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.
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.
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.
"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
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 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.
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”.
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.
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 .
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 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.
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.
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.
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.
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.
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.
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."
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.
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.
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 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.
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.
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.
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.
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,
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 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 countries are discussing the creation of a new independent rating agency to counter the geopolitically-biased economic assessment by Western ratings agencies.
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 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'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.
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.
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.
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.”
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.
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.
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.
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.
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.
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 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.
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.
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.
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 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 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.
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 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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Australia's Abbott government to sign on for negotiations to join China’s regional bank, "represents a colossal defeat for the Obama administration.
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.
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.
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.
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 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.
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 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.
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.
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.
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.
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 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.
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.
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.
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."
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’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).
JPMorgan to pay $50 million over improper mortgage practices http://www.reuters.com/article/2015/03/03/us-financial-regulations-jpmorgan-idUSKBN0LZ1SQ20150303
Barclays Takes $1.2 Billion Charge in Currency-Rigging Probe http://www.bloomberg.com/news/articles/2015-03-03/barclays-beats-estimates-as-bank-takes-charge-for-currency-probe
Barclays gives information to U.S. precious metals probehttp://www.reuters.com/article/2015/03/03/us-gold-barclays-doj-idUSKBN0LZ0PV20150303
How Billionaires in London Use Secret Luxury Homes to Hide Assetshttp://www.bloomberg.com/news/articles/2015-03-02/kazakh-billionair...
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.
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 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.
"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 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.
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’.
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 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.
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.
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 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.
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.
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.
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 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.
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).
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.
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."
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.
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.
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.
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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