Search Results for: Bank of International Settlements

Deutsche Bank is headed for collapse in Germany

Deutsche Bank

Is something about to happen in Germany that will shake the entire world? According to disturbing new intel that I have received, a major financial event in Germany could be imminent. Now when I say imminent, I do not mean to suggest that it will happen tomorrow. But I do …

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Former IMF head and bond king both recommend gold over stocks and bonds

Bill Gross Pimco bond king

From Filip Karinja, for Birch Gold Group Kenneth Rogoff, former chief economist for the International Monetary Fund (IMF), Kenneth Rogoff, recently penned a piece in which he recommended that emerging markets diversify their foreign exchange holdings away from the bonds of developed countries and into gold. One of Rogoff’s main reasons for the …

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US warns European governments against supporting Palestinians at UN

Mahmoud Abbas Palestine

Private memo threatens ‘significant negative consequences’ if Palestinian Authority succeeds in obtaining enhanced status. The United States has warned European governments against supporting a Palestinian bid for enhanced status at the United Nations, saying such a move “would be extremely counterproductive” and threatening “significant negative consequences” for the Palestinian Authority, including …

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Brazil, Uruguay move away from US dollar in trade

USD dollar

Brazil and Uruguay have switched to settling bilateral trade with local currency to stimulate turnover, bypassing the US dollar. Payments in the Brazilian real and Uruguayan peso started on Monday. The agreement was signed on November 2 by the head of Brazilian Central Bank Alexandro Tombini and his Uruguayan counterpart …

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Bank of England director warns: Bond bubble threatens financial system

Andrew Haldane

Bank of England Director: Andrew Haldane A key Bank of England policymaker has warned of the risks to global financial stability when “the biggest bond bubble in history” bursts. In a wide-ranging testimony to MPs, Andy Haldane, Bank of England director of financial stability, admitted the central bank’s new financial policy committee is taking …

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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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Israel an apartheid state? A majority of Jews say yes

boycott Israeli apartheid

A majority of Israeli Jews admit they are living in an apartheid state, a recent survey claimed. Many also believed that Palestinians should be denied the right to vote, and suggested that Jewish citizens should be given preferential treatment. Some 500 Jewish adults took part in the survey, answering questions …

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J.P. Morgan to pay $1.42 billion to settle some Lehman claims

Lehman Brothers

JPMorgan Chase & Co will pay $1.42 billion in cash to resolve most of a lawsuit accusing it of draining Lehman Brothers Holdings Inc of critical liquidity in the final days before that investment bank’s September 2008 collapse. The settlement was made public on Monday, and requires approval by U.S. Bankruptcy …

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Argentina to default on debt; second time in 12 years

Argentina default

Argentina failed to strike a deal to avert its second default in more than 12 years after talks with holdout creditors ended without a settlement on Wednesday. The country’s economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly referred to the holdout …

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Dollar collapse: 7 of 10 Asian countries turn to yuan

USD Dollar Yuan money

A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said. The Peterson Institute for International Economics, or …

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Bank runs in Greece, bank holidays coming next

Greece bank run ATM queue

The writing has been on the wall for quite sometime. Deposit flight from Greece‘s ailing banking sector has been running north of €500 million per day this week as the threat of capital controls casts a pall over the Greek government’s efforts to reassure the public and head off a …

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Portugal’s largest bank misses bond payment; bond prices collapse

Portugal flag

Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA – is in a “serious financial condition” according to a central bank driven external audit by KPMG identified “irregularities in its accounts.” Sure enough, the ‘ponzi-like’ maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds …

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Wells Fargo fined $185m for opening 2 million fake accounts

wells-fargo-fake-accounts

A top US bank, Wells Fargo, has agreed an $185 million payout settlement with California and federal regulators after it opened more than 2 million fake accounts not authorized by customers. It is the company’s second instance of fraud in recent months. “Wells Fargo employees secretly opened unauthorized accounts to …

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Deutsche Bank headquarters raided by police in tax fraud probe

Deutsche Bank tax fraud probe Franfurt

German prosecutors raided Deutsche Bank AG’s Frankfurt headquarters Tuesday morning in connection with a criminal tax-fraud probe, according to officials and other people familiar with the matter. The raid came two days after the bank said its co-chief executives would resign but the timing appeared to be unrelated to the management change, people familiar …

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China is almost ready to replace the US dollar

Chinese Yuan world reserve currency

From Filip Karinja As the US dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east? Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of …

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Bank run fears in Bulgaria

Dozens of depositors have withdrawn savings from Bulgaria’s third biggest bank despite assurances from the government and the European Union that their money was safe after a similar run shut down another major lender last week. Bulgarian authorities have arrested four people suspected of trying to destabilise the banking system in a concerted …

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Chinese yuan accepted as collateral at the LME

China yuan

From Filip Karinja, for Birch Gold Group The ongoing internationalization of the Chinese yuan got a major boost this week with the London Metal Exchange (LME) now accepting the currency as collateral against contracts. This follows regulatory approval from the Bank of England, which now allows the LME to accept five currencies as cash …

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