Search Results for: bank of england

Queen’s speech to Parliament: highlights in 90 seconds

Prince Charles Queen Elizabeth II

Editor’s note: Why does she keep referring to them as ‘my government’? I thought it was the people’s government… Reforms to pensions and planning laws and a new 5p charge for plastic bags are among new legislation included in this year’s Queen’s Speech. As Head of State, it is the …

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8 signs that a global economic crisis is coming soon

When the banking crisis crippled global markets seven years ago, central bankers stepped in as lenders of last resort. Profligate private-sector loans were moved on to the public-sector balance sheet and vast money-printing gave the global economy room to heal. Time is now rapidly running out. From China to Brazil, …

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9th top level banker found dead within weeks

Dead men tell no tales

The dismal trail of dead bankers continues. As The Journal Star reports, a successful Lincoln businessman and member of a prominent local family died last week. Former National Bank of Commerce CEO James Stuart Jr. was found dead in Scottsdale, Ariz., the morning of Feb. 19. A family spokesman did not say what …

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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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List with 132 names who pulled Cyprus deposits ahead of “Confiscation Day”

Cyprus

With every passing day, it becomes clearer and clearer the Cyprus deposit confiscation “news” was the most unsurprising outcome for the nation’s financial system and was known by virtually everyone on the ground days and weeks in advance: first it was disclosed that Russians had been pulling their  money, then it was suggested the …

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Billionaires move gold into underground bunkers in Swiss Alps

swiss-alps-gold-billionaires

Seeking to avoid increased tax authorities’ scrutiny and apparently doubting the security of banks, it seems that some billionaires opt to store their assets in gold bullion in underground bunkers hidden deep in the Swiss Alps. The Foreign Account Tax Compliance Act (FATCA), a US federal law, has come into effect, …

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The Big Short: new movie takes swipe at criminal bankers

The Big Short film movie

On Monday, actor Brad Pitt attended the screening for a new film in which he co-stars with Christian Bale, Steve Carell, and Ryan Gosling, The Big Short. The film takes on the banking elite and exposes the corruption and sheer unaccountable nature of the ruling class. Four outsiders in the world of high-finance who …

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China to allow direct conversion between Yuan and Swiss Franc

Chinese clerk with yuan notes

China took another step to boost the yuan’s global usage, saying it will start direct trading with the Swiss franc, as the nation pushes its case for reserve-currency status at the International Monetary Fund. The link will start on Tuesday, the China Foreign Exchange Trade System said in a statement, making …

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Putin drafts bill to dump the dollar and euro

Putin Russia

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. “This would help …

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Russia reduces US debt holdings by 40% over past year

USD US 100 dollar note

Russia held $66.5 billion in US treasury securities in April 2015, down from $116.4 billion in April the previous year. The amount of US government bonds held by Russia reduced by more than 40 percent in one year, according to figures released by the US Treasury on Monday. In April 2015, Russia held $66.5 billion in US government debt, down from …

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JP Morgan bankruptcy lawyer killed in hit & run

Joseph Giampapa

The banker suicide saga has just reached a new level as a top level JP Morgan attorney has been exterminated in a hit & run incident involving a minivan. JPM attorney Joseph Giampapa was killed over the weekend when he was struck by a minivan in a hit and run incident. Giampapa …

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Public U.S. gold audit petition hits White House website

Gold audit federal reserve

The Gold Anti-Trust Action Committee (GATA) and other advocates–who argue the quantity of gold held by the world’s central banks, international bullion banks, and future exchanges is overstated–are backing a petition demanding an assayed public audit of the U.S. gold reserve, published Wednesday on the White House petitions website. The …

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Worldwide debt default is the only solution

Sovereign nations, state governments, Californian cities, small businesses, homeowners, middle-class families, recent graduates and all types of other individuals and entities around the world are facing the same growing problem… DEBT. While the European Union is in the spotlight at the moment, the debt crisis is arguably worse in the United …

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RBS and UBS traders to face arrests over Libor scandal within a month

RBS

RBS and UBS traders accused of manipulating the Libor face arrests within a month, Bloomberg’s Lindsay Fortado reports. In case you’ve forgotten, the Libor is the London Interbank Offering Rate, a benchmark rate for financial products worth $360 trillion world wide. This summer, traders were found allegedly colluding with Libor submitters to manipulate …

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Australia’s household debt-to-income ratio is at an all-time high

Australia household debt income ratio

The Bank for International Settlements has warned that record household debt levels amassed in the past decade have left Australians among the most vulnerable to a sharp rise in global interest rates. According to the Reserve Bank of Australia, household debt-to-income ratio for Australia is at an all-time high of 189%. …

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Making America great again the Trump way

Making America great again the Trump way

President Trump won the 2016 US presidential elections with the promise of making America great again. Read superficially, the slogan does not mean much; but analyzed based on the proposed policy changes by the Trump administration, one starts to figure out what President Trump means by making America great again. …

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Eurozone needs €2.4 trillion in QE, experts warn

ECB EU QE Mario Draghi

The eurozone will need at least another three years of quantitative easing and €2.4 trillion of firepower to revive its flagging fortunes, Standard & Poor’s has warned. With unemployment stubbornly high and growth still bouncing along the bottom seven years after the financial crisis, the European Central Bank will need …

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Chinese stock market plunges more than 6%

Chinese stock market crash markets red yuan

Chinese stocks plunged on Tuesday as the yuan weakened against the dollar, reigniting fears that Beijing may be intent on a deeper devaluation of the currency despite the central bank’s comments that it sees no reason for a further slide. Concerns that companies may pull more money out of China …

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