Economy

The ‘War on Cash’ has begun

War on cash

From Filip Karinja, for Birch Gold Group Forget the ‘war on terror’ or even the ‘war on drugs’. There is a new war in town: The ‘war on cash’. JP Morgan Chase recently informed some of its customers that cash can no longer be stored in their safety deposit boxes. In …

Read More »

JP Morgan accumulating world’s largest physical silver hoard

Jamie Dimon JP Morgan

Why in the world has JP Morgan accumulated more than 55 million ounces of physical silver? Since early 2012, JP Morgan’s stockpile has grown from less than 5 million ounces of physical silver to more than 55 million ounces of physical silver. Clearly, someone over at JP Morgan is convinced that physical silver is a great …

Read More »

Iran and Russia officially ditch the dollar

Russian President Vladimir Putin with Iranian President Hassan Rouhani

Bank officials in Iran said on Sunday that a mechanism to transfer money to the country’s banks from Russia is now on stream. Gholam-Reza Panahi, the deputy governor for currency affairs of Bank Melli of Iran (BMI), said the mechanism enables Iranian exporters to transfer payments in rubles from their Russian …

Read More »

Deutsche Bank fined a record $2.5bn for Libor rate-rigging

Deutsche Bank

German banking giant Deutsche Bank will pay a record $2.5 billion for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, US and British authorities said Thursday. “Deutsche Bank secretly conspired with its competitors to rig the benchmark interest rates at the heart of the global financial …

Read More »

Greece to trigger collapse of fascist eurozone

Greece Eurozone Yanis Varoufakis

From Filip Karinja, for Birch Gold Group Greece is rapidly running out of money. In a last ditch effort to remain afloat, the nation recently passed a law requiring all cash reserves in public sector entities to be transferred to its central bank, the Bank of Greece. This is just the latest round …

Read More »

Australia joins list of nations selling bonds with negative yield

Flag Australia

Australia has this week joined the illustrious list of governments that have been able to borrow money at negative interest rates. The Australian Office of Financial Management, which manages the government’s debt programme, sold $200 million of inflation-linked bonds maturing in 2018 to 13 investors on Tuesday at a yield of …

Read More »

Central banking elite met today behind closed doors

Bank gate

From Filip Karinja, for Birch Gold Group Today the financial heavyweights in the world of finance met behind closed doors to discuss the future of the global economic system. Held in Washington, the meeting was titled, ‘Gold, renminbi and the multicurrency reserve system’. Co-hosted by the World Gold Council, the purpose of the …

Read More »

Japan overtakes China as largest US debt holder

Japan markets

Japan now officially holds more US debt than China, which has been America’s major creditor since 2008. In February Japan held $1.224 trillion in US government bonds compared to China’s $1.223 trillion. Both countries reduced their US debt investment, with China reducing its by $15.4 billion, and Japan by $14.2 …

Read More »

Austrian government no longer guarantees bank deposits

Austrian government

Bank deposits in Austria will no longer enjoy state protection and a state guarantee in the event of bank runs and a bank collapse when legislation is enacted in July. The plan to ensure that the state is no longer responsible for insuring deposits has been readied by the Austrian …

Read More »

Iceland to remove power from banks to steal money

Iceland banks Frosti Sigurjonsson

Iceland‘s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling …

Read More »