Russian President Vladimir Putin has put his signature to a law that makes Armenia a full member of the Eurasian Economic Union (EEU) from January 2, 2015. The document signed Tuesday will add the 3 million people in Armenia to the 170 million consumers in Russia, Belarus and Kazakhstan.
The National Bank of Belarus is closing all over-the-counter currency exchanges in the country in an effort to keep its own currency strong and avoid a domino effect from the ruble crisis.
Russia has bailed out a mid-sized bank for about $500 million to save it from bankruptcy— a clear sign that the slide in the value of the ruble in the wake of sliding oil prices is straining the banking system.
The Central Bank said Monday it will give Trust Bank 30 billion rubles that will allow it to continue operating as normal.
The Federal Reserve and its bullion bank agents are actively using uncovered futures contracts to illegally manipulate the prices of precious metals in order to keep interest rates below the market rate. The purpose of manipulation is to support the U.S. dollar’s reserve status at a time when the dollar should be in decline from the over-supply created by QE and from trade and budget deficits.
German companies doing business with Russia suffering from the weak ruble, one in three companies will have to fire employees or cancel its projects: Association of German Chambers of Industry and Commerce. German companies said their long-term Russian partners are turning away from Europe toward Asian markets.
Belarus blocked online stores and news websites on Sunday, in an apparent attempt to stop a run on banks and shops as people rushed to secure their savings. Belarussian currency was dragged down by the slide of the Russian ruble last week, leading authorities to impose draconian measures, forbid price increases even for imported goods, and warn people against panic.
Did the US/Saudi Arabia plan the oil crash to collapse Russia & the Ruble? -Putin’s counter-move could result in an EPIC BACKFIRE for the West. Putin may take the Ruble onto the GOLD STANDARD- if Russia detonates this Nuclear Financial Weapon, the West is DEAD!
“Suppose the Russian government says, you guys are attacking the ruble and causing us so much trouble, we are not going to pay off the next traunch of our debt that comes due in 2015.' European banking system would collapse because those banks are undercapitalized. Some of them have loans to Russia that almost absorb the entire capital base. If the Russians get angry, all they have to do is call up the European governments and say, ‘We no longer sell natural gas or any other form of energy to members of NATO.' The consequence would be the total collapse of NATO. Every banking system would collapse; German industry closing down.
Canadian Prime Minister Stephen Harper has announced that Canada is introducing additional economic sanctions and travel bans against Russian and Ukrainian individuals over its alleged involvement in the Ukrainian crisis.
the world is currently engaged in a financial war and the ruble collapse is just one battle. The 2008 Great Financial Crisis ushered in a new currency war that has morphed into a financial market war, with oil as the weapon of choice. The latest battle in this financial war is the engineered drop in oil and subsequent collapse of the Russian ruble.
At a meeting with leaders of 16 Central and Eastern European countries (CEE) Tuesday, Chinese Premier Li Keqiang announced a new investment fund of $3 billion to facilitate financing in the cash-strapped countries. Most of these countries are members of the European Union.
Former Assistant Treasury Secretary Dr. Paul Craig Roberts: recent spending bill, allows banks to gamble on derivatives, and taxpayers and depositors are on the hook for the losses.
The German Committee on Eastern European Economic Relations said on Wednesday that ruble’s plunge would lead to a 20-percent fall in the Western European country’s exports to the Russian Federation.
Russian Prime Minister Dmitry Medvedev also stated that while low oil prices and
Western sanctions have taken their toll on Russia, the central problem is that the ruble was undervalued. "The figures we saw at exchange offices in the last days do not reflect the real picture.
Worst day in Russia’s financial crisis; fallout spreading across global markets. Pacific Investment Management Co. (PEBIX) facing mounting losses on its Russian bond holdings; almost every bullish ruble option contract registered in U.S. made worthless; foreign-exchange brokers in New York and London no longer taking ruble trades.
"Our online store in Russia is currently unavailable while we review pricing," Alan Hely, a spokesman for the Cupertino, California-based company. "We apologize to customers for any inconvenience." It is uncertain when Apple will reinstate its operations in Russia.
Goldman Sachs :The global oil industry will face a loss of $1 trillion as producers will be forced to cancel a number of key projects if oil prices stay below $60:.
The US Federal Reserve has a basic capital ratio of 1.26%. if the value of the Fed’s assets declines by 1.26%, the issuer of the world’s dominant reserve currency becomes insolvent. Russian central bank’s ratio is 12.5%—literally TEN TIMES GREATER than the Fed. GOLD reserves as a percentage of the money supply, i.e. how much gold backs the money supply. In Russia, it’s 6.2%. And rising. How much gold backs the dollar? Precisely zero.
As Russia situation has deteriorated focus on bank exposures sent stocks reeling among many European (and US) banks. UniCredit, strongly invested in Russia; 18 billion euros at stake, 40 percent of its tangible book value. US bank risk widened signicantly. No benign scenarios.
Russian debt to GDP is 20% and they still have hundreds of billions of barrels of crude oil under their land. The US has debt to GDP of 103% of GDP and shale that is worthless unless oil prices are above $80 per barrel. Oil is currently $56 per barrel.
The Russian stock market also went haywire, dropping more than 15 percent as of 2:30pm Moscow time, after it dropped 11 percent the day before. Sberbank, the country's largest lender, lost 17.77 percent, and VTB, the second biggest bank, fell by 14.29 percent. State-owned oil and gas companies Gazprom, Rosneft, and Surgut also saw shares plummet.
Global banks curtailing flow of cash to Russian entities, response to ruble’s sharpest selloff since 1998 financial crisis; potential to add strain on Russia’s financial system. Bank of America, Citigroup, haven’t changed their trading with Russia or rubles.
Russian government members have worked out measures to stabilize the currency market, Economic Development Minister Alexey Ulyukayev said on Tuesday. Central Bank’s measures would be aimed at increasing foreign currency liquidity supply on the domestic market. “We have mapped out a set of measures, which should help stabilize the situation,
The price of Brent crude oil has reached a new low, dipping below USD 60 per barrel, for the first time since May 2009. Reports suggest that the ongoing fall in oil prices were triggered by news of a drop in industrial activity in China, the world’s second largest oil consumer.
The Turkish currency has registered a fresh record low in the wake of depreciation of the Russian ruble and police raids against opposition media critical of President Recep Tayyip Erdogan.
Sharp falls in European markets and wild swings on Wall Street yesterday, combined with a further plunge of more than 10 percent in the value of the Russian rouble, indicate that the worsening global slump is starting to have a major impact on financial markets.
Russia's rouble has fallen to a new record low despite a dramatic interest rate rise by its central bank from 10.5% to 17% in an attempt to boost the currency's value against the dollar.
Russia has lifted its key interest rate to 17 per cent, hours after the rouble suffered its worst drop since 1998. “The decision was driven by the need to limit the risks of devaluation and inflation, which have recently significantly increased,” the central bank said in a statement.
The allegations are especially serious because Barclays and Deutsche Bank, among other banks, are being investigated by the DFS over the foreign exchange market. Using algorithms in trading systems is common practice at banks, but employing them as part of an effort to profit from manipulating forex rates could suggest the problem was more widespread than a select few traders.
2015, the IMF will conduct its next twice-a-decade review of currencies its members can count toward their official reserves, including the yuan. Reserve-currency status for the yuan would make central banks, particularlyin developing economies, more eager to hold yuan assets, “diversify at the margin away from dollars,” as well as euros, yen and Swiss francs.
$1 trillion spending bill moving through Congress right now includes some new provisions, pension recipients who depend on the money promised to them during their working years may see significant cuts to their monthly disbursements. Could affect millions. Strong opposition from retirees who could face deep pension cuts.
When a financial crash does happen, you can forget about getting immediate access to your money. “The banks will say we don’t have it. It will bankrupt all the small banks. Over $50 trillion in derivatives and $1 trillion in deposits.
FDR. One of the very first things he did was issue an executive order basically outlawing the private ownership of gold bullion. These actions bailed out the privately-controlled Federal Reserve bank, which as of 1933 would no longer be in danger of collapsing due to a sort-fall of 20,000 or more metric tons of gold.
Ukraine bond prices have crashed to new record lows this morning with even 2015 maturing debt trading at a 25% discount to face following calls (admissions) by Ukraine's new (Lithuanian) economy minister the government will need more IMF help on top of its current $17 billion package. The country may need another $19 billion next year!
Despite squandering trillions of dollars, yen, yuan and euros, central banks have failed to ignite sustainable inflation or growth. You can't get "good" inflation or growth if wages are stagnant or declining. You can print all the money you want, but it will never boost wages to keep up with prices.
Russia’s Rossiya and SMP banks, which fell under Western sanctions, are among the eight lenders that will start testing the country’s new national payment system on December 15, Russia’s initiative to move away from Western dominance of its financial markets.
Deutsche Bank allegedly set up three shell companies to avoid paying millions of dollars in federal taxes, according to a lawsuit filed Monday by the top federal prosecutor in Manhattan. U.S. Attorney Preet Bharara seeks to recover $190 million in taxes, penalties and interest.
Everything we hear from the US government, the puppet governments of its vassal states, and the presstitute media is a lie. Truth is the declared enemy of the West. Those who try to tell the truth do so at cost to themselves. These costs can range from exclusion and slander to watch lists to prosecution and imprisonment. Brave people like Julian Assange, Edward Snowden, William Binney, and Bradley Manning have paid an extremely high price for standing up for truth against evil.
The price of oil plunged 40% since June to $65.63, junk bonds in US energy sector getting hammered, after a phenomenal boom that peaked this year. Energy companies sold $50 billion in junk bonds through October, 1trying to raise new money to service old debt or fund costly fracking, off-shore drilling.
Global Wage Report 2014/15, released Friday by International Labor Organization, documents stagnation of wages for workers in most of the advanced industrialized countries, even as productivity continues to rise. The result is an ever-rising share of income raked in by the capitalist class, while the share that workers receive from what they produce continues to shrink.
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