Search Results for: bank of england

Switzerland to vote on banning banks from creating money

Switzerland money currency Swiss

Switzerland will hold a referendum to decide whether to ban commercial banks from creating money. The Swiss federal government confirmed on Thursday that it would hold the plebiscite, after more than 110,000 people signed a petition calling for the central bank to be given sole power to create money in the …

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Iceland citizens to get paid from sale of bank

Iceland flag bankers bank

First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki. If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr …

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Audit the Fed threatens the secrecy of the Federal Reserve Bank

Senator Ron Paul, author of the legislation called Federal Reserve Transparency Act of 2012 (HR459) that will subject Ben Bernanke and the privately-owned Federal Reserve Bank to a monetary audit policy has seen much support from his peers on Capitol Hill. The House of Representatives passed 327 – 98 on a vote last week …

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New ad from Australian bank will shock you

ANZ

If you’re looking around right now for a new bank account that pays a reasonable rate of return, ANZ bank has a hell of a deal for you: 0%! That’s right. ANZ is offering its depositors absolutely zero interest. Now, a bank paying 0% isn’t exactly abnormal in today’s banking environment. But …

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HSBC closes UK bank accounts held by Syrians

HSBC

HSBC has been accused of “shamelessly profiling” its customers by ethnicity after it closed bank accounts belonging to Syrian refugees and students in the UK just days after it was accused of discriminating against Muslim clients. Documents and email correspondence obtained by The Independent show that HSBC, which styles itself as the …

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Obama stops NSA spying on IMF and World Bank

International Monetary Fund Headquarters

International Monetary Fund Headquarters in Washington, DC. US President Barack Obama has called on the National Security Agency to halt spying on the headquarters of the International Monetary Fund and World Bank in conjunction with a review of surveillance activities, Reuters reported. A US official told the news agency that …

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ECB to buy gold and stocks next as Japanese QE fails

ECB European Central Bank Yves Mersch

While it remains to be seen if a majority of the Swiss population want their central bank to purchase a whopping 1,500 tons of gold in the coming years, perhaps the most notable event for gold overnight (aside from news that while India exports fell 5% in October, gold and silver …

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Greenspan: QE failed, the unwind will be painful, ‘buy gold’

Alan Greenspan CFR

It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed’s bond-buying program fell short of its goals, and had a lot more …

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European Central Bank “models” €1 trillion in money printing

European Central Bank ECB

Update: in direct flashback from the summer of 2011 when the ECB leaked news only to retract it within minutes, this just happened: CONSTANCIO: DOESN’T KNOW ABOUT 1 TLN-EURO QE MODEL REPORT For those who have forgotten, here is the ECB playbook: leak “false” rumor, gauge market reaction, then promptly deny …

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Ukraine’s gold reserves sent to NY Federal Reserve

Gold Ukraine

A curious story, and one which should be taken with a mine of salt, has surfaced out of the pro-Russian newspaper Iskra, which reports – so far on an entirely unsubstantiated basis – that last Friday, in a mysterious operation under the cover of night, Ukraine’s gold reserves were promptly loaded …

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€4.9 billion fine for rogue trader

Jerome Kerviel

Former trader Jerome Kerviel has been ordered to spend three years in prison and pay back 4.9 billion euros (£3.9 billion) in damages for one of the biggest trading frauds in history. After a four-week trial in June, the Paris appeals court ruled this afternoon that Mr Kerviel was a …

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“Ten Days Later” – Bankia: The Supreme Irony

The May 19 issue of The Economist had the following truly prophetic ad among its pages for the now failed, and bailed out, Bankia: “Some are happy the way they are, others, like us, prefer to discover what we can become.” Ten days later the discovery process is complete: Bankia is now the …

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Bank Stocks Loved Janet Yellen’s Congressional Testimony

Bank of America

Fed chair, Janet Yellen testified before Congress on Valentine’s Day, Tuesday, 14 February 2017. The Congressional hearing provided cannon fodder to traders looking to go long on bank stocks. Yellen expressed optimism about the state of the US economy, given falling unemployment numbers, rising inflation, and robust economic growth. She …

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WikiLeaks bypasses financial blockade with Bitcoin

People shouldn’t fear their government; government should fear its people. Publishers and journalists will not be intimidated nor silenced. Now entering day 626 of the financial blockade against WikiLeaks, Julian Assange sits in the Ecuadorian Embassy in London awaiting safe passage. Following a massive release of secret U.S. diplomatic cables in November …

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How hackers stole $1billion from the banks

Carbanak bank hack

Hackers in Eastern Europe are bleeding banks dry, stealing as much as $1 billion from more than 100 financial institutions in a string of attacks that borrow heavily from targeted attacks against sensitive government and industrial targets. Researchers from Kaspersky Lab on Monday will present details on the Carbanak criminal gang, which …

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Australian Bitcoin bank hacked, $1.3million stolen

bitcoin

An Australian bitcoin bank holding over US$1 million of the crypto-currency has been hacked, leaving an unknown number of users with nothing – one of the largest thefts in the currency’s four-year history. The incident took place on October 26, when the bank was hacked, with 4,100 bitcoins valued at …

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British bank chief admits to £2.4m fraud

Jessica Harper Lloyds TSB banking fraud

Jessica Harper, a former boss for UK bank Lloyds TSB, has admitted a £2.4million fraud over a four year period, while being in charge of fraud and security for digital banking. Harper’s job was to prevent fraud at Lloyds Banking Group. But she has now attended Southwark crown court, in …

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