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3 Simple Solutions to Fix America’s Broken Economy

February 17th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/simple-solutions-to-fix-americas-broken-economy

America’s economic woes are no secret. Nations like China are growing more and more economically powerful, while America is spiraling out of control.

Ignorance and Arrogance Are Destroying the Economy

February 17th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/ignorance-and-arrogance-are-destroying-the-economy

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.

Chinese shoppers to outspend US by 2018

February 15th, 2015
Categories: Economic

Link: http://rt.com/business/231983-china-retail-growth-mobile/

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’ gold purchases close to 50yr high – research

February 15th, 2015
Categories: Economic

Link: http://rt.com/business/231723-central-banks-gold-purchase/

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 Says Goodbye to Cheap Gas

February 14th, 2015
Categories: Economic

Link: http://sputniknews.com/latam/20150214/1018260851.html

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.

Russia’s crisis ‘short-term’ – head of China’s leading rating agency - Video

February 13th, 2015
Categories: Economic

Link: http://rt.com/business/231579-russia-danong-rating-agency/

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.”

First negative interest rate in Sweden, buys bonds to counter deflation

February 13th, 2015
Categories: Economic

Link: http://rt.com/business/231791-sweden-cut-deflation-qe/

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.

HSBC files: Swiss bank hid money for suspected criminals

February 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141013137

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.

Edison's plans to cut jobs, hire foreign workers is assailed

February 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141013342

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.

EU says Greece demanding €162 bln in WWII reparations from Germany bilateral problem

February 12th, 2015
Categories: Economic

Link: http://tass.ru/en/world/776989

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.

Polish farmers ride tractors to Warsaw, demand aid after Russian trade ban (VIDEO)

February 12th, 2015
Categories: Economic

Link: http://rt.com/news/231519-poland-farmers-tractors-protest/

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.

Russian diplomat estimates EU losses from Russia sanctions at €20 billion

February 11th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/777020

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."

Tomorrow Greece Decides: Europe... Or Russia

February 10th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-10/tomorrow-greece-decides-europe-or-russia

"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.

Floridians forced to sell their homes at huge losses. A state law can force some Floridians out of their condo units for only a fraction of what they originally paid.

February 10th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/02/floridians-forced-to-sell-their-homes.html

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.

World can't rely on U.S. to carry economy forever: Canada

February 10th, 2015
Categories: Economic

Link: http://mytechnologyworld9.blogspot.in/2015/02/world-cant-rely-on-us-to-carry-economy.html

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

Stock markets fall on fears of Greek exit from euro zone

February 10th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/10/gree-f10.html

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 Meat Exports to Russia Increased Tenfold in 2014

February 10th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150210/1018042962.html

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 Reaches Free Trade Agreement With Eurasian Economic Union

February 10th, 2015
Categories: Economic

Link: http://sputniknews.com/politics/20150210/1018051167.html

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.

Trade, tourism & dumping dollars: Putin building bridges in Egypt - Video

February 10th, 2015
Categories: Economic

Link: http://rt.com/news/230859-putin-egypt-visit-sisi/

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.

After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6 Month Extension

February 10th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/After_Greece_Warns_It_May_Get_Funds_From_Russia_Or_China%2C_Europe_Said_To_Propose_6_Month_Extension/41695/0/38/38/Y/M.html

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.

Old people auctioned off to care homes on the internet: Anger over 'cattle markets for grannies' as councils accept lowest bids to save cash

February 9th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Old_people_auctioned_off_to_care_homes_on_the_internet%3A_Anger_over_%27cattle_markets_for_grannies%27_as_councils_accept_lowest_bids_to_save_cash/41655/0/38/38/Y/M.html

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.

Russia, Egypt Sign LNG Supply Deal – Egyptian Minister

February 9th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150209/1017999169.html

Egypt's national gas company and Russian energy giant Gazprom have signed a deal on the supply of liquefied natural gas (LNG) to Egypt.

World record debt of $199trn could drag economies into another crisis - study

February 6th, 2015
Categories: Economic

Link: http://rt.com/business/229883-world-debt-sharp-increase/

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.

Russian stock market hits 3.5 yr high

February 6th, 2015
Categories: Economic

Link: http://rt.com/business/229887-russian-micex-high-2011/

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.

ECB Shuts Off Direct Funds to Greece, World Stocks Plunge

February 5th, 2015
Categories: Economic

Link: http://govtslaves.info/ecb-shuts-off-direct-funds-greece-world-stocks-plunge/

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.

IRS Warns Of Delayed Refunds, Long Waits For Taxpayers & Possible Shutdown

February 4th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/IRS_Warns_Of_Delayed_Refunds%2C_Long_Waits_For_Taxpayers_%26_Possible_Shutdown/41521/0/38/38/Y/M.html

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.

Germany’s working poor and the government’s “jobs miracle”

February 3rd, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/03/ger2-f03.html

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.

Russian ruble recovers as Brent crude rises above $55 per barrel

February 3rd, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/775071

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.

S&P Biased Ratings Contribute to Financial Crisis

February 3rd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150203/1017727289.html

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.

Ex-DOJ Official Says Imprisoning Wall Street Executives Could Deter Fraud

February 3rd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150203/1017730100.html

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.

Greek stocks rise after new cabinet offers ‘smart debt engineering’

February 3rd, 2015
Categories: Economic

Link: http://rt.com/business/228895-greece-debt-varoufakis-stocks/

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.

The high cost of capitalism

February 2nd, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/02/02/395877/The-high-cost-of-capitalism

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.

Greece’s new leftist leaders embark on regional charm offensive

February 2nd, 2015
Categories: Economic

Link: http://america.aljazeera.com/articles/2015/2/2/new-greek-leaders-press-european-leaders-on-debt-deal.html

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 leading world currencies may be allowed in LPR — republic's prime minister

February 2nd, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/775013

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.

Debt of Six Eurozone Countries Exceeds 100% of GDP, Two More Coming in 2015 (France and Spain)

February 2nd, 2015
Categories: Economic

Link: http://globaleconomicanalysis.blogspot.nl/2015/02/six-eurozone-countries-debt-exceeds-100.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29

100% Debt-to-GDP List

Italy 133%
Portugal 129.4%
Ireland 116.7%
Cyprus 112.2%
Belgium 105.1%
Greece 174.9%
Spain 100.3% (2015 estimate)
France 100% (2015 estimate)

'Chance for a new start': Croatia writes off debts of 60,000 poorest citizens

February 2nd, 2015
Categories: Economic

Link: http://rt.com/business/228311-croatia-erases-debt-poorest/

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.

Tsipras rushes to reassure EU, banks on Greek debt

February 2nd, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/02/gree-f02.html

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.

Merkel says no grounds to write off Greece’s debt

January 31st, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/774612

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 revokes 2 more licenses in banking sector clean-up

January 31st, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/774241

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.

Sberbank lowers limit for drawing cash from ATMs to 50,000 roubles per day from March 1

January 31st, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/774583

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 Airline to Order Ten More Russian Sukhoi Superjet-100 Planes

January 31st, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150130/1017566875.html

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

Russia might bailout Greece – finance minister

January 30th, 2015
Categories: Economic

Link: http://rt.com/business/227751-russia-greece-financial-aid/

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.

Russia's Central Bank unexpectedly slashes rate to 15%, ruble reels

January 30th, 2015
Categories: Economic

Link: http://rt.com/business/227839-russia-key-rate-cut/

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.

Greece’s finance minister vows to shun officials from troika

January 30th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141002228

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.

Prague Interested in Deeper Ties With Moscow, Obliged to Follow EU Rules

January 30th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150130/1017556674.html

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.

Latvian PM Says Exclusion of Russia From SWIFT to Paralyze Global Economy

January 29th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150129/1017519925.html

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.

Putin Pivots Back: Russia Confirms Willingness To Provide Financial Aid To Greece

January 29th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-01-29/putin-pivots-back-russia-confirms-willingness-provide-financial-aid-greece

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."

Alaska’s State Budget Collapses by 50%

January 29th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Alaska%E2%80%99s_State_Budget_Collapses_by_50%25/41319/0/38/38/Y/M.html

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.

New leader vows that Greece will no longer submit to eurozone demands

January 28th, 2015
Categories: Economic

Link: http://america.aljazeera.com/articles/2015/1/28/greek-pm-will-no-longer-submit-to-eu.html

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.

Chechen leader accuses US, West of seeking to shatter Russian economy

January 28th, 2015
Categories: Economic

Link: http://itar-tass.com/en/russia/773969

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 Cancel US Contracts Over Demands to Reveal Taxpayers' Data

January 28th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150128/1017469026.html

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.

Chinese yuan now top 5 major intl payment currency

January 28th, 2015
Categories: Economic

Link: http://rt.com/business/227031-yuan-top-5-payment-swift/

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.

Greece’s new dream team vows to defy foreign creditors

January 28th, 2015
Categories: Economic

Link: http://shareverything.com/2015/01/28/greeces-new-dream-team-vows-to-defy-foreign-creditors/

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.

Ukraine to receive €1.8bn from EU

January 27th, 2015
Categories: Economic

Link: http://rt.com/business/226755-ukraine-eu-aid-economy/

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.

Medvedev Warns Of "Unlimited Reaction" If Russia Cut From SWIFT

January 27th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Medvedev_Warns_Of_%22Unlimited_Reaction%22_If_Russia_Cut_From_SWIFT/41283/0/38/38/Y/M.html

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 tanks 10 percent, hit by 4 downgrades on earnings

January 27th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/1014999327

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.

Australia’s Debate Over Wage Floors Intensifies as Economy Faces Slowdown

January 26th, 2015
Categories: Economic

Link: http://sputniknews.com/news/20150126/1017367742.html

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,

Wealth Gap: 10% of Americans Own 91% (but the Queen and Rothschilds Still Own Almost Everything)

January 26th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/wealth-gap-10-of-americans-own-91-but-the-queen-and-rothschilds-still-own-almost-everything_012015

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.

German Economists Reportedly Call for Free Trade Zone With Russia

January 25th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150125/1017314578.html

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".

Bundesbank President Says ECB Monetary Policy 'Grave Decision'

January 25th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150125/1017323458.html

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.

ECB will buy 10% of Spain’s public debt

January 25th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/ECB_will_buy_10%25_of_Spain%E2%80%99s_public_debt/41208/0/38/38/Y/M.html

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 Joins Growing List of Countries to Ditch Dollar in Foreign Trade

January 24th, 2015
Categories: Economic

Link: http://sputniknews.com/middleeast/20150124/1017299147.html

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 Davos oligarchs are right to fear the world they’ve made

January 24th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/The_Davos_oligarchs_are_right_to_fear_the_world_they%E2%80%99ve_made/41146/0/38/38/Y/M.html

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.

Medvedev Says Producers, Retailers Should Get Used to Lower Profits

January 23rd, 2015
Categories: Economic

Link: http://sputniknews.com/russia/20150123/1017268424.html

Retailers and producers should “curb their economic appetite” and drop their level of profit on products; Russian Prime Minister Dmitry Medvedev.

Asset Ownership and Our System of Deepening Debt-Serfdom

January 22nd, 2015
Categories: Economic

Link: http://www.washingtonsblog.com/

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.

Russia, Ecuador Should Seek Greater Independence From Dollar

January 22nd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150122/1017215571.html

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.

ECB announces milestone €1.14trn ‘easy money’ program

January 22nd, 2015
Categories: Economic

Link: http://rt.com/business/225111-ecb-announces-qe-draghi/

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.

China, Switzerland sign deal on yuan trading in Zurich

January 22nd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/China%2C_Switzerland_sign_deal_on_yuan_trading_in_Zurich/41103/0/38/38/Y/M.html

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.

Flashback 2009: Drug Money Saved Banks in Global Crisis

January 22nd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Flashback_2009%3A_Drug_Money_Saved_Banks_in_Global_Crisis/41104/0/38/38/Y/M.html

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.

Russian economists disagree with Obama’s gloom prophecies

January 21st, 2015
Categories: Economic

Link: http://itar-tass.com/en/opinions/772444

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.

Oil Prices Not Expected to Return to $100 per Barrel

January 21st, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150122/1017208966.html

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 above $1,300 for first time in 5 months

January 21st, 2015
Categories: Economic

Link: http://rt.com/business/224807-gold-price-record-high/

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.

Russia and China ‘Furiously’ Buying Up Gold As “a Global Currency Crisis – Albeit Unstated – is Underway”

January 21st, 2015
Categories: Economic

Link: http://www.shtfplan.com/headline-news/russia-and-china-furiously-buying-up-gold-as-a-global-currency-crisis-albeit-unstated-is-underway_01202015

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.

Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is "Sorry" For "Overzealousness"

January 21st, 2015
Categories: Economic

Link: http://www.zerohedge.com/

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.

Even Central Bankers Now Admit QE Doesn’t Work

January 21st, 2015
Categories: Economic

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 Says Public Anger At Banks Is 'Understandable'

January 21st, 2015
Categories: Economic

Link: http://www.ibtimes.com/bank-america-ceo-says-public-anger-banks-understandable-1789774

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.

Russia may spend over $7 billion from Reserve Fund on anti-crisis plan — deputy PM

January 21st, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/772549

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.

Putin Says Russia Should Boost Economic Sovereignty

January 21st, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150121/1017187023.html

Russia will take appropriate measures to increase its economic sovereignty as the global economy is eroding under pressure from political factors; President Vladimir Putin.

Red lights blinking on Malaysia’s economic dashboard

January 20th, 2015
Categories: Economic

Link: http://www.themalaysianinsider.com/malaysia/article/red-lights-blinking-on-malaysias-economic-dashboard

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.

Oxfam: Richest one percent set to control more wealth than the bottom 99 percent

January 20th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/01/20/oxfa-j20.html

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 stocks shrug off weak oil prices, geopolitical factor

January 20th, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/772098

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.

China Partially Rebounds From Monday’s Crash; Europe, US Extend Gains

January 20th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150120/1017138481.html

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.

Barack Obama goes after the one per cent with proposed $320 billion tax hike

January 20th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/01/barack-obama-goes-after-one-per-cent.html

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.

Would forgiving Greece’s debt really be that bad?

January 20th, 2015
Categories: Economic

Link: http://www.cnbc.com/id/102348549

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.

Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders

January 19th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/swiss-shocker-triggers-gigantic-losses-for-banks-hedge-funds-and-currency-traders/

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.

The coming fight over wages in the US 19 January 2015

January 19th, 2015
Categories: Economic

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.

Russian Central Bank Bans Western Ratings Agencies

January 19th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Russian_Central_Bank_Bans_Western_Ratings_Agencies/41013/0/38/38/Y/M.html

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.

"De-Dollarization" Deepens: Russia Buys Most Gold In Six Months, Continues Selling US Treasuries

January 18th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/%22De-Dollarization%22_Deepens%3A_Russia_Buys_Most_Gold_In_Six_Months%2C_Continues_Selling_US_Treasuries/40993/0/38/38/Y/M.html

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.

Egyptian tourism minister: Russia, Egypt might use Russian currency in mutual settlements

January 17th, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/771695

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 Buyer Is A Thing Of The Past" - Oligarchs Rush To Sell US Real Estate

January 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-01-14/russian-buyer-thing-past-oligarchs-rush-sell-us-real-estate

[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’.”

The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance

January 15th, 2015
Categories: Economic

Link: http://www.zerohedge.com/

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.

Poor Families Pay Double The State And Local Tax Rate As The Rich: Study

January 15th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/01/poor-families-pay-double-state-and.html

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).

Seven EU countries support lifting sanctions on Russia — source

January 15th, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/771324

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

Attempts to isolate Russia futile — Russian FM

Sanctions against large countries not effective — Sberbank CEO

‘Carnage’ In Financial Markets Boosts Gold As Safe-Haven Asset

January 15th, 2015
Categories: Economic

Link: http://www.kitco.com/news/2015-01-15/Carnage-In-Financial-Markets-Boost-Gold-As-Safe-Haven-Asset.html

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 rallies to a 4-month high; ends at $1,264.80

January 15th, 2015
Categories: Economic

Link: http://www.cnbc.com/id/102338987

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.

Hundreds of thousands of US layoffs expected as oil boom unravels

January 15th, 2015
Categories: Economic

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 stable — Central Bank official

January 15th, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/771433

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.

Oil Prices Drop Again After Brief Revival on OPEC Demand Forecast for 2015

January 15th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150115/1016941463.html

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.)

OPEC, Russia in 'Cold War' Over Falling Oil Prices

January 15th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150115/1016937469.html

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.

Swiss franc soars after central bank action

January 15th, 2015
Categories: Economic

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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