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).
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