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.
Chairman of the board of directors of Russia’s National Payment Council Alexander Murychev: dollars and euros could be banned within the Union of Armenia, Belarus, Kazakhstan and Russia, who would instead switch to national currencies.
Workers in the fast-food, home-care, and airline industries are involved in demonstrations and engaging in walkouts all over the United States on Thursday in a call for a heightened minimum wage of $15, among other labor demands.
Plummeting oil prices and European sanctions are causing a deepening recession in Russian. Ruble lost 60% of its value, falling to 54 against U.S. dollar ,because of its dependence on oil exports. Russian currency connects closely to the price of oil.
The Central Bank of Russia spent $700m on Monday to quell the rising panic hammering the rouble, which fell the most since the country's 1998 financial crisis and default. Sell-off has continued, rouble hit a new record low of 54.87 per US dollar this morning.
Estimated the six largest “too big to fail” banks control $3.9 trillion in commodity derivatives contracts, large amount in oil derivatives. By next year, we could be facing a situation where these oil producers have locked in a price of 90 or 100 dollars a barrel on their oil but the price has fallen to 50 dollars a barrel. Losses for those on the wrong end of the derivatives contracts would be astronomical.
Brazil and Uruguay switched to settling bilateral trade with local currency to stimulate turnover, bypassing the US dollar. Payments in the Brazilian real and Uruguayan peso started on Monday.
Russia, the world’s largest producer, can no longer rely on oil revenues to rescue an economy suffering from European and U.S. sanctions. Iran, also reeling from similar sanctions, will need to reduce subsidies.
Venezuela has one of the largest oil and natural gas proven reserves in the world. One of the top suppliers of crude oil to the US. Oil produces 95% of Venezuela’s export earnings. Oil and gas account for 25% of GDP. Oil is Venezuela’s most important product, critical source of foreign currency to pay for imported consumer and industrial products. Price of oil has plunged 35% since June.
Russia’s Economic Development Ministry: Russian economy will slip into recession at the beginning of next year due to falling oil prices as well as Western sanctions imposed on Moscow over the crisis in Ukraine.
Last week, total US debt was $17,963,753,617,957.26. Two days later, US public debt hit new historic level, surpassed $18 trillion for first time, or $18,005,549,328,561.45 to be precise, increase of $32 billion in one day
Whether as a result of an unprecedented scare campaign by the Swiss National Bank (most recently reinforced by Citigroup), or due to confidence that Swiss gold is as safe abroad as it is at home, or simply due to good old-fashioned "hanging chads", today's most awaited event has come and gone...
Former Italian Prime Minister Silvio Berlusconi has offered to create a new currency in the country to be used along with the euro, claiming that Italy needs to restore its monetary sovereignty to overcome the ongoing economic crisis.
The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.
Dutch finance ministry prepared for a scenario in which the Netherlands could return to its former currency – the guilder. They hosted meetings with a team of legal, economic and foreign affairs experts to discuss the possibility of returning to the Dutch guilder in early 2012, confirmed that Germany also discussed such scenarios.
Citigroup Inc. Chief Economist Willem Buiter report advising the initiative requiring the Swiss National Bank to hold a fixed portion of its assets in gold makes no sense, “There is no economic or financial case for a central bank to hold any single commodity, even if this commodity had intrinsic value.”
U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started just eight weeks ago in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government.
Russia’s national currency, the ruble hit historic low following decision by Organization of the Petroleum Exporting Countries (OPEC) to maintain its current oil output level of 30 million barrels per day. Approximately half of Russia’s federal budget revenues are generated by oil and natural gas exports.
Global crude oil prices dropped to a four-year low following decision by Organization of the Petroleum Exporting Countries (OPEC) to maintain crude output in an oversupplied market. OPEC was under pressure from some of its members, notably Venezuela and Ecuador, to cut output to reduce supplies and push prices back up, rejected by Persian Gulf members, including Saudi Arabia.
A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. Yet it is also a bonus for consumers as prices fall at the pump, giving individuals more spending money and lowering costs for many businesses.
Household debt—including mortgages, credit cards, auto loans and student loans—rose $78 billion between July and September to $11.7 trillion. Late payments on one fast-growing category of debt—student loans—are worsening.
U.S. stocks rose sharply in early trading after a surprise interest rate cut in China and a hint of further stimulus for Europe from the head of that region's central bank.
One particularly troubling incident was the Fed allowing Goldman to pretend it had gotten Fed approval for a derivatives deal designed to snooker Spanish banking regulators. Another was Goldman's lack of a conflicts of interest policy.)
Senate panel accuses Goldman Sachs of manipulating aluminum storage rules in order to line its own pockets. Aluminum slabs moved from one warehouse facility to another, says the 396-page report by the Senate Permanent Subcommittee on Investigations, resulting in record U.S. fees for storing and shipping aluminum Result; higher costs for aluminum-product manufacturers and consumers.
“for a loan of $300, a typical borrower pays on average $775, with $475 going to pay interest and fees “annualized interest rates often ranging from 213 percent to 913 percent.” Interest on a payday loan could vary between 4.4% and 19% – per week.
Wall Street agenda has a plan to move more of the $3 trillion dollars in unguarded government pension funds into privately managed, high-fee investments. likely to result in more pension money going into investments which offer great benefits for Wall Street but do little for the broader economy.
The University of California would raise tuition by more than 25 percent over five years under a plan passed on Wednesday by a committee of the system’s governing board, a move strongly opposed by Democratic Governor Jerry Brown.
The increasing demand for crude in Asian countries such as China was enough reason for the region to prepare to pay for trade in the Chinese currency renminbi (RMB), an HSBC official said.
Luxembourg’s Prime Minister Xavier Bettel has criticized the European Union’s single tax plans, arguing that it should be left to member states to decide. "To say that everyone within the European Union must move toward a single tax policy with the same tax rate, that I'm against,
Putin: Russia’s economy has reserves to withstand a collapse in oil revenues; “We are considering all the scenarios including the so-called catastrophic fall of prices for energy resources, which is entirely possible and we admit it,” regarded sanctions as pointless, illegal, likely to harm not just Russian but world trade.
Would take three years of complete government shutdown, with entire general fund going toward pensions, to break even. Illinois’ unfunded pension liability grew to $111 billion this year, $48 billion increase since 2009. State has 39 cents of every dollar it should have in the bank to pay for future benefits. In the private sector, these funds would be deemed bankrupt.
The Canton, Ohio, Walmart store is holding a food drive for employees, according to a pair of photos circulated by OUR Walmart, an advocacy organization with ties to the United Food and Commercial Workers Union. Signs attached to bins located in employee backrooms ask workers to “donate food items here so associates in need can enjoy Thanksgiving dinner.”
Ukraine's President Poroshenko signed a decree Friday that will explicitly withdraw state support for the regions within a month. Central bank will no longer service bank accounts, could involve cutting energy supplies. Bank runs have already begun across the region with long lines forming at ATMs.
Russian President Vladimir Putin: Western sanctions imposed on his country over crisis in Ukraine could backfire. “If the resources of our financial institutions are cut off, they can extend fewer loans to Russian companies that work with German partners,”“Sooner or later, it will begin to affect you as much as us.”
U.S. government ran a budget deficit of $122 billion in Octobe; Treasury Department. The shortfall is $31 billion, 34%, more than a year ago. The government spent $334 billion in October, an increase of 16% from last October. Receipts totaled $213 billion in October, an increase of 7%.
Russia, according to latest data from The World Gold Council (WGC) buying gold in huge size. Dwarfing the rest of the world's buying in Q3, Russia added 55 tonnes to its reserves. Putin is taking advantage of lower gold prices to pack the vaults of Russia's central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.
Sanctions imposed on Russia over its alleged involvement in the Ukrainian crisis boomerang on the United States. Does certain damage to us, butis also harmful to the United States,”; Vladimir Putin, who is in Brisbane, Australia, to attend the G20 summit, which gathers the world’s 20 major economies.
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