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 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,
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.
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.
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.
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.
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.
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.
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.
$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.
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. 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 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!
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’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 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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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 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.
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
Whether as a result of an unprecedented scare campaign by the Swiss National Bank (most recently reinforced by Citigroup), or due to confidence that Swiss gold is as safe abroad as it is at home, or simply due to good old-fashioned "hanging chads", today's most awaited event has come and gone...
Former Italian Prime Minister Silvio Berlusconi has offered to create a new currency in the country to be used along with the euro, claiming that Italy needs to restore its monetary sovereignty to overcome the ongoing economic crisis.
The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.
Dutch finance ministry prepared for a scenario in which the Netherlands could return to its former currency – the guilder. They hosted meetings with a team of legal, economic and foreign affairs experts to discuss the possibility of returning to the Dutch guilder in early 2012, confirmed that Germany also discussed such scenarios.
Citigroup Inc. Chief Economist Willem Buiter report advising the initiative requiring the Swiss National Bank to hold a fixed portion of its assets in gold makes no sense, “There is no economic or financial case for a central bank to hold any single commodity, even if this commodity had intrinsic value.”
U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started just eight weeks ago in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government.
Russia’s national currency, the ruble hit historic low following decision by Organization of the Petroleum Exporting Countries (OPEC) to maintain its current oil output level of 30 million barrels per day. Approximately half of Russia’s federal budget revenues are generated by oil and natural gas exports.
Global crude oil prices dropped to a four-year low following decision by Organization of the Petroleum Exporting Countries (OPEC) to maintain crude output in an oversupplied market. OPEC was under pressure from some of its members, notably Venezuela and Ecuador, to cut output to reduce supplies and push prices back up, rejected by Persian Gulf members, including Saudi Arabia.
A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. Yet it is also a bonus for consumers as prices fall at the pump, giving individuals more spending money and lowering costs for many businesses.
Household debt—including mortgages, credit cards, auto loans and student loans—rose $78 billion between July and September to $11.7 trillion. Late payments on one fast-growing category of debt—student loans—are worsening.
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.
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