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After Destroying His State’s Retirement System, Christie Sets His Sights On Social Security

April 16th, 2015
Categories: Economic

Link: http://thinkprogress.org/economy/2015/04/14/3647048/chris-christie-says-cut-social-security-lol-sure-bro/

Gov. Chris Christie (R-NJ) proposed cutting Social Security benefits in a speech in New Hampshire on Tuesday, proposing a similar approach to national retirement systems as the one currently failing in his home state.

Berlin to Tokyo: Merkel Presses Japan to Join China-Led AIIB

April 16th, 2015
Categories: Economic

Link: http://sputniknews.com/news/20150417/1020997718.html

German Chancellor Angela Merkel urged Japan to join the China-led planned Asian Infrastructure Bank (AIIB) which currently has 57 nations with founding member status, a number of which are key US allies. Obama administration, rallying allies and trade partners to forgo membership.

America, Meet Your Brand New Largest Foreign Creditor

April 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-15/america-meet-your-brand-new-largest-foreign-creditor

Japan is once again America's largest foreign creditor with total holdings of $1224.4 billion, surpassing China, with $1223.7 billion, for the first time since just around the time Lehman filed for bankruptcy.

China says 57 countries to be founding members of AIIB

April 15th, 2015
Categories: Economic

Link: http://www.dailymail.co.uk/wires/reuters/article-3039632/China-says-57-countries-founding-members-AIIB.html

"The AIIB has 57 countries as founding members, among those 37 are Asian countries, 20 are countries from outside the region," China's Vice Finance Minister Shi Yaobin

NY Fed's "Plunge Protection Team" Starts Chicago Trading Floor "In Case Of Disaster Or Other Eventuality"

April 15th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-15/ny-feds-plunge-protection-team-starts-chicago-trading-floor-case-disaster-or-other-e

Chicago office was partly protection against a possible cyber attack against the New York Fed. But the main reason for the build-out 700 miles (1,127 kilometers) to the west appeared to be the need to have staff ready at all times in case of disaster.

China Thwarts Taiwan’s Bid to Be Founding Member of AIIB

April 13th, 2015
Categories: Economic

Link: http://www.wsj.com/articles/china-thwarts-taiwans-bid-to-be-founding-member-of-aiib-1428899140

China rejected Taiwan’s bid to become a founding member of the new Chinese-led infrastructure bank for Asia in a difference over the title the island uses, which could portend how Beijing will run the new institution.

Iceland to remove power from banks to steal money

April 13th, 2015
Categories: Economic

Link: http://www.hangthebankers.com/iceland-remove-power-banks-steal-money/

nt is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.

Georgia, Denmark, Brazil, Netherlands, Finland Join China's AIIB Bank

April 12th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150412/1020778720.html

China-led Asian Infrastructure Investment Bank (AIIB) have accepted applications of Georgia, Denmark, Brazil, the Netherlands and Finland to join the bank as founding states; Chinese Finance Ministry.

Dropping Like Flies: 46 Ukrainian Banks Go Bankrupt in Course of One Year

April 11th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150411/1020763134.html

The Deposit Insurance Fund of Ukraine will not be able to repay people their losses and will have to rely on the external funding from the EU and, in particular, European taxpayers. Forty-six banks went bankrupt in Ukraine in one year; Managing Director of the Ukrainian Deposit Insurance Fund Konstantin Woruschilin .

When You Think The Financial World Can’t Get Any Crazier… This Happens

April 10th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-09/when-you-think-financial-world-can%E2%80%99t-get-any-crazier%E2%80%A6-happens

Switzerland became the first to issue 10-year government bonds with a negative yield. The government of Mexico just sold 100-year bonds denominated in EUROS, a currency that likely won’t even be around in the next decade.

Greece makes €450 million payment to International Monetary Fund

April 10th, 2015
Categories: Economic

Greece transferred €450 million to the International Monetary Fund (IMF) Thursday. As a result, Athens has repaid its second major loan without being able to access new assistance, already paid the IMF €1.5 billion at the end of March. Greek Finance Minister Yanis Varoufakis: “The Greek government always fulfills its obligations to all creditors and intends to continue to do so.

BRICS $100bn reserve currency pool to soothe global shocks – Medvedev

April 9th, 2015
Categories: Economic

The creation of the BRICS reserve currencies pool worth $100 billion will allow member states to depend less on negative processes in the world economy and bypass market volatility; Russian Prime Minister Dmitry Medvedev.

"Do Not Worry! Do Not Panic!" Warns Hong Kong Exchange CEO Ahead Of Today's Market Open

April 9th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-09/do-not-worry-do-not-panic-warns-hong-kong-exchange-ceo-ahead-todays-market-open

Star attraction in the capital "markets" over the past two days has undoubtedly been the Hong Kong stock market, whose Hang Seng index surged as much as 10% over the past two days as a result of Chinese investors swarming into the "untapped" market and blowing yet another asset bubble.

Tsipras-Putin Sign New Trade Deal and Renew Greece-Russia Relations

April 9th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Tsipras-Putin_Sign_New_Trade_Deal_and_Renew_Greece-Russia_Relations/43318/0/38/38/Y/M.html

Greece and Russia signed a trade deal that will bring Greece 4.2 billion euros and talked about the renewal of the deal for natural gas supply to Greece. Vladimir Putin: Greece is a sovereign state and has the right to seek economic alliances wherever its interests lie and exploit its geopolitical position.

Unraveling at the Seams: EU on Verge of Collapse

April 9th, 2015
Categories: Economic

Link: http://sputniknews.com/politics/20150408/1020616814.html

Eurozone is getting weaker every day, Moscow is building political relationships with Greece, Turkey and Cyprus. Soon, the Russian navy will be allowed to enter the waters near Cyprus. Europe worried about the economy and financial situation.

Greece’s Tsipras manoeuvres with Russia in bid to strike better bargain with Europe

April 9th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/04/09/gree-a09.html

The Syriza-led government is establishing closer ties with both Russia and China as a counter to its failure to reach an agreement on imposing austerity to the satisfaction of the European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF). The moves towards Russia are seen by sections of the Greek bourgeoisie as a bargaining chip in their ongoing negotiations with the European powers over Greece’s austerity proposals and the repayment of its €315 billion total debt.

Athens Could Use Russian-Greek Ventures' Revenue to Pay Off Debt - Putin

April 8th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150408/1020624048.html

Russian President Vladimir Putin: Greece could use revenues from potential joint projects with Russia to pay off its debt to the international creditors. "If we will implement a large project which would bring substantial profits to Greece, it would mean that these revenues could be used to pay off [Greece's] existing debts."

Russian ruble seen as world’s best performing currency, hits 2015 high

April 8th, 2015
Categories: Economic

Link: http://rt.com/business/247145-ruble-winner-gains-economy/

The Russian ruble has hit 55.3 to the dollar Monday, its highest value this year. The currency has become the best performer during the first three months of the year, after it finished 2014 as one of the biggest losers. Russia’s currency went from the world’s worst performer to the best in the first quarter of 2015, despite all the predictions.

‘Chaos’ If UK Leaves EU? – Blair Warns of BREXIT

April 8th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/chaos-if-uk-leaves-eu%E2%80%8F-blair-warns-of-brexit/

Ex-Prime Minister warns uncertainty would hit UK economy and cause ‘chaos,’‘BREXIT’ would cause the “most intense period of instability” since WW2, Seeks to portray Tory policy as disingenuous and cynically putting economy at risk.

Russia may offer gas price discount, loans to Greece

April 8th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141061082

MOSCOW, April 7 (Reuters) - Russia may offer Greece a discount on gas deliveries and new loans when Greek Prime Minister Alexis Tsipras visits Moscow this week, the Kommersant business daily reported on Tuesday. Russian President Vladimir Putin and Tsipras planned to discuss economic ties and EU sanctions on Moscow when they meet for talkson Thursday.

Greece plans return to drachma and nationalization of banks

April 6th, 2015
Categories: Economic

Link: http://mycatbirdseat.com/2015/04/greece-plans-return-to-drachma-and-nationalization-of-banks/

Greece drawing up plans to nationalise country’s banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the crisis and soften its demands. Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14.

£622m sales a year but Kellogg's pays next to no tax in Britain: Cereal giant warns shareholders could be hit if Government closes loopholes

April 6th, 2015
Categories: Economic

Link: http://www.dailymail.co.uk/news/article-3026887/622m-sales-year-Kellogg-s-pays-no-tax-Britain-Cereal-giant-warns-shareholders-hit-Government-closes-loopholes.html

Kellogg’s makes hundreds of millions from annual sales to British families, latest figures show it effectively paid no corporation tax in UK in 2013. Uses complex legal tax manoeuvres involving subsidiary companies. Warned shareholders its profits could be hit by government moves to close tax loopholes.

Guaranteed Financial Security Is A Fantasy

April 6th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-06/guaranteed-financial-security-fantasy

Before the advent of high finance, lowering risk could only be achieved by spreading the risk over a large populace. To lower the risk to individuals that their house would burn down in an accidental fire, insurance was sold to 1,000 homes. If one or two of the 1,000 homes burned down each year, the insurance could pay the claims and still build up reserves for future claims. But if a conflagration burns down all 1,000 homes, the insurance is overwhelmed; the guaranteed coverage is rendered worthless.

Ukrainian Economy Suffers 15% Drop in GDP in First 100 Days of 2015

April 5th, 2015
Categories: Economic

The National Bank of Ukraine has projected an economic decline of 15 percent for the first quarter of 2015, Ukrainian media have reported, citing the bank's March report on inflation, projects continuing decline through the first three quarters of the year.

A Global Financial Reset Is Coming: ‘A Deal Is Being Made Between All The Central Banks’

April 5th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/a-global-financial-reset-is-coming-a-deal-is-being-made-between-all-the-central-banks/

Investment funds, governments and central banks have been secretly buying up and storing physical gold in anticipation of an event that will leave the U.S. dollar effectively worthless and governments around the world angling for a new global currency mechanism,

IMF planning to tax every ones savings, retirement to bailout the bankers.

April 4th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/imf-planning-to-tax-every-ones-savings-retirement-to-bailout-the-bankers/

Greece is preparing to leave the Euro zone and will nationalize its banks. Jobs reports shows the economy is no recovery but headed for a major collapse. Full time hard to come by, US is pushing a part-time recovery. Younger people in US cannot find jobs, many retiree’s are not receiving interest on their retirement and they need to get jobs. IMF planning to tax every ones savings, retirement to bailout the bankers. Ukraine introduces martial law bill. Saudi Arabia drops weapons to pro-Hadi forces. US getting involved in Yemen by refueling planes, firing missiles and giving Intel to Saudi Arabia

Russia to be first BRICS country to ratify $100bn currency pool - envoy

April 4th, 2015
Categories: Economic

Link: http://rt.com/business/246517-brics-russia-ndb-pool/

Russia aims to become the first country in the BRICS group of leading emerging economies to ratify an agreement on the foreign currency reserve pool; Russian Foreign Ministry Ambassador-at-Large Vadim Lukov.

BRICS May Create Unbiased Credit Rating Agency

April 4th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150403/1020420455.html

BRICS countries are discussing the creation of a new independent rating agency to counter the geopolitically-biased economic assessment by Western ratings agencies.

How Many People Will Have to Migrate out of California When All the Water Disappears?

April 4th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/how-many-people-will-have-to-migrate-out-of-california-when-all-the-water-disappears_042015

Drought in California is getting a lot worse. Snow pack levels in e Sierra Nevada mountains lowest ever recorded. California is turning back into a desert, now has a population of 38 million people. This is not sustainable in the long-term. So when the water runs out, where are they going to go?

Greek finance minister visits US to meet IMF head

April 4th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141058954

Greek finance minister Yanis Varoufakis will travel to Washington to meet with International Monetary Fund Managing Director Christine Lagarde and unspecified US Treasury officials, the Greek government has announced.

Greece Drawing Up Contingency Plans To Nationalize Banks, Bring In Parallel Currency: Report

April 3rd, 2015
Categories: Economic

Link: http://www.ibtimes.com/greece-drawing-contingency-plans-nationalize-banks-bring-parallel-currency-report-1868830

Greece's government is drawing up contingency plans to nationalize the country's banks and introduce a parallel currency, as the cash-strapped country teeters on the brink of defaulting on a key international loan. “We will shut down the banks and nationalize them, issue IOUs if we have to, we all know what this means. What we will not do is become a protectorate of the EU.

Et Tu, Brute? Israel Latest US Ally to Join Chinese AIIB

April 2nd, 2015
Categories: Economic

Link: http://sputniknews.com/asia/20150401/1020341659.html

As the United States continues to beg ally after ally to forgo joining the China-led Asian Infrastructure Investment Bank (AIIB), key nations have, nevertheless, ignored that plea. The UK, Turkey, and Australia have already applied, among others. But the latest application might sting the most, as PM Netanyahu tosses Israel’s name into the mix.

China proposes economic corridor with Russia and Mongolia

April 2nd, 2015
Categories: Economic

Link: http://rt.com/business/246281-china-russia-mongolia-corridor/

The revival of the ‘Great Silk Road’ that once linked China, Central Asia, and Europe won’t stop at transport, but will build a “new platform” for economic development between China, Russia and Mongolia; Chinese Foreign Minister Wang Yi.

Yanis Varoufakis: “Greece Will Adopt the Bitcoin If Eurogroup Doesn’t Give Us a Deal”

April 1st, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Yanis_Varoufakis%3A_%E2%80%9CGreece_Will_Adopt_the_Bitcoin_If_Eurogroup_Doesn%E2%80%99t_Give_Us_a_Deal%E2%80%9D/43102/0/38/38/Y/M.html

Greek Finance Minister Yanis Varoufakis: cryptocurrency will be implemented with computerized card with a chip, distributed free to Greek citizens, available for purchase at country’s entry points for 45 euros to tourists; revenue for Greece. Move to beat corruption, tax evasion, all transactions will be recorded to Greek Ministry of Finance, able to track transanctions at any given moment.”

Loan firms sell financial secrets to cold-call conmen... Vulnerable people desperate for cash bombarded by calls 60 times a DAY

April 1st, 2015
Categories: Economic

Link: http://www.dailymail.co.uk/news/article-3020453/Loan-firms-sell-financial-secrets-cold-call-conmen-Vulnerable-people-desperate-cash-bombarded-calls-60-times-DAY.html

Highly sensitive financial details from loan applications are being sold to scammers and cold-calling firms, the Mail can reveal. Details of how much money applicants asked for, why the cash was needed and why the application was rejected are all being stored on lists and traded.

Greece Hints At Default, Russian Pivot:"Will Not Respect IMF Deadline" - What Happens Next

April 1st, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-01/greece-hints-default-russian-pivotwill-not-respect-imf-deadline-what-happens-next

Greek Interior Minister Nikos Voutzis: "If no money is flowing to 9 April, we will first determine the salaries, pensions pay here in Greece and then ask our partners abroad to achieve consensus and understanding that we will pay 450 million euros to the IMF not on time." Russia and China are "complementary to an agreement with the European partners" new Greek "Plan A, "We want Russia helping us rebuild the Greek economy, with trade agreements, purchase of government bonds.

BRICS leadership passes to Russia, $100bn development bank ‘main priority’

April 1st, 2015
Categories: Economic

Link: http://rt.com/business/245905-brics-russia-bank-economy/

As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF), an economic association made up of Brazil, Russia, India, China and South Africa.

Denmark Applies to Join China-Backed AIIB Investment Bank - Video

March 31st, 2015
Categories: Economic

Link: http://investmentwatchblog.com/denmark-applies-to-join-china-backed-aiib-investment-bank/

China’s finance ministry: government of Denmark announcing its intention to join the AIIB as a founding member. Earlier, Russia announced its decision to join the AIIB a day after Brazil accepted an invitation from China. The Netherlands and Australia also announced their intent to become members.

Federal Report: The College Debt Bubble Is Collapsing Now: 33% Of All Student Loans Are Delinquent On Repayments

March 31st, 2015
Categories: Economic

Link: http://www.shtfplan.com/headline-news/federal-report-the-college-debt-bubble-is-collapsing-now-33-of-all-student-loans-are-delinquent-on-repayments_03312015

There are currently 41 million Americans who collectively have about $1.1 Trillion in loans outstanding. That means about 13.5 million Americans are currently delinquent on roughly $350 billion in student loan debt.

EU, demanding deeper cuts, rejects Syriza’s austerity list

March 31st, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/03/31/gree-m31.html

Greek Prime Minister Alexis Tsipras addressed parliament last night, making clear his readiness to implement austerity measures dictated by the country’s international creditors, Debt Syriza inherited from the New Democracy/PASOK government larger than had been presented. It was now time to face the truth, ready to make an “honest compromise” with creditors.

Ukraine’s imports of Russian gas up almost 50%

March 31st, 2015
Categories: Economic

Link: http://tass.ru/en/economy/786214

Ukraine is expected to import around 300 million cubic meters of Russian gas and transfer $105 million for it. Last week Gazprom said the latest tranche worth $15 million would be sufficient for gas supplies till the end of the month or April 1.

Pentagon’s ‘Force of the Future’ drive could ease job recruitment standards

March 30th, 2015
Categories: Economic

Link: http://rt.com/usa/245409-pentagon-easing-recruitment-standards/

The Pentagon is considering how to attract and retain the best and the brightest people in areas like cyber-technology, even if that means easing recruitment standards and hiring older people or offering incentives like student loan repayment.

China’s Potential Deflation Threatens to Overthrow Global Monetary Order

March 30th, 2015
Categories: Economic

Mainland China could soon implement a full-scale economic stimulus due to the threats of deflation and stagnation, adding to the piles of cash being printed by Japanese and European mints, rendering monetary equivalent less valuable and investment less powerful across the globe.

George Soros ready to invest $1bn in Ukraine

March 30th, 2015
Categories: Economic

Link: http://rt.com/business/245193-george-sorros-ukraine-billion/

US hedge fund billionaire George Soros said he will invest $1 billion in Ukraine provided the West improves investment conditions, and warned there is no such thing as a ‘benevolent investor’. This must generate a profit.

Hong Kong to continue talks with Russia on signing investment protection agreement

March 27th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/785496

Hong Kong is taking steps to intensify relations with its Asian neighbors has already signed Investment promotion and protection agreement (IPPA) with Myanmar and Bahrein and later this year will continue similar consultations with UAE and Russia.

South Korea says to seek membership in China-backed AIIB

March 26th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/South_Korea_says_to_seek_membership_in_China-backed_AIIB/42959/0/38/38/Y/M.html

South Korea said on Thursday it has decided to seek to be a founding member of the Asian Infrastructure Investment Bank (AIIB), another key U.S. ally joining the China-led institution despite Washington's misgivings.

China meets London: UK starts first yuan money-market fund

March 25th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/china-meets-london-uk-starts-first-yuan-money-market-fund/

The UK has become the first country in Europe to open a yuan-denominated money market fund, cutting out the middle man for investing in China. The exchange-traded fund is listed on the London Stock Exchange, with trading available in pounds, euro, and yuan,

Australia Mulls Joining Chinese Investment Bank

March 25th, 2015
Categories: Economic

Link: http://sputniknews.com/asia/20150325/1019975396.html

Australia appears poised to join the Asian Infrastructure Investment Bank after months of signaling its reluctance to become a member. Prime Minister Tony Abbott said last week that joining the AIIB was something the country would support, as long as there would be assurances of transparency and good governance.

Tsipras in Berlin: Germany and Greece pledge “cooperation” in imposing austerity

March 24th, 2015
Categories: Economic

Tsipras stressed that just like his social democratic and conservative predecessors, he was ready to continue the austerity measures in close cooperation with the EU and the German government. “We need to better understand ourselves,” said Tsipras. “There is no other way to overcome the existing difficulties than dialogue.” His government would adhere to all existing contracts and make the necessary structural reforms.

The Perfect Storm For Oil Hits In Two Months: US Crude Production To Soar Just As Storage Runs Out

March 22nd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-21/perfect-storm-oil-hits-two-months-us-crude-production-soar-just-storage-runs-out

Based on current oil production trend, the US may run out of storage for crude as soon as June. "North Dakota likely to see a “big surge” in production this June. At current rate of record oil production, storage will be exhausted in under two months, some time in mid-May.

Lagarde says IMF to co-operate with China-led AIIB bank

March 22nd, 2015
Categories: Economic

Link: http://www.bbc.com/news/business-32007090

International Monetary Fund chief Christine Lagarde has said the IMF would be "delighted" to co-operate with the China-led Asian Infrastructure Investment Bank (AIIB). The AIIB has more than 30 members and is envisaged as a development bank similar to the World Bank.

Washington Blinks: Will Seek Partnership With China-Led Development Bank

March 22nd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-22/washington-blinks-will-seek-partnership-china-led-development-bank

The Obama administration, facing defiance by allies that have signed up to support a new Chinese-led infrastructure fund, is proposing the bank work in a partnership with Washington-backed development institutions such as the World Bank.

Rouble has reached equilibrium, says finance minister

March 21st, 2015
Categories: Economic

The rouble remains practically uneffaced any longer by oil prices, whose slump triggered a sharp depreciation of the Russian currency at the end of 2014; Finance Minister Anton Siluanov.

In Italy, They're Now Taxing Shadows

March 20th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-20/italy-theyre-now-taxing-shadows

If a store or a bar has an awning outside the shadowing on public property, must pay a fee that is part of the public land use, tax on employment of public land.

Syriza promises new austerity list as European institutions intensify pressure on Greece

March 20th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/03/20/gree-m20.html

Greek Prime Minister Alexis Tsipras promised to submit a new list of austerity measures following a summit of European leaders in Brussels. A statement issued by the European powers and Greece “Greek authorities will have ownership of the reforms and will present a full list of specific reforms in the next days.” The reforms are part of the agreement Greece reached with the Eurogroup last month.

10 Charts Which Show We Are Much Worse Off Than Just Before The Last Economic Crisis

March 19th, 2015
Categories: News, Economic

Link: http://marketdailynews.com/2015/03/19/10-charts-which-show-we-are-much-worse-off-than-just-before-the-last-economic-crisis/

If you believe that ignorance is bliss, you might not want to read this article. I am going to dispel the notion that there has been any sort of “economic recovery”, and I am going to show that we are much worse off than we were just prior to the last economic crisis.

De-Dollarization Accelerates As More Of Washington's "Allies" Defect To China-Led Bank

March 19th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-19/de-dollarization-accelerates-more-washingtons-allies-defect-china-led-bank

China’s finance ministry: China welcomes Luxembourg’s application to be a founding member of the Asian Infrastructure Investment Bank. South Korea leaning towards joining up. Foreign ministers of China, Japan and South Korea will meet in Seoul this weekend. Every shred of objective evidence suggests the dollar’s dominance is coming to an end.

US Warns Allies Not to Join China-led Development Bank

March 18th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/us-warns-allies-not-to-join-china-led-development-bank_032015

The United States has urged countries to think twice before signing up to a new China-led Asian development bank that Washington sees as a rival to the World Bank, after Germany, France and Italy followed Britain in saying they would join.

MORE: Nearly 30 countries have confirmed joining China-led infrastructure bank

March 17th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/more-nearly-30-countries-have-confirmed-joining-china-led-infrastructure-bank/

The finance ministries of France and Germany have confirmed they’ll join China’s new Asian Infrastructure. Britain last week became the first Western country to agree to become a founding member of the AIIB. The new bank is expected to challenge the Western dominance of the US-led World Bank and IMF in global infrastructure projects.

"Colossal Defeat" For Obama As Australia Joins China's Regional Bank

March 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-16/colossal-defeat-obama-australia-joins-chinas-regional-bank

Australia's Abbott government to sign on for negotiations to join China’s regional bank, "represents a colossal defeat for the Obama administration.

Japan projects to spend 43% of tax revenue just to pay interest on the debt

March 12th, 2015
Categories: Economic

Link: http://www.silverdoctors.com/japan-projects-to-spend-43-of-tax-revenue-just-to-pay-interest-on-the-debt/

At one quadrillion yen, the Japanese debt level is so high that it now takes the government 43% of its central tax revenue just to pay interest this year. The percentage of tax revenue to service the debt has been rising for years and is absurdly unsustainable. Large Japanese businesses continue to hold Japanese government bonds as part of their obligation to make sure that government doesn’t look bad.

The West's Plan To Drop Russia From SWIFT Hilariously Backfires

March 12th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-12/wests-plan-drop-russia-swift-hilariously-backfires

US government wants to kick Russia out of SWIFT; Society of Worldwide Interbank Financial Telecommunications, announced that they were giving a BOARD SEAT to Russia. being part of SWIFT critical to conducting business with the world. China putting together their own version to be a direct competitor to SWIFT, new way for global banks to communicate and transact with one another in way that does NOT depend on the United States.

China-IMF talks underway to endorse yuan as global reserve currency

March 12th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/China-IMF_talks_underway_to_endorse_yuan_as_global_reserve_currency%09/42560/0/38/38/Y/M.html

Including the yuan in the SDR system would allow the IMF to recognize the ascent of the world’s second-biggest economy while aiding China’s attempts to diminish the dollar’s dominance in global trade and finance.

Euro spirals toward 1:1 parity with USD

March 11th, 2015
Categories: Economic

Link: http://rt.com/business/239637-euro/

The euro and the dollar are nearly trading one for one, as the EU single currency continues to fall to new depths after the announcement of the ECB’s quantitative easing,more than 30 percent fall in value. the €1.1 trillion bond-buying program launched Monday. Euro 30 percent fall in value.

Next Mega-Bailout On Deck: White House Studying "New Bankruptcy Options" For Student-Loan Borrowers

March 10th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-10/next-mega-bailout-deck-white-house-studying-new-bankruptcy-options-student-loan-borr

Next bailout is about to be unveiled, and it will involve a "streamlined" bankruptcy law allowing students to discharge their student debt. More than 70 percent of U.S. students who graduate with a bachelor's degree leave with debt, which averages $28,400.

Greece told deeper austerity needed to secure additional loans

March 10th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/03/10/gree-m10.html

Euro zone finance ministers met Monday to discuss a set of proposals from the Syriza-led Greek government based on the austerity programme both sides signed on February 20. Greece was required to submit a list of austerity measures deemed acceptable to its creditors as a precondition for receiving a pending loan of €7.2 billion and any further loans.

Iran, China to raise trade to $60b in one year

March 10th, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/03/10/401174/Iran-China-eye-60b-trade

Iran and China hope to bring the level of their trade exchanges to $60 billion from the current $52 billion in a year; head of Iran-China Joint Chamber of Commerce China has opened $4 billion in credit line over the past three months for financing projects in Iran.

Putin Signs Law On Ratification of $100 Billion BRICS New Development Bank Deal

March 9th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/putin-signs-law-on-ratification-of-100-billion-brics-new-development-bank-deal-2/

The BRICS New Development Bank (NDB) was set up to challenge two major Western-led giants, the World Bank and the International Monetary Fund. NDB’s key role will be to serve as a pool of currency for Russia, Brazil, India, China and South Africa.

Eurogroup Humiliation Of Greece Complete: The Troika Is Coming Back To Athens

March 9th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-09/eurogroup-humiliation-greece-complete-troika-coming-back-athens

The Eurogroup now calls the troika "the institutions" and the talks will, formally at least, be based in Brussels. EU ministers say they do not want "semantics" to get in the way of negotiations intended to prevent Greece going bankrupt and potentially being forced to abandon the single currency.

Some ex-Caesars employees lose retirement income because of bankruptcy

March 9th, 2015
Categories: Economic

Link: http://www.reviewjournal.com/business/casinos-gaming/some-ex-caesars-employees-lose-retirement-income-because-bankruptcy

An undisclosed number of former Caesars Entertainment Corp. employees have lost their retirement income because of the casino company’s Chapter 11 bankruptcy plan is expected to eliminate $10 billion of debt.

Greece warns against rejection of reforms

March 8th, 2015
Categories: Economic, Politics

Link: http://www.presstv.ir/Detail/2015/03/08/400907/Greece-warns-against-rejection-of-reforms

Greek Finance Minister Yanis Varoufakis: Eurozone ministers must accept Greece’s proposal of seven major reforms to secure the country’s next tranche of bailout or “there could be problems,” warns the country may hold early elections or a referendum if the eurozone does not agree to its bailout plans.

Trade Between Russia, China Expected to Reach $100Bln in 2015 – Minister

March 8th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150308/1019211352.html

Trade volume between Russia and China is expected to reach $100 billion in 2015; Chinese Foreign Minister Wang Yi: We will do our best so that the bilateral trade reaches our goal of $100 billion, we will sign an agreement on cooperation in the area of the Silk Route’s Economic Belt.

Ukraine's Potemkin Economy

March 8th, 2015
Categories: Economic

Link: http://russia-insider.com/en/2015/03/07/4201

The world's worst-performing currency this year, the Ukrainian hryvnia, has bounced back 47 VVpercent since last week's precipitous plunge. Ukraine has long had one of the biggest shadow economies in the world.

Luhansk People’s Republic Switches to Multicurrency System

March 7th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150307/1019189142.html

The head of eastern Ukraine’s Luhansk People’s Republic said the Russian ruble, the Ukrainian hryvnia and the US dollar would become the republic’s three main currencies. We are switching to a multicurrency system where minor deals will be in hryvnias and rubles, and major transactions – in US dollars.

Aussie Boom Towns Go Bust As Iron Ore Prices Crash To Record Lows

March 6th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-06/aussie-boom-towns-go-bust-iron-ore-prices-crash-record-lows

Amid China's growth target cut, Iron Ore prices there have crashed to below $60 - a record low - and that is having dramatic impacts across many regions., Aussie gold miners are producing desperately to generate cashflow, but despite the booming housing market in some areas, drop in iron ore and coal prices (the nation's 2 biggest exports) have led former boom towns to bust as "reality comes into the marketplace."

Assets of two Russian banks frozen in US — media

March 5th, 2015
Categories: Economic

Link: http://tass.ru/en/world/781396

The United States has frozen assets of two Russian banks worth some $637 million, US media reported Thursday. Both banks are on the list of Russian enterprises and financial institutions the US imposed economic sanctions on.

Brazil Government Raises Payroll Tax, Rejects Higher Levies on Wealthy

March 5th, 2015
Categories: Economic

Link: http://laht.com/article.asp?ArticleId=2376227&CategoryId=14090

Brazil’s government unveiled new measures to shore up public finances, hiking the payroll tax for certain companies and reducing tax credits for exporters. Finance Minister Joaquim Levy said the reduction in payroll tax breaks will result in savings for the government of 5.4 billion reais (some $1.9 billion).

‘THE DAILY FRAUD’

March 5th, 2015
Categories: Economic

Shale Company Defaults On $175 MM In Bonds Without Making Even One Coupon Payment

March 5th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-05/shale-company-pulls-movie-gallery-defaults-175-mm-bonds-without-making-even-one-coup

After raising $175 million in a junk-bond offering, American Eagle Energy Corp. said Monday that it wouldn’t make its first interest payment on the debt. Instead of fulfilling 11% annual coupon for the next 5 years, company hired bankruptcy advisers, to negotiate restructuring plan with the bondholders. Bbondholders have two options: give the company more time to try to become profitable or push it into default, and become new equity holders following a debt for equity.

Bernanke Wants the U.S. President to Declare “Economic Emergencies” in Future Crises

March 3rd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Bernanke_Wants_the_U.S._President_to_Declare_%E2%80%9CEconomic_Emergencies%E2%80%9D_in_Future_Crises/42339/0/38/38/Y/M.html

Presidents should get the power to declare economic emergencies along the lines to declare war. It might make sense to give “the president some ability to declare emergencies or take extraordinary actions and not put that all on the Fed; former Federal Reserve Chairman Ben Bernanke.

Global Debt Is Almost 3 Times As Big As the World Economy

March 3rd, 2015
Categories: Economic

Link: http://www.infiniteunknown.net/2015/03/03/global-debt-is-more-than-twice-as-big-as-the-entire-world-economy-what-does-it-mean/

Global debt is now more than twice the size of the entire global economy: Total debt as a share of GDP stood at 286% in the second quarter of 2014 compared with 269% in the fourth quarter of 2007. Government debt-to-GDP ratios will to continue to rise over the next five years in a number of countries including Japan, the US and most European countries.

European Commission places great importance on trade and investment relations with Russia

March 3rd, 2015
Categories: Economic

Link: http://tass.ru/en/economy/780840

"I place great importance on our trade and investment relationship with Russia, and it is in our mutual interest to overcome the current difficulties;" European Trade Commissioner said.
Cooperation between Russia and the European Union can be resumed only through the settlement of the conflict in Ukraine.

Spain using Social Media to Hunt for Taxes

March 3rd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Spain_using_Social_Media_to_Hunt_for_Taxes/42333/0/38/38/Y/M.html

Spain wants to collect taxes for citizens on Facebook and Twitter using what they say. Spain has its Financial Police hunt down citizens and shake them down or imprison them for money. In addition to the social networks, tax authorities are studying online platforms for sale of cars and rental houses.

IRS is Giving Tax Refunds to Illegals Who Have Never Paid Taxes

March 3rd, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/irs-is-giving-tax-refunds-to-illegals-who-have-never-paid-taxes_032015

The IRS has decided that if you have a social security number you can ask for, and get, a tax refund in the form of a tax credit nicknamed the ‘Amnesty Bonus’.

Hryvnia Rallies To 1-Month Highs After Ukraine Raises Benchmark Rate To 30%

March 3rd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-03/hryvnia-rallies-1-month-highs-after-ukraine-raises-benchmark-rate-30

Ukraine's central bank governor, Valeriya Gontareva, raised the nation's refinancing rate from 19.5% to a stunning 30% (effective Wednesday) in order to "stabilize the situation in the money and lending markets," and imposed some 'capital controls' on exporters holding foreign cash.

Austria stops payments on Hypo ‘bad bank’ debts

March 2nd, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/austria-stops-payments-on-hypo-bad-bank-debts/

Austria has announced it is halting payments on more than €11 billion ($12.28 billion) in debts of the failed Hypo Alpe-Adria-Bank International AG until it has found a way of winding down the bank without imposing more costs on taxpayers. Already cost Austrian taxpayers €5.5 billion.

Russian Retail Food Price Freeze, as Inflation Surges

March 2nd, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/russian-retail-food-price-freeze-as-inflation-surges_032015

Russia’s top supermarket chains are to freeze prices on basic foodstuffs for two months, soaking up the costs as food is expected to eat up half of Russians’ incomes this year.

As Greek Default Fears Return, Government Considers "Borrowing" Pensions To Repay IMF

March 2nd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-03-02/greek-default-fears-return-government-considers-borrowing-pensions-repay-imf

Reuters reports the Greek government said it was "exploring solutions," including delaying payments to suppliers or try to raise up to 3 billion euros by borrowing from state entities such as pension funds.

Russia will explore ways of softening food embargo for Greece and Hungary — minister

March 2nd, 2015
Categories: Economic

Link: http://tass.ru/en/economy/780599

Russia will explore ways of softening food embargo for Greece and Hungary consistent with WTO norms; minister of economic development Alexey Ulyukayev.Solutions are explored making possible for goods from these nations to enter the Russian market through processing or tolling mechanisms.

German parliament endorses Syriza’s proposed austerity measures

March 1st, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/28/gree-f28.html

The agreement, extending the existing austerity programme by four months, was finalised on February 20 between the Eurogroup and the newly-elected Syriza government in Athens after nearly a month of negotiations.

Apple To Buy Up To 30% Of The World’s Annual Gold Production?

March 1st, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Apple_To_Buy_Up_To_30%25_Of_The_World%E2%80%99s_Annual_Gold_Production%3F/42262/0/38/38/Y/M.html

Even if Apple’s sales of this watch – which apparently has very heavy demand in China – fall short of Apple’s business plan by 50%, it means that Apple will become one of the largest buyers of gold in the world. This will place a lot more stress on the U.S./UK/EU Governments’ absurdly overleveraged fractional paper bullion scheme.

Record global stock prices reflect growth of financial parasitism

February 27th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/27/econ-f27.html

This week has seen global stock prices approach record highs under conditions where the German government took the unprecedented step of issuing bonds at a negative yield. The two interrelated developments point to an explosive growth of financial parasitism. Investment has fallen to historic lows because of the lack of demand and profit opportunities.

India to negotiate free trade zone with Russia-led Customs Union

February 26th, 2015
Categories: Economic

Link: http://rt.com/business/235731-india-russia-customs-union/

India is to start negotiating a free trade agreement with the Customs Union of Russia, Belarus and Kazakhstan within the next six months, Indian Deputy Minister of Commerce and Industry Rajeev Kher.

Minimum Wage in Ukraine Now Lower than in Zambia and Ghana

February 26th, 2015
Categories: Economic

Link: http://russia-insider.com/en/ukraine/2015/02/25/3867

After another fall in Ukrainian currency, the Hryvnia, minimum wage in Ukraine reached an all-time low: 1218 Hryvnia is now worth less than 43 US dollars. Bangladesh, Ghana and Zambia, people receive around 4 dollars more. African countries of Lesotho, Gambia and Chad, minimum wage as high as 51 dollars. Highest global minimum wage in Australia: 2700 dollars (a month).

This Billionaire Governor Taxed the Rich and Raised the Minimum Wage. Now, His State's Economy is One of the Best in the Country

February 25th, 2015
Categories: Economic

Link: http://www.orrazz.com/2015/02/this-billionaire-governor-taxed-rich.html

Minnesota governor Mark Dayton inherited a$6.2 billion budget deficit and a 7 percent unemployment rate. agreed to raise Minnesota's minimum wage to $9.50 an hour by 2018, and passed a state lawguaranteeing equal pay for women. Between 2011 and 2015, Gov. Dayton added 172,000 new jobs, 5th-lowest unemployment rate in the country.

IL Governor Rauner Gets $750,000 Tax Break, Proposes Slashing Services to Middle Class and Poor: "...[H]e could easily become the national symbol of the trickle down economic theory that has failed to produce benefits for everyday Americans..."

February 25th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/02/il-governor-rauner-gets-750000-tax.html

Rauner, who made $61 million in 2013 - or $29,000 per hour. Cutting health care benefits for homecare workers. Slashing funding for the Department of Children and Family Services. Cutting Medicaid spending by1.5 billion - including735 million in cuts to hospitals serving Medicaid patients. Increasing childcare copays for working parents. Move state employees into pension plans with lower benefits.
Rauner claims his proposal is a "turnaround budget."

Thirty-seven percent of Americans live on the brink of financial disaster

February 25th, 2015
Categories: News, Economic

Link: http://english.pravda.ru/news/society/25-02-2015/129899-americans_financial_disaster-0/

US-based financial company Bankrate surveyed a thousand of adult residents of the United States. The research was conducted to identify the level of financial security of citizens. The results of the study were published on the website of the company.

Why Would the U.S. Chamber of Commerce Promote Issues that are Bad for the American People?

February 25th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/why-are-congressional-republicans-planning-to-give-president-obama-more-power-next-year

The U.S. Chamber of Commerce is the largest supporter of the Trans-Pacific Partnership (TPP). This group represents large multinational corporations, many of which are registered as American, but a large percentage of their businesses and profits reside in foreign countries.

Ukraine Enters Hyperinflation: Currency Trading Halted, "Soon We Will Walk Around With Suitcases For Cash"

February 25th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-25/ukraine-enters-hyperinflation-currency-trading-halted-soon-we-will-wwalk-around-suit

New gas dispute as Gazprom demands upfront payments; capital controls tightened, the $17.5bn IMF loan may not be enough; central bank governor faces prosecution as the economy craters. Although banks could still trade with each other, by mid-morning there were no registered trades at any rate, leaving the currency in limbo. The previous day, the central bank rate based on reported trades had fallen 11 percent against the dollar.

5 Sure Signs the U.S. Economy is Finished

February 25th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/5-sure-signs-the-u-s-economy-is-finished

With the S&P 500 at all-time highs and Americans getting ready to spend more than $600 billion on Christmas, what’s not to love about the “New Economy?”

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