America’s economic woes are no secret. Nations like China are growing more and more economically powerful, while America is spiraling out of control.
Every sensible country protects its industries and companies from foreign takeover. Protectionism is a matter of self-preservation. Apparently American politicians are neither interested in being sensible nor are they interested in our nation’s economic survival.
China poised to outstrip the US as world’s largest retail market by 2018, online purchases quickly replacing conventional shopping, according to PricewaterhouseCoopers (PwC). China’s retail market expected to be $10.3 trillion by 2018, compared to $5 trillion in sales projected for North America.
Central banks across the world have purchased a record 477.2 tons of gold in 2014 as an attempt to reduce the influence of the US dollar amid global financial instability, according to World Gold Council.
Venezuela will announce a change of policy soon on gasoline, the finance minister said going to raise its heavily subsidized gasoline prices, which are the lowest in the region. One US dollar buys around five gallons of gas in Venezuela costing the government a hefty $12 billion annually.
The economy of Russia is self-sufficient and sanctions won’t kill it, Guan Jianzhong Chairman of Dagong Global Credit told RT. Unlike most Western economies that are suffering from a debt “bubble,” Russia’s crisis is connected not with domestic problems, but rather with outside hits.”
For the first time Sweden’s central bank has cut its interest rate to a negative rate of minus 0.1 percent, and also said it will start buying Swedish government bonds to head off the risk of deflation.
East European bankers accused of misconduct were given Swiss accounts by HSBC, include Vladimir Antonov, currently fighting extradition from UK, accused of looting £400m from Lithuanian Snoras bank. Arturo del Tiempo Marques, Spanish property developer operating in Dominican Republic, HSBC customer controlling 19 separate accounts, contained assets of £2.5m. One of his shipping containers of construction materials, contained tonne of cocaine. Serving seven-year prison sentence in Spain.
Southern California Edison's plans to lay off hundreds of employees and hire foreign workers is coming under attack from lawmakers in Congress and local unions. Congress upset about Edison is laying off workers in favor of bringing in cheaper labor from overseas under the controversial H-1B visa program. The visas are intended to bring in skilled and educated foreign workers. The company "is not hiring H-1B workers to replace displaced employees," Edison said in a statement.
According to Greek legislators Germany must pay Greece $7.1 billion in 1938 prices, €108 billion without interest in current prices. Nazi Germany confiscated $3.5 billion worth of gold and cash from Greece in 1938 prices, equivalent of €54 billion in current purchasing power. Compensations may exceed €162 billion without interest.
Hundreds of Polish farmers drove their tractors to Warsaw to protest against the poor financial assistance they have received in dealing with the aftermath of the Russian import ban that crippled the Polish agricultural industry. The farmers blocked major highways surrounding the capital, demanded the government explain why it can supply a €100 million aid package to Ukraine, while Warsaw has failed to allocate lesser sums to compensate the farmers’ losses.
Russia’s EU permanent representative Vladimir Chizho: European Union has lost €20 billion from sanctions against Moscow. European Union is sustaining considerable losses from its own sanctions."
"Greece's Foreign Minister Nikolaos Kotzias is to visit Moscow on Wednesday to hold talks with his Russian counterpart Sergei Lavrov which means that as soon as tomorrow night, we may know if not Russia but Europe is who suddenly becomes more "isolated", as one of its current member flips allegiance.
Under a Florida law, companies that own more than 80 percent of condo units in one building can terminate a condo complex under certain conditions and turn it into apartments for rent. The companies have to pay the owners they're evicting "current market value" for their units, which may not cover their mortgage. Some owners are left without a home and in debt.
The United States is carrying the world economy at the moment but that is not sustainable, and other major nations must shoulder more of the load. We need key pillars of global growth to reassert themselves."; Canadian Finance Minister Joe Oliver
Presenting a series of limited reforms, including a gradual increase in the minimum wage and restoration of pension rights, Tsipras said his government would not seek an extension of the “troika” (European Commission, European Central Bank, International Monetary Fund) austerity programme, due to expire on February 28.
Turkey's food exports to Russia reached record highs in 2014, particularly in the meat industry, where it grew tenfold; Russian Ambassador to Turkey Andrey Karlov. Trade between Russia and Turkey exceeded $30 billion by the end of 2014.
Egypt has reached a free trade zone agreement with the Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan, $4.5 billion of trade between Russia and Egypt in 2014, a more than 80 percent increase on the year before. Markets of Russia, Belarus, Kazakhstan, and Armenia will be more easily accessible for Egypt.
Russian President Vladimir Putin visits Egypt. He heads a delegation of officials dealing with trade, agriculture, energy, investment and nuclear power to discuss a free trade agreement between Egypt and Russia-led Eurasian free trade union, which includes Belarus, Kazakhstan, Kyrgyzstan and Armenia. Russia and Egypt may dump US dollar and switch trade to their national currencies. Egypt wants to boost profits from Russian tourists.
Greek Defence Minister Panos Kammenos: if Greece failed to get a new debt agreement with the euro zone, it could always look elsewhere for help. If there is no deal then we have the obligation to get funding from another source," "It could be the United States, Russia, China or other countries.
The elderly and disabled are being ‘put up for auction’ by local councils on ‘eBay-style’ websites, with care firms bidding to offer them a bed. At least a dozen local authorities are listing vulnerable people’s details including age, what care and medication they need before inviting bids from care homes in the area. Decisions about an elderly resident’s final years being made by a computer program only interested in costs.
Egypt's national gas company and Russian energy giant Gazprom have signed a deal on the supply of liquefied natural gas (LNG) to Egypt.
Global debt has soared by $57 trillion since the outbreak of the financial crisis in 2007, with the debt to GDP ratio jumping to above 500 percent in Japan. This raises questions about financial stability and poses a threat of another crisis.
The ruble-denominated MICEX index has gained 2.38 percent reaching 1,736, its highest level since July 2011. The ruble gained more than 1.2 percent against the dollar at the opening of trading on the Moscow Stock Exchange. In 2014 it lost 46 percent against the dollar.
e European Central Bankrestricting access to its direct liquidity lines, citing concerns about the country’s commitment to existing bailout pledges. Bank of Greece spokesman said liquidity will continue as normal, as existing ECB financing will be converted into Emergency Liquidity Assistance.
Internal Revenue Service (IRS) Commissioner Koskinen has advised employees that the budget cuts will result in reduced services to taxpayers; Identity theft could increase, Refund delays. Unanswered calls, Fewer resolutions, ags in correspondence, Shutdowns.
Despite endless rhapsodising over Germany’s “jobs miracle” by the government and media, studies are proving that this “miracle” is based on exploitation of low-wage and part-time workers. The number of those who can barely manage to live on their income increased by 25 percent compared to 2008.
US dollar and the euro fell against the ruble at the opening of trade on the Moscow Exchange. Brent crude oil at the ICE exchange in London grew 1.08% to 55.34 dollars per barrel.
The Standard & Poor (S&P) rating agency skewed its ratings to avoid disappointing its clients, but the company’s actions contributed to worsening of the financial crisis; US Attorney General Eric Holder.
Sending credit rating agency executives to prison would be more effective than levying fines to prevent companies like Standard and Poor’s (S&P) and Moody’s from fraudulently evaluating financial instruments; former Justice Department Deputy Associate Attorney General Michael Greenberger.
Stocks in Greece rose sharply in early trading Tuesday after the new government of Greece revealed a plan of swapping its €315 billion foreign debt for growth-linked bonds to put an end to a standoff with its creditors.
21st century American capitalism flourished, because it succeeded in overturning unions and blocking environmental restraints. Income and wealth inequality increased with the rise in social costs. Power of US corporations approaching that of an earlier time when governors and federal government called out police and federal soldiers to use deadly violence to break strikes and union attempts to organize.
Prime Minister Alexis Tsipras wants to end years of budget cuts eurozone countries and International Monetary Fund (IMF) required of Greece in exchange for $270 billion in rescue loans, renegotiate payment of bailout debt. Greece public debt 177 percent of its gross domestic product, unemployment rate 25 percent.
Circulation of the key world currencies may be allowed in the territory of the self-proclaimed Luhansk People’s Republic (LPR) along with the hryvnia, LPR Prime Minister Gennady Tsypkalov. Currencies, such as pounds, dollars, yuans, yens and euros, may be allowed for circulation.
100% Debt-to-GDP List
Spain 100.3% (2015 estimate)
France 100% (2015 estimate)
Croatian government have gotten creditors on plan to erase debts of poorest citizens. hoped to boost economy. Debtors must have no savings or property, debt no greater than $5,100, on welfare or income under $138 per month. $31 million debts to be written off by banks, companies, utilities, cities and tax agency.
Greek Prime Minister and Syriza leader Alexis Tsipras reassured Greece’s creditors Saturday that his government would do nothing to jeopardise the country’s euro zone membership. He insisted Greece would not default and would not make unilateral demands in talks over its €323 billion debt.
German Chancellor Angela Merkel: sees no possibility for writing off the multibillion-euro debt of Greece. "Private creditors have refused to do this, and banks have already forgiven Greece’s (debts) of several billion (euros). I do not see (a possibility) of further writing off the debt.
Russia’s Central Bank has stripped two more banks of their licenses in a continued effort to clean up the domestic banking sector and make it financially healthy, the regulator said in a statement on Thursday.
While earlier customers could draw 150,000 roubles ($2,100) a day from the most widely-used cards Visa Classic/MasterCard Standard, now this sum has been reduced threefold to 50,000 roubles ($713).
Mexican carrier Interjet has decided to order ten more Russian-made Sukhoi Superjet-100 planes, Russia's ambassador to Mexico Eduard Malayan said on Friday
Greece hasn’t outright asked Russia for a loan, but Russian Finance Minister Anton Siluanov said Moscow wouldn't rule it out. His statement comes days after Greece openly opposed further economic sanctions against Russia. Russia announced its South Stream pipeline will be re-routed through Turkey, gas hub expected to be built on border between Turkey and Greece.
Russian Central Bank has cut its key interest rate to 15 percent from 17 percent due to the 'shift in the balance of risks of accelerated consumer price growth and cooling economy unexpected change immediately sent ruble down to rate of 71 rubles against the US dollar, Russian currency has lost more than 17 percent of its value since beginning of 2015.
Yanis Varoufakis says new government will refuse to engage with auditors from the EU, European Central Bank and International Monetary Fund, said Greece would not pursue further negotiations with the body of technocrats that regularly descended on the country to monitor its economy. Nor would it be rowing back on election-winning pledges by asking for an extension to its €240bn (£180bn) bailout programme. Greece has lost more than a quarter of its GDP, worst slump in modern times, result of budget cuts and tax rise.
The Czech Republic is interested in bolstering economic cooperation with Russia, but recognizes that it must adhere to European Union anti-Russia sanctions, the head of the communication department of the Czech Union of Industry and Transport.
The possible exclusion of Russia from the SWIFT payment system proposed by the European Parliament will hurt the world’s economy, Latvian Prime Minister Laimdota Straujuma told Baltkom. In response, Russia's Central Bank said the country might introduce alternative channels of interbank communications to replace SWIFT.
Russia's finance minister Anton Siluanov: *RUSSIA WOULD WEIGH FINANCE FOR GREECE IF ASKED, "if such a petition [for financial aid] is submitted to The Russian Government, we will definitely consider it."
80 percent drop in oil revenues since June, Alaska has no state sales or income taxes, “Even if you lay off every state employee, that only saves us a billion [dollars]“We’d still have $2.5 billion to go; ”Chris Tuck, Democrat minority leader in the Alaska House of Representatives. Governor, considering creating the state’s first income and sales taxes.
Greece's new prime minister: his government's top priority is negotiating with creditors to resolve the country's debt without blindly submitting to the demands of its European partners. New government's anti-austerity agenda alarmed financial markets, reviving fears Greece could crash out of the eurozone.
Head of Russia’s North Caucasian Republic of Chechnya, Ramzan Kadyrov, has accused the United States and the West of seeking to shatter the Russian economy by their sanctions but vowed Russia will hold out.
Russian banks have canceled contracts with their US clients because of the Foreign Account Tax Compliance Act (FATCA), the law that requires foreign banks to share information on US citizen's banking activities. If a bank does not comply, it may be subject to a fine.
The Chinese currency is the 5th most-used currency in international payments, according to the SWIFT network responsible for international financial transactions. Breaking into the top 5 is symbolic to balance dollar-denominated payments. In 2014, yuan payments doubled by 102 percent, and increased by 20.3 percent in December alone.
Pressure on the Tsipras government to honour the terms of the bailout deals struck by the previous two Greek governments, terms the new prime minister in Athens has threatened to repudiate, says its priorities will be to cancel austerity and renegotiate the country’s “unsustainable” €320bn (£238bn)debt load.
European Union finance ministers have agreed to loan Ukraine €1.8 billon to stave off a default. Some governments pressed for €2.6 billion in medium-term loans for 2015 and 2016.
Prime Minister Dmitry Medvedev:"Russian response - economically and otherwise - will know no limits" if Russia is cut off from the SWIFT payments system. Russia intends to have its own international inter-bank system by May 2015, Russia says it needs its version of SWIFT in case of possible ”challenges” from the West.
Microsoft shares plunged 10 percent Tuesday after the software giant reported quarterly revenue that beat expectations but warned that a weak PC market and a strong dollar will curb growth this year. Many analysts slashed price targets on the stock and some cut their Buy ratings to Hold.
Supporters of higher minimum wage in the US have mentioned Australia's $16.88 an hour minimum wage nearly two times higher than federal minimum wage level in the US. as an example that high wage floor do not necessary suppress a country's economic growth. The country has not suffered a recession for nearly 20 years,
10 percent of Americans own 91 percent of the nation’s stocks and mutual funds. Most of the remainder is held by a “middle class” that is steadily losing ground. The bottom 60 percent is almost entirely shut out. Queen of England worth £17,600,000,000,000. Owns 6.6 billion acres, could end world poverty and hunger all by herself if she wanted to.
President of the Committee on Eastern European Economic Relations in Germany Eckhard Cordes told NDR (North German Broadcasting) Radio that a free trade zone with the Eurasian Economic Union (EEU) would make sense "from the political and economic perspective".
The president of the German central bank, Jens Weidmann, has expressed his disagreement with the ECB's decision to implement quantitative easing. "Bond-buying by the government is not a normal instrument of monetary policy," when carried out in a monetary union like the Eurozone, "is connected with particular drawbacks and risks.
The asset-buying program will also help homeowners with their mortgage payments with the Euribor rate expected to drop further from this week’s 0.28% as a result of lenders’ increased liquidity. With a home ownership rate of nearly 80% and close to 90% of mortgages set at variable rates that depend on the Euribor, Spain stands to gain more than any other eurozone country from this reduction.
Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won; deputy governor at Iranian Central Bank told the Tasnim News Agency.
The billionaires and corporate oligarchs meeting in Davos this week are getting worried about inequality. 80 individuals now have the same net wealth as 3.5 billion people – half the entire global population. 1% will have pocketed more than the other 99% put together.
Retailers and producers should “curb their economic appetite” and drop their level of profit on products; Russian Prime Minister Dmitry Medvedev.
Debt-serfs must borrow money to buy essentials while wealthy borrow to invest in productive assets, goods and services must be paid with highly profitable debt. Need to borrow to pay for essentials evident in student loans, vehicles and housing. Result is a system in which majority of productive assets are owned by the few who have the means to exploit the many.
Ecuadorian Ambassador to Russia Patricio Alberto Chavez Zavala: Russia and Ecuador should adopt financial mechanisms that reduce their dependence on the dollar for international trade, important for our countries to create new mechanisms of financial compensation, which depend on the dollar less in trade. Russia and Ecuador must seek to establish system of payment in national currencies.
The European Central Bank announced it will embark on a fully-fledged quantitative easing program from March, which will break down to €60 billion per month. The move is made to counter a triple-dip recession in the eurozone.
The central banks of China and Switzerland have signed a pact to establish a yuan trading center in Zurich. The deal is expected to increase the number of European transactions in yuan. Switzerland's central bank said on Wednesday it had signed the agreement with the People's Bank of China.
Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis; United Nations’ drugs and crime tsar has told the Observer. Antonio Maria Costa, head of the UN Office on Drugs and Crime: proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. Majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
President Obama’s claims Russia is isolated and its economy is in tatters have nothing to do with reality and represent wishful thinking. Russia’s unemployment is low, agri-industrial sector is not bad, basic industries keep working, the country is looking for new markets and the foreign debt has shrunk. “Russia is exploring new markets for its products in Asia. Contracts with China.
Venezuelan President Nicolas Maduro: The oil won't return to 100 dollars per barrel. We have to generate new sources of income to the country. Venezuela's economy relies on oil production to a great extent, with oil accounting for 95 percent of the country's exports and comprising 45 of budget revenues.
Gold prices have risen above $1,300 an ounce for the first time since August 2014. This is due to the global economic slowdown, expectation of ECB ‘easy money’ and currency volatility, increased uncertainty in the financial markets.
Widely believed China has accumulated much larger reserves. Lots of other countries are rapidly buying up gold including – Serbia, Greece, Ecuador, Mexico, Kazakhstan, Kyrgyzstan, and Tajikistan. Russia’s increase is the most dramatic, according to IMF. Russian central bank has almost doubled its gold holdings in the last 5 years.
Owen Li, former Raj Rajaratnam's Galleon Group trader, and the clients of his Canarsie Capital hedge fund, December 2014 will never be forgotten. According to CNBC, from around $100 million in AUM in March 2014, Li told investors in a letter, the fund had lost all but $200,000 and he was "truly sorry," for "acting overzealously" in the last 3 weeks.
European Central Bank to Unleash Massive Round of Quantitative Easing, Central Bank Heads Admit QE Doesn’t Work. Former head of Bank of England Mervyn King: more QE will not help economy; We have had biggest monetary stimulus ever seen, still not solved problem of weak demand. The idea that monetary stimulus after six years is the answer doesn’t seem (right) to me.
Bank of America CEO: Americans remain concerned about whether policymakers have adequately protected the country from another financial crisis, acknowledged that financial institutions were a primary driver of the economic crisis.
Russian government may spend over 500 billion rubles ($7 billion) from the country’s oil wealth Reserve Fund on an anti-crisis plan, First Deputy Prime Minister Igor Shuvalov said on Wednesday after a meeting of President Vladimir Putin with government members, where they discussed a plan of measures to support the economy in the current conditions. The Russian president broadly supported the plan.
Russia will take appropriate measures to increase its economic sovereignty as the global economy is eroding under pressure from political factors; President Vladimir Putin.
Tumbling oil prices putting pressure on Malaysia's commodity-driven economy, hurting its exports and currency, putting spotlight on huge debts the country runs. Malaysia, a major exporter of liquefied natural gas and oil, suddenly faced with cheap oil, other commodities will drive current account into deficit, has unnerved foreign investors. Malaysiaa net importer of foreign capital. Credit markets now rank Malaysia riskiest in Southeast Asia, exposeure to market volatility," foreign currency reserves dropping US$25 billion since 2013.
The richest one percent of the world’s population will have more wealth next year than the other 99 percent combined, according to a report issued Monday by the Oxfam charity.
Russian stock indices edged up on the Moscow Exchange on Tuesday after opening in negative territory, despite weak oil prices and increased tension over the situation in eastern Ukraine.
Stock markets mostly climbed worldwide as China managed to partially recover from yesterday’s stock crash on the optimistic GDP report and stimulus measures, while the European bourses advanced, beating their 7-year highs on the expectations of the full-scale ECB stimulus, due Thursday.
Will use his annual State of the Union address to propose hundreds of billions of dollars in tax hikes on America's "one per cent" in a move that will increase tensions with the Republican-dominated Congress. Obama will call for raising capital gains rate on high earners, elimination of a tax break on inheritances, and implementation of a fee on large financial firms lending and borrowing money.
As anti-bailout party Syriza leads polls ahead of a general election in Greece this coming weekend, the head of the International Monetary Fund warned Monday that the country couldn't renegotiate any debt restructuring deal without accepting "the consequences." Allowing Greece to restructure its debts could set a precedent for other struggling economies.
Stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Citigroup and Deutsche Bank say their losses were 150 million dollars, a major hedge fund that had 830 million dollars in assets at the end of December has been forced to shut down, several major global currency trading firms have announced that they are now insolvent. These are just the losses that we know about so far.
Nervousness in the corporate and political elite over consequences of the real state of social relations in the country—above all, extraordinary levels of social inequality. Several leading newspapers and think tanks have pointed to the long-term stagnation of wages and the lack of social mobility, especially among young workers, as the catalyst for a potential eruption of class conflict in 2015.
TThe Central Bank of Russia (CBR) has issued a statement that it will no longer use credit ratings from Standard & Poor’s, Fitch, or Moody’s that were assigned after March 1, 2014. All credit ratings will now be at the discretion of the Board of Directors of the Bank as regulators assess whether or not the ratings made after March are accurate.
Russian gold reserves rose by their largest amount in six months in December to just over $46 billion. 20th month in a row, Russia's holdings of US Treasury debt fell.
Deleveraging - debt repayments - in non-banking sector was even bigger.capital outflows are massive. Most of the capital flight that Western analysts decry goes to improve Russian balance-sheets and reduce Russian external debt.
Condition of the rouble devaluation and bid to encourage tourism flows from Russia the two countries might begin to use the rouble as a payments unit in the sphere of tourism and in trade in general in February. working on a mechanism of mutual settlements to abandon the U.S. dollar as a basic currency unit.
[Russian buyers] view United States real estate as a ‘safe deposit box’ that occasionally comes with a good view. Their objective is to move money out of their home country and safeguard their assets by placing them in the U.S. real estate… [But] at this point, it becomes expensive to maintain a ‘safe deposit box’.”
Ttwo Greek systemic banks have reportedly resorted to Emergency Liquidity Assistnace indicating that the liquidity situation in Greece is once again as dire as it was in the depth of the European collapse.
Middle- and low-income Americans are facing far higher state and local taxes than the wealthy, according to a new report assessing tax data from all 50 states. In all, the analysis by the nonpartisan Institute on Taxation and Economic Policy (ITEP) finds that the poorest 20 percent of households pay on average more than twice the effective state and local tax rate (10.9 percent) as the richest 1 percent of taxpayers (5.4 percent).
Austria, Hungary, Italy, Cyprus, Slovakia, France and the Czech Republic support lifting the anti-Russia sanctions. “Ministers will most likely be preparing the ground for softening the sanctions. Hollande: economic sanctions against Russia must be stopped
Gold prices hit a four-month high of $1,261 an ounce as Swiss National Bank creating massive volatility, “carnage” in the marketplace. Growing expectations the ECB will introduce a full-scale quantitative easing program, announce that they will purchase about €500 billion in sovereign bonds.
Gold prices jumped to a 4-month high on Thursday as European shares and the dollar turned lower after a shock move by Switzerland to abandon its three-year cap on the franc sent Europe's shares and bond yields tumbling.
The drop in the price of oil has prompted oil companies to prepare mass layoffs in 2015 as sections of the industry become unprofitable. According to a variety of sources, hundreds of thousands of jobs in the US alone could disappear this year if oil prices remain low.
Russia’s banking system is stable today, Russian Central Bank will continue efforts to clean up the banking sector, including in the current economic conditions; Central Bank First Deputy Chairman Alexey Simanovsky.
February futures for West Texas Intermediate (WTI) and Brent crude oil dropped to less than $49 per barrel after a brief revival to $50, caused by the revised forecast for 2015 global oil demand, published by Organization of the Petroleum Exporting Countries (OPEC.)
The Organization of the Petroleum Exporting Countries (OPEC) and nonmembers of the organization, namely Russia, engaged in a "cold war" amid decreasing oil prices; Bahrain's National Oil and Gas Authority. Should OPEC members reduce oil prices further, nonmember countries could replace them in supplying oil and eat into OPEC's market share.
The franc soared against the euro and Swiss stocks plunged more than 13 percent by midday after the removal of the Swiss franc-euro floor was announced by the central bank. After appreciating more than 30 percent, by mid-afternoon the franc was nearing parity with the euro (valued at 1.02 francs) and rose as much as 14 percent against the US dollar.
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