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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?”

Putin: Gas supplies to Europe could suffer in 3-4 days if Kiev doesn't pay

February 25th, 2015
Categories: Economic

Link: http://rt.com/news/235459-putin-gas-ukraine-europe/

Putin: “Gazprom has been fully complying with its obligations under the Ukraine gas supply contract and will continue doing that.” “The advance payment for gas supply made by the Ukrainian side will be in place for another three to four days. If there is no further prepayment, Gazprom will suspend supplies under the contract and its supplement. Of course, this could create a certain problem for [gas] transit to Europe to our European partners.”

Revolt In Athens: Syriza Central Committee Member Says "Leadership Strategy Has Failed Miserably"

February 24th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-24/mutiny-athens-central-committee-member-slams-syriza-leadership-strategy-which-failed

Whatever illusions still existed regarding the possibility of using European funds for purposes outside of the straitjacket of those for which they had been earmarked — and even more that they should be placed under the Greek government’s jurisdiction — have thus been dispelled.

Japan’s credit card firm to start using Russia’s national payment system by end of 2015

February 24th, 2015
Categories: Economic

Link: http://rt.com/business/235079-jcb-national-payment-system/

The Japanese JCB payment system is ready to start working with Russia’s national payment system (NPCS) by the end of 2015, according to company CEO Takashi Suetsugu.

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