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.)
Your donation helps provide a place for people to speak out.
Not tax deductible. email@example.com
|Search the Site||Search the Internet|
|<< <||> >>|