fabricated-jobs-report-paul-craig-roberts/

Everything we hear from the US government, the puppet governments of its vassal states, and the presstitute media is a lie. Truth is the declared enemy of the West. Those who try to tell the truth do so at cost to themselves. These costs can range from exclusion and slander to watch lists to prosecution and imprisonment. Brave people like Julian Assange, Edward Snowden, William Binney, and Bradley Manning have paid an extremely high price for standing up for truth against evil.

Oil and Gas Bloodbath Spreads to Junk Bonds, Leveraged Loans. Defaults Next

December 7th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Oil_and_Gas_Bloodbath_Spreads_to_Junk_Bonds%2C_Leveraged_Loans._Defaults_Next_/39728/0/38/38/Y/M.html

The price of oil plunged 40% since June to $65.63, junk bonds in US energy sector getting hammered, after a phenomenal boom that peaked this year. Energy companies sold $50 billion in junk bonds through October, 1trying to raise new money to service old debt or fund costly fracking, off-shore drilling.

The state of world capitalism: Labor productivity up, real wages down

December 6th, 2014
Categories: Economic

Link: http://www.wsws.org/en/articles/2014/12/06/pers-d06.html

Global Wage Report 2014/15, released Friday by International Labor Organization, documents stagnation of wages for workers in most of the advanced industrialized countries, even as productivity continues to rise. The result is an ever-rising share of income raked in by the capitalist class, while the share that workers receive from what they produce continues to shrink.

Russian official says dollar, euro could be banned in Eurasian Union

December 4th, 2014
Categories: Economic

Link: http://investmentwatchblog.com/russian-official-says-dollar-euro-could-be-banned-in-eurasian-union/

Chairman of the board of directors of Russia’s National Payment Council Alexander Murychev: dollars and euros could be banned within the Union of Armenia, Belarus, Kazakhstan and Russia, who would instead switch to national currencies.

New wave of protests: All major US cities hit with minimum wage rallies

December 4th, 2014
Categories: Economic

Link: http://rt.com/usa/211483-minimum-wage-protests-fightfor15/

Workers in the fast-food, home-care, and airline industries are involved in demonstrations and engaging in walkouts all over the United States on Thursday in a call for a heightened minimum wage of $15, among other labor demands.

Russia Faces Recession, Bank Failures on Plummeting Oil

December 4th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Russia_Faces_Recession%2C_Bank_Failures_on_Plummeting_Oil/39629/0/38/38/Y/M.html

Plummeting oil prices and European sanctions are causing a deepening recession in Russian. Ruble lost 60% of its value, falling to 54 against U.S. dollar ,because of its dependence on oil exports. Russian currency connects closely to the price of oil.

Plunge Protection: Rouble recovers strongly on central bank intervention

December 4th, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Plunge_Protection%3A_Rouble_recovers_strongly_on_central_bank_intervention/39641/0/38/38/Y/M.html

The Central Bank of Russia spent $700m on Monday to quell the rising panic hammering the rouble, which fell the most since the country's 1998 financial crisis and default. Sell-off has continued, rouble hit a new record low of 54.87 per US dollar this morning.

Plummeting Oil Prices Could Destroy The Banks That Are Holding Trillions In Commodity Derivatives

December 3rd, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Plummeting_Oil_Prices_Could_Destroy_The_Banks_That_Are_Holding_Trillions_In_Commodity_Derivatives/39649/0/38/38/Y/M.html

Estimated the six largest “too big to fail” banks control $3.9 trillion in commodity derivatives contracts, large amount in oil derivatives. By next year, we could be facing a situation where these oil producers have locked in a price of 90 or 100 dollars a barrel on their oil but the price has fallen to 50 dollars a barrel. Losses for those on the wrong end of the derivatives contracts would be astronomical.

Brazil, Uruguay move away from US dollar in trade

December 3rd, 2014
Categories: World, Economic

Link: http://rt.com/business/211087-brazil-uruguay-trading-currency/

Brazil and Uruguay switched to settling bilateral trade with local currency to stimulate turnover, bypassing the US dollar. Payments in the Brazilian real and Uruguayan peso started on Monday.

OIL DROPS TO $40 PER BARREL; First free-fall in decades

December 2nd, 2014
Categories: Economic

Link: http://www.blacklistednews.com/OIL_DROPS_TO_%2440_PER_BARREL%3B_First_free-fall_in_decades/39558/0/38/38/Y/M.html

Russia, the world’s largest producer, can no longer rely on oil revenues to rescue an economy suffering from European and U.S. sanctions. Iran, also reeling from similar sanctions, will need to reduce subsidies.

Oil Slams Venezuela, Probability of Default Soars to 84%

December 2nd, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Oil_Slams_Venezuela%2C_Probability_of_Default_Soars_to_84%25_/39586/0/38/38/Y/M.html

Venezuela has one of the largest oil and natural gas proven reserves in the world. One of the top suppliers of crude oil to the US. Oil produces 95% of Venezuela’s export earnings. Oil and gas account for 25% of GDP. Oil is Venezuela’s most important product, critical source of foreign currency to pay for imported consumer and industrial products. Price of oil has plunged 35% since June.

Russia’s economy to slide into recession next year: Moscow - Video

December 2nd, 2014
Categories: Economic

Link: http://www.presstv.com/detail/2014/12/02/388457/russia-in-for-econ-recession-next-year/

Russia’s Economic Development Ministry: Russian economy will slip into recession at the beginning of next year due to falling oil prices as well as Western sanctions imposed on Moscow over the crisis in Ukraine.

Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

December 1st, 2014
Categories: Economic

Link: http://www.blacklistednews.com/Total_US_Debt_Rises_Over_%2418_Trillion%3B_Up_70%25_Under_Barack_Obama/39575/0/38/38/Y/M.html

Last week, total US debt was $17,963,753,617,957.26. Two days later, US public debt hit new historic level, surpassed $18 trillion for first time, or $18,005,549,328,561.45 to be precise, increase of $32 billion in one day

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