IMF Allows Addition Of China’s Yuan Currency To SDR Basket Amid Paris Terror Attacks
ZERO HEDGE While the world was following the tragic events unfolding on Friday night in France where hundreds of innocent civilians were killed or injured, an important economic development took place at the IMF, whose staff and head Christine Lagarde, officially greenlighted the acceptance of China's currency - the Renminbi,…
Tsipras Rejects EU Ultimatum, Demands Bridge Deal: “Greeks Can’t Take More Disappointment”
Zerohedge Speaking defiant tone on Sunday evening, Greece's new Prime Minister Alexis Tsipras showed no signs of backing away from the commitments and pledges he and his party made to the Greek people (and that so many staunch status-quo huggers believe he will back down from). Raging that Greece "won't…
Currency war: Swiss fight back, remove cap on Euro, forcing Wall Street losses, forex firms fail
| WTF News | 2015 will be marked by moments of self preservation, especially in financial markets. Thursday, the Swiss National Bank shocked the global financial world by announcing it removed the September 2011 cap placed on the currency's value against the Euro, in a move to protect the Franc…
Russia Shocks With Emergency Rate Hike, Boosts Interest Rate From 10.5% To 17%
Zero Hedge Following the biggest rout to the Ruble in ages, Russia - unlike Mario Draghi - instead of talking the talk decided to walk the bazooka walk and shocked all those long the USDRUB by unleashing an emergency rate hike (at 1 am in the morning) from the recently…
Oil-Producing Countries’ Currencies Are Getting Crushed
Zero Hedge While most people's attention has been focused on the demise of the Russian Ruble this year, since the June highs in Crude Oil, the oil-producing nations of the world have seen their currencies devalue rapidly. From Brazil to Nigeria and Algeria, the impact of lower oil revenues is…
ISIS Unveils Its New Gold-Backed Currency To Remove Itself From “The Oppressors’ Money System”
Zero Hedge It appears the rumors are true. Islamic State is set to become the only 'state' to back its currency with gold (silver and copper) as it unveils the new coins that will be used in an attempt to solidify its makeshift caliphate. ISIS says the new currency will…
Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada
Zero Hedge The march of global de-dollarization ;In the last few days, China has signed direct currency agreements with Canada becoming North America’s first offshore RMB hub, which CBC reports analysts suggest “could double maybe even triple the level of Canadian trade between Canada and China,” impacting the need for Dollars. But that…
“The Renminbi Hub”: Chinese Banks Acquire Stakes in US and Canadian Banks. Is There a Hidden Agenda?
Global Research By Bill Holter Very big news on the banking front, the Federal Reserve is now apparently allowing Chinese banks to take stakes in ; North of our border, Canada is contemplating becoming one of the many, recent, “renminbi hubs”. Why would this be happening? Why would it be happening now? First,…
Japan’s Monetary Pearl Harbor
Washington's Blog by Charles Hugh Smith Trying to “fix” a sclerotic, inefficient state-cartel economy by boosting inflation–the ultimate goal of Japan’s Monetary Pearl Harbor– is a self-liquidating path to destruction. The Bank of Japan’s surprise expansion of financial stimulus strikes me as the monetary equivalent of Pearl Harbor –not in the…
It’s Currency War! – And Japan Has Fired The First Shot
The Economic Collapse by Michael Snyder This is the big problem with fiat currency - eventually the temptation to print more of it when you are in a jam becomes too powerful to ; In a surprise move on Friday, the Bank of Japan dramatically increased the size of the…
How The Petrodollar Quietly Died, And Nobody Noticed
Zero Hedge Two years ago, in hushed tones at first, then ever louder, the financial world began discussing that which shall never be discussed in polite company - the end of the system that according to many has framed and facilitated the US Dollar's reserve currency status: the Petrodollar, or…
U.K. Sells Bonds in China’s Currency, Adding Pressure on Dollar
The New American by Alex Newman Amid fast-growing pressure on the dollar’s status as the global reserve currency, authorities in the United Kingdom this week successfully issued sovereign bonds denominated in Communist China’s strictly controlled currency known as the yuan or renminbi. It was the first such bond issue in…
Disorderly Reset Coming-Dollar Goes To Zero
Alt-Market By Greg Hunter Wealth preservation expert Egon von Greyerz is not bullish on the ; Greyerz explains, “More and more countries are trying to go away from the dollar, and I think the days of the dollar are ; I think the dollar is going to start falling rapidly…
The Dollar Decline Continues: China Starts Direct Convertibility With Asia’s #1 Financial Hub
Sovereign Man by Simon Black Earlier this week some of the biggest financial news of the year made huge waves all over Asia. Yet in the Western press, this hugely important information has barely even been mentioned. While this is ignored in the US so far, it’s front page news…
From This Day Forward, We Will Watch How The Stock Market Performs Without The Fed’s Monetary Heroin
The Economic Collapse by Michael Snyder Mark this day on your ; The Dow is at 16974, the S&P 500 is at 1982 and the NASDAQ is at ; From this day forward, we will be looking to see how the stock market performs without the monetary heroin that the…
Crisis Governance Covers Collapsing Currency
Alt-Market by Bob Livingston The world is bound up in a paper money/credit explosion that can only end badly. What it really means is impoverishment for millions of people, most of whom are totally oblivious to the roaring undercurrent. There is little wisdom in announcing an economic crash after the…
The Dollar Decline Continues: China Starts Direct Convertibility With Asia’s #1 Financial Hub
Sovereign Man blog By Simon Black, Earlier this week some of the biggest financial news of the year made huge waves all over Asia. Yet in the Western press, this hugely important information has barely even been mentioned. While this is ignored in the US so far, it’s front page…
Guess How Much Americans Plan To Spend On Christmas And Halloween This Year…
The Economic Collapse by Michael Snyder It is that magical time of the year for ; The period between mid-October and late December can often make the difference between success or failure in the retail industry, and this year will be no ; As you will see below, it is…
Can’t Find Any Inflation? Here’s A Place To Start
Zero Hedge Lately, there has been much anguished consternation, especially among the tenured US economics professors (primarily those who make 6-digits or more per year) and of course, the Federal Reserve where as we revealed last week, at least 113 government workers make $250,000 (excluding bonuses) and thus all are…
Gold or Gunfire: Hedging Against the Collapse of the Dollar
New Eastern Outlook by Christof Lehmann A global economic collapse has become unavoidable, said former chief economist of the Bank of International Settlements (BIS) William White in response to the BIS’ quarterly report in September 2013. Experts forecast that a global economic collapse may occur, overnight, some time at the…
Sweden close to being cashless society: report
The Local Four out of five purchases in Sweden are paid electronically or by debit card and with the development of cheaper technology the trend is moving towards a fully cash free society, according to a new report. "Sweden and the rest of Scandinavia leads the world in terms of…
New York Times Admits Wages Haven’t Grown in 15 Years, Worst Since Great Depression
Liberty Blitzkrieg By Michael Krieger, The following article from the New York Times is actually pretty awful. However, the admission that wages have failed to grow in 15 years is important. Particularly in light of the fact that we are five years into the second so-called “recovery” since the turn of the…
Ebay’s PayPal Starts Accepting Bitcoin As ‘Apple Pay’ Unveiled
Zero Hedge On the day when Apple unveils "Apple Pay," enabling hackers to now get access not only to actor selfies but to their credit card numbers too; following smaller online retailers' lead - such as Overstock - the world's biggest marketplace, Ebay, has announced its PayPal unit will begin…
A Historic First: Bank Of Japan Monetizes Debt At Negative Rates
Zero Hedge First, Europe infamously shifted to a NIRP and now Japan has begun NIRP monetization. As WSJ reports, Tuesday marked another milestone in the topsy-turvy world of monetary easing in Japan: The Bank of Japan bought short-term Japanese government debt at a negative yield for the first time. In…
De-Dollarization Continues: China-Argentina Agree Currency Swap, Will Trade In Yuan
Zero Hedge It appears there is another nation on planet Earth that is becoming isolated. One by one, Russia and China appear to be finding allies willing to 'de-dollarize'; and the latest to join this trend is serial-defaulter Argentina. As Reuters reports, China and Argentina's central banks have agreed a…
Russian Oligarchs Wave Goodbye To Visa, Switch To Chinese Credit Card
Zero Hedge So much for the "Russia is becoming increasingly isolated" meme that the West would like many to believe. As Russia continues to sign de-dollarization deals and trade agreements with its BRICS allies while pushing ahead with retaliatory actions against the US and Europe, it appears the 'sanctioned' friends…
Three Charts Of The Week: Money Printing Is Not Bringing Prosperity To Main Street
Zero Hedge Furious money printing by the world’s major central banks is not generating real growth and prosperity—–but professional economists never seem to get the word. As shown below, the 2014 outlook for global real growth has been marked down sharply since early ;Back then, of course, Abenomics and massive…
De-Dollarization Spreads: Swiss & Chinese Central Banks Enter Swap Agreement
Martin Armstrong, Armstrong Economics The Swiss National Bank and the People’s Bank of China reached a currency swap agreement this week. While this is not a huge trend changer in the near-term, it demonstrates that our forecast for China to become the largest economy and to be the next financial…
Russia approves creation of BRICS foreign exchange fund
RIR The Russian Government signed a draft agreement on the creation of a $100 billion pool of currency reserves that the BRICS countries are forming to guard against financial shocks. According to the document, the countries’ dollar reserves will remain on the balance sheets of their central banks. However, these…
The BRICs Are Morphing Into An Anti-Dollar Alliance
Zero Hedge While numerous massively indebted administrations around the world hope to divert the attention of what's left of their struggling middle class away from its daily impoverished existence and distract it with flashing lights and glitzy animations showing another all time market high on a daily basis, a significantly…
Venture Capitalist Buys Entire Stash Of ‘Silk Road’ Bitcoins At US Marshall Auction
Zero Hedge A single entity successfully scooped up the entire ~30,000 haul of Bitcoins that the US government seized from Silk Road. The successful bidder at the government's auction was Tim Draper (in partnership with Vaurum) who is infamous as the ideator of viral marketing, a marketing method for spreading…
China Admits First Official Local-Government Loan Default
Zero Hedge There has been a growing number of defaults since China first broke its non-payment cherry earlier this year. Names like Chaori Solar have "promised" to pay back the money they owe, only to falter on that promise mere months after a temporary reprieve. Wide-scale panic has for now…
China to Set Yuan Clearing Banks in Luxembourg, Paris
Stratrisks In its continued push to make the yuan a global currency, China’s central bank said Sunday it plans to designate clearing banks for its currency in Paris and Luxembourg, as the two financial centers battle with London to become the leading European offshore yuan-trading city. The People’s Bank of…
What “Low-Flation”? Core CPI Jumps Most In 3 Years As Food Costs Push Higher
Zero Hedge The Fed is losing its reasons for printing, leaving it desperate to revive the meme that the US economy is in self-sustaining recovery mode. At Core CPI has caught up with the hot-flation of PPI removing the crutch of low-flation easement the Fed has been relying on. While…
Is The Fed Trying To Create A “Bond Run” Panic? Yes… In Its Own Words
Zero Hedge One of the most significant, if underreported stories of the week, was the announcement from Monday that in order to "prevent" bank runs, the Fed is preparing to impose "exit fee" gates on bond funds, in what, the official narrative goes, is an attempt to prevent a panicked…
Inflation? Only If You Look At Food, Water, Gas, Electricity And Everything Else
By Michael Snyder, Have you noticed that prices are going up rapidly? If so, you are certainly not ; But Federal Reserve chair Janet Yellen, the Obama administration and the mainstream media would have us believe that inflation is completely under control and exactly where it should ; Perhaps if…
California gets hip to bitcoin: Senate banking committee approves bill to legalize crypto-currencies
Pando Daily The state of California appears poised to become a lot more welcoming to bitcoin. A bill to officially legalize cryptocurrencies and other alternative forms of money, recently passed the California Assembly by a unanimous 75 to 0 vote and yesterday was approved by the state Senate Banking…
NIRP Has Arrived: Europe Officially Enters The “Monetary Twilight Zone”
Zero Hedge Goodbye ZIRP, hello NIRP. Today's decision by the ECB to officially lower the deposit facility rate to negative (as in you pay the bank to hold your deposits) is shocking, but not surprising: we previewed just this outcome precisely two years ago in "Europe's "Monetary Twilight Zone" Neutron…
Oklahoma Affirms Gold and Silver as Legal Tender
The New American by Bob Adelmann On June 4, Oklahoma joined Utah, Texas, and Louisiana in affirming that gold and silver coins are (as they always have been under the Constitution) legal tender in the payment of debts in the state. On the surface this seems almost nonsensical: affirming a…
European Central Bank cuts deposit rate below zero in historic move
The European Central Bank lowered its deposit rate to as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery. The European Central Bank (ECB) cut its main refinancing rate to percent from…
What Will Happen When the Dollar Collapses?
SHTFplan by Dave Hodges Will It Be a False Flag Attack Or a Currency Collapse? Hitler initiated a false flag event and burned down the Reichstag to gain control over the German government. Could the same happen here in the United States? My initial response to that question is, does…
The Velocity Of Money In The U.S. Falls To An All-Time Record Low
The Economic Collapse Blog by Michael Snyder When an economy is healthy, there is lots of buying and selling and money tends to move around quite ; Unfortunately, the economy is the exact opposite of that right ; In fact, as I will document below, the velocity of M2 has…
Russia’s VTB and Bank of China agree on domestic currency settlements
RT VTB, Russia’s second biggest lender, has signed a deal with Bank of China, which includes an agreement to pay each other in domestic currencies. “Under the agreement, the banks plan to develop their partnership in a number of areas, including cooperation on ruble and renminbi settlements, investment banking, inter-bank…
The Great Deceiver — The Federal Reserve. The US Dollar’s Fragile Reserve Currency Status
The Daily Sheeple by Paul Craig Roberts and Dave Kranzler Is the Fed “tapering”? Did the Fed really cut its bond purchases during the three month period November 2013 through January 2014? Apparently not if foreign holders of Treasuries are unloading them. From November 2013 through January 2014 Belgium with…
Russia Holds “De-Dollarization Meeting”: China, Iran Willing To Drop USD From Bilateral Trade
Zero Hedge That Russia has been pushing for trade arrangements that minimize the participation (and influence) of the US dollar ever since the onset of the Ukraine crisis (and before) is no secret: this has been covered extensively on these pages before (see Gazprom Prepares "Symbolic" Bond Issue In Chinese…
De-Dollarization: Russia Is On The Verge Of Dealing A Massive Blow To The Petrodollar
The Economic Collapse by Michael Snyder Is the petrodollar monopoly about to be shattered? When politicians started slapping economic sanctions on Russia, they probably never even imagined that there might be serious consequences for the United ; But now the Russian media is reporting that the Russian Ministry of Finance…
IMF Loan to Ukraine in SDR, not US Dollars
Bitcoin Assay This is the first that we know of a loan by the IMF, headquartered in Washington, DC, as specifying a loan in SDR (Special Drawing Rights) rather than in the customary US ; As with most policy changes from Washington, they ease changes into existence, this seems to…
Department Of Defense To Study Bitcoin As A “Terrorist Threat”
By Mike Krieger Liberty Blitzkrieg blog Two very interesting Bitcoin related articles have emerged over the past week and demonstrate the total irrationality that surrounds the status quo’s understanding of this revolutionary and liberating technology. Let’s start with the Department of Defense story, the headlines of which most of you…
False East/West Paradigm Hides The Rise Of Global Currency
By Brandon Smith Alt-Market blog Despite popular belief, very few things in our world are exactly what they seem. That which is painted as righteous is often evil. That which is painted as kind is often malicious. That which is painted as simple is often complex. That which is painted…
IMF Bailout for Ukraine and a New World Currency
The New American by Alex Newman While much of the world was distracted by the supposed clash over Ukraine between Russian strongman Vladimir Putin and Western politicians, the International Monetary Fund announced a bailout of the new Ukrainian regime denominated in the IMF’s increasingly influential proto-global currency known as Special…