Search Results for: debt

This guy took a gigantic loan to destroy the financial system

Enric Durán

In 2008, anticapitalist campaigner Enric Durán borrowed €492,000 ($642,306) from 39 different financial entities with absolutely no hope or intention of paying it back. But—as you might expect from an anti-capitalist campaigner—he didn’t spend it all on diamond kitchen knives and luxury frisbees. Instead, he ploughed it into a number …

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Terrorism: Never what you think

Netanyahu Obama

The recent demonstrations across the Islamic world aren’t so simple to understand. As an American, Terry Jones, the former CIA asset and his billionaire backers at Google, the CATO Institute and other groups that, when real investigation is done, at the root of this crisis, are not American at all. …

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The “world’s largest prop trading desk” just went bust

JP Morgan Chase

A month ago we warned that JPM’s CIO office is nothing short of the world’s largest prop trading desk. Not only were we right, but what just transpired is just shy of our worst possible prediction. At the end of the day, the real question is why did JPM put in so much …

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Anonymous ‘Million Mask March’ goes global

Anonymous mask police

The Million Mask March is heading to the Capitol in Washington, D.C. Thousands of people worldwide joined Million Mask March rallies organized by the amorphous Anonymous movement. Rallies, both peaceful and confrontational, protested austerity, surveillance, corporate greed and corrupt governments. In a mass demonstration of people power, crowds in 450 …

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JP Morgan criminal CEO Jamie Dimon: “It’s a free f**king country”

Jamie Dimon testimony

“I’m an outspoken defender of the truth,” JPMorgan CEO Jamie Dimon feverishly maintains in an interview published today. In the interview, he continuously contends that the press and the country have it all wrong about JP Morgan. He seemingly separates JP Morgan out from the current-leading  American banking foe of Europe, Goldman …

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Bitcoin and Gold’s First Kiss

The performance of Bitcoin in the last few years has made the once easily-dismissed digital currency a serious contender in the financial markets, even for those who don’t understand the basis for its value. While the concept may still be difficult to grasp (the cryptocurrency is notoriously difficult to explain …

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How the Economy Affects Mortgage Rates

Family home

The interest rates on mortgage loans have a direct effect on how much money will have to be repaid on a home. While home buyers are always aiming for the lowest interest rates possible, lenders have to cover for the risk by adjusting their interest rates accordingly. Only buyers with …

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Donald Trump: NATO is obsolete, UN doesn’t fix anything

Donald Trump NATO obsolete United Nations

Donald Trump on Saturday went further than ever before in his criticism of the North Atlantic Treaty Organization, telling a crowd here that we would be fine if NATO broke up. Mr. Trump had previously questioned the need for the organization, and on Saturday he reiterated his criticism that other …

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Saudi Arabia posts $135 billion deficit

Saudi King Salman bin Abdulaziz

Saudi Arabia on Monday said this year’s budget deficit amounted to $135 billion (367 billion riyals) as lower oil prices cut into the government’s main source of revenue, prompting the kingdom to scale back spending for the coming year and hike up petrol prices. A royal decree announced that petrol prices …

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CNN is telling people the stock market is fine

CNN stock market bull

From Filip Karinja, for Birch Gold Group Stock markets around the world are teetering upon a major correction, as we saw chaos unfold last week in the equities markets. If you saw chaos and panic on the road while driving your car, you would likely slow down, investigate the situation and perhaps change …

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Global derivatives: $1.5 quadrillion time bomb

Finance chart derivatives

When investing becomes gambling, bad endings follow. The next credit crunch could make 2008-09 look mild by comparison. Bank of International Settlements (BIS) data show around $700 trillion in global derivatives.  Along with credit default swaps and other exotic instruments, the total notional derivatives value is about $1.5 quadrillion – …

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NSA caught spying on 3 French presidents

François Hollande France

President François Hollande has called an emergency national defence council meeting after allegations by the online whistleblower WikiLeaks that America’s National Security Agency (NSA) spied on three successive French presidents. The meeting will be held at 9am on Wednesday “to evaluate the nature of the information published by the press… and to draw useful conclusions,” a …

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Ted Cruz and his Goldman Sachs wife

Ted Cruz Heidi Cruz

Ted Cruz, kicking off his 2016 campaign for the U.S. presidency, extolled his wife’s entrepreneurial spirit by telling of her grade-school bakery business. He didn’t mention the 10-year career at Goldman Sachs Group she just put on hold. Cruz, a Republican senator from Texas, became the first major-party candidate to …

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Russia is stockpiling gold bullion

Russia Putin gold

Lately Russia has been buying gold by the ton — 37 tons in September alone. Why? One obvious answer is that gold is now cheaper than it has been for quite a while and Russian President Vladimir Putin knows a bargain when he sees one. But Western countries have been …

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China’s central bank to inject $81b stimulus into top 5 banks

Chinese central bank

China‘s central bank is injecting 500 billion yuan ($81 billion) into the country’s five major state-owned banks as it moves to counter slower-than-expected growth in the world’s No. 2 economy, according to a senior Chinese banking executive. The move contributed to a rise in Asian markets early Wednesday, but falls …

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Bankers Bag Nobel Peace Prize

European Union flags fly in front of the European Commission headquarters in Brussels

For the millions of Europeans now protesting against brutal austerity measures, awarding the Nobel Peace Prize to the European Union must seem no less unthinkable had the Committee of Five handed their tarnished trophy to Anders Breivik, the nationalist who indiscriminately killed 77 people last year in a madman’s attempt …

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Bank of America to fire 16,000 by year end

Curious why nearly 4 years ago to the day Ben Bernanke and Hank Paulson told Ken Lewis to purchase Merrill Lynch “or else” (but to make sure everyone gets paid their bonuses bright and early with no cuts)? It certainly had to do with the stock price and preserving the …

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