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Keyword: currency

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  • 'It's time to hold physical cash,' says one of Britain's most senior fund managers

    06/23/2015 6:46:51 PM PDT · by Lorianne · 8 replies
    Telegraph (UK) ^ | 20 June 2015 | Andrew Oxlade
    It may be time to put money under the mattress. High profile fund managers explain how to prepare for a 'systemic event' ___ Ian Spreadbury, who invests more than Ł4bn of investors’ money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a “systemic event” could rock markets, possibly similar in magnitude to the financial crisis of 2008, which began in Britain with a run on Northern Rock. “Systemic risk is in the system and as an investor you have to be aware of that,” he told Telegraph Money. • Get a...
  • Mankiller Money?

    06/24/2015 5:41:28 AM PDT · by Kaslin · 46 replies
    Townhall.com ^ | June 24, 2015 | John Stossel
    A woman will be on the new $10 bill, bumping Alexander Hamilton aside. Treasury Secretary Jack Lew says he will choose the woman by year's end, based on "input from the public." In one survey of the "public," the first female chief of the Cherokee Nation, Wilma Mankiller, placed fourth. I understand the wish to counter sexism prevalent in early America, but "Mankiller?" The name alone probably reveals something about the attitude of some of those voters. Fortunately, more voted for Harriet Tubman. Tubman escaped slavery to become a leader of the Underground Railroad, then repeatedly returned to slave territory...
  • The Ten Dollar Bill - So Much More than a Means of Exchange

    06/23/2015 6:48:27 PM PDT · by jfd1776 · 13 replies
    Illinois Review ^ | June 23, 2015 A.D. | John F. Di Leo
    What is a nation’s currency? Ask an economist, and he’ll tell you that a U.S. Dollar bill, or a European Euro note, or a British Pound note, for that matter, is not really objectively worth its denomination. It’s just a piece of cotton paper, with a drop of ink and a magnetic strip. It’s not worth much. But it represents confidence in the nation’s economy, and it serves the economy as a means of exchange – a few pennies worth of decorated cotton serving to enable the purchase of a $1 loaf of bread, or a $10 lunch, or a...
  • We petition the Obama Administration to: place Ayn Rand on the ten dollar bill.

    06/20/2015 9:00:17 AM PDT · by walford · 36 replies
    White House Petitions ^ | June 19, 2015 | Unknown
    we petition the obama administration to: place Ayn Rand on the ten dollar bill. Ayn Rand is the perfect candidate for the woman on the ten dollar bill.1. An immigrant who fled oppression2. Success story in literature, philosophy, and Hollywood- a true rags to riches story. She embodies the American dream3. Authored the most read book by an American author4. Has influenced more people than any other woman in American history male or female.If she isn't in the running to be on the ten then no other woman should be on that list.Published Date: Jun 19, 2015
  • Everything’s a problem: Some people unhappy that a woman will be featured on $10 bill instead of $20

    06/19/2015 5:00:18 PM PDT · by SeekAndFind · 39 replies
    Hotair ^ | 06/19/2015 | AllahPundit
    <p>In fairness to them, some of the reason for the upset is righteous. “Alexander Hamilton is not someone that people have a problem with,” said the director of the Women On 20s campaign. Why kick the great man off the currency instead of the far more dubious Andrew Jackson? I couldn’t agree more.</p>
  • Some people unhappy that a woman will be featured on the $10 bill instead of the $20 [tr]

    06/19/2015 1:12:03 PM PDT · by C19fan · 63 replies
    Hot Air ^ | June 19, 2015 | Allahpundit
    In fairness to them, some of the reason for the upset is righteous. “Alexander Hamilton is not someone that people have a problem with,” said the director of the Women On 20s campaign. Why kick the great man off the currency instead of the far more dubious Andrew Jackson? I couldn’t agree more. But that’s not the only reason. Some feel that women are being, er, shortchanged:
  • The Moronization of the Republic ... Mark Steyn

    06/19/2015 12:36:09 AM PDT · by Rummyfan · 33 replies
    Steyn Online ^ | 18 June 2015 | Mark Steyn
    Martha Washington on the 1891 one-dollar bill. I shared my thoughts on the church murders in Charleston and the Pope's encyclical on climate change on this afternoon's Hugh Hewitt show. We'll print the transcript here tomorrow morning. ~The decision to boot Alexander Hamilton off the ten-dollar bill - or at any rate reduce him to one-half of a double-act (like the short-lived Dan Rather and Connie Chung) - is one of those small acts of historical vandalism I absolutely loathe. The powers that be have decided it's time (once more - see right) for "a woman" on a US banknote....
  • Obama Administration to Take Alexander Hamilton – First Treasury Secretary – Off the $10 Bill

    06/17/2015 7:51:06 PM PDT · by Nachum · 95 replies
    The Gateway Pundit ^ | 6/17/15 | Jim Hoft
    The Obama administration is taking Alexander Hamilton, the first Treasury Secretary, off of the ten dollar bill.They will replace him with a woman. Scoop: Goodbye Alexander Hamilton. Hello 1st woman on the $10 bill. http://t.co/S1Or49drYo pic.twitter.com/088rppV4dP— Benny (@bennyjohnson) June 17, 2015 Dana Loesch added: There is nothing wrong now with Hamilton, a Founder, Constitution signer, and founder of the Federalist Party, on the $10 bill. The choice to remove him for a yet-to-be-named woman while a genocidal, Democrat bigot who defied a Supreme Court ruling to tickle his “relocation” fetish remains on the $20 is insulting.
  • Surprise: Woman to replace Alexander Hamilton on the $10 bill, not Andrew Jackson on the $20

    06/18/2015 8:37:36 AM PDT · by SeekAndFind · 83 replies
    Hotair ^ | 06/18/2015 | AllahPundit
    Ben Domenech wonders how early America’s most famous self-made man, who fought by Washington’s side in the revolution, who co-wrote the Federalist Papers, who constructed the country’s financial system, and who was decades ahead of his time in opposing the slave trade ended up on the currency chopping block.Our terrible ruling class can’t even resist farking up our money. Back in 2009, during the height of the Tea Party, there were crotchety old Americans who warned in dark tones about the dangers of this president. He was a socialist, they said, and feckless to boot. He hated the American...
  • The US is reportedly changing the face of the $10 bill

    06/17/2015 5:55:51 PM PDT · by 11th_VA · 122 replies
    Business Insider ^ | JUN. 17, 2015 | HARRISON JACOBS
    Secretary of the Treasury Jack Lew is set to announce on Thursday that the Bureau of Engraving and Printing will remove Alexander Hamilton from the ten dollar bill, in favor of a woman. The change could happen as soon as 2020. The announcement came via Nancy Lindborg, president of the US Institute of Peace, who tweeted out the news.... ...The choice to replace Hamilton on the $10 bill as opposed to President Jackson on the $20 bill is a curious one. There were clear reasons to replace Jackson on the bill. Jackson has long been reputed as a deeply flawed...
  • Keep Andrew Jackson on the $20

    06/15/2015 8:47:13 AM PDT · by Brad from Tennessee · 37 replies
    Politico ^ | June 14, 2015 | By DAVID GREENBERG
    He was a slave owner, hostile to the forces of abolitionism that were rising in America. He imposed a cruel policy of Indian removal, forcing the tribes of the Southeast across a brutal march to the Oklahoma territory. He was a hot-headed general, quick to violence and known to overstep his legal bounds, as when he summarily executed two Britons for aiding the Indian enemy during the First Seminole War. On some levels, it’s easy to understand the campaign to remove Andrew Jackson’s mug from the $20 bill. Pundits are rushing to endorse the idea. The leading candidate to replace...
  • Zimbabwe slashes 16 zeros from currency but dollar still a joke

    06/12/2015 9:00:55 AM PDT · by Citizen Zed · 45 replies
    euronews ^ | 6-12-2015
    From next Monday Zimbabweans with have their mental arithmetic simplified for them with the news some zeros are coming off the currency. Quite a lot of zeros. No less than 16, as the federal reserve attempts to end funny money by offering one new Zimbabwe dollar in exchange for 35 quadrillion old ones. However the real hyperinflation rate is in fact worse. The money being replaced was only issued in 2008, when the exchange rate was one for 10 billion. The real hyperinflation rate has 25 zeroes attached. This is now hyperinflation an elderly German would recognise, with all its...
  • The Dollar Joins the Currency Wars

    06/12/2015 8:13:51 AM PDT · by Jan_Sobieski
    Project Syndicate ^ | MAY 1, 2015 | Nouriel Roubini
    NEW YORK – In a world of weak domestic demand in many advanced economies and emerging markets, policymakers have been tempted to boost economic growth and employment by going for export led-growth. This requires a weak currency and conventional and unconventional monetary policies to bring about the required depreciation. Since the beginning of the year, more than 20 central banks around the world have eased monetary policy, following the lead of the European Central Bank and the Bank of Japan. In the eurozone, countries on the periphery needed currency weakness to reduce their external deficits and jump-start growth. But the...
  • Obama's Asian Trade Deal Sells Out American Workers

    06/11/2015 7:53:32 AM PDT · by xzins · 52 replies
    Newsmax ^ | Thursday, 11 Jun 2015 07:38 AM | Peter Morici |
    Congress should not grant President Barack Obama authority to conclude another free trade agreement in Asia, because it would lower American wages and exacerbate income inequality. The Trans-Pacific Partnership (TPP) would eliminate tariffs and lower other regulatory barriers to trade and investment among the United States, South Korea, Japan and nine other Pacific Rim nations. In March 2012, President Obama inaugurated a free trade pact with South Korea and in many ways, it provides a template for what we may expect from a broader TPP. Imports from South Korea are up 3.6 billion, U.S. exports are down marginally and the...
  • Pushing You Into A Cashless Society

    05/28/2015 2:10:42 PM PDT · by HammerT · 26 replies
    Freedom Outpost ^ | May 27, 2015 | Rory Hall
    One of the most effective means the elite use today to get their way and push a particular agenda is to make it "hip, swinging, and very, very cool." Another way is to simply tell you what is obsolete and "out dated." Who wants to be "behind the times"? Certainly not someone who is looking for the next "really cool" gadget! No, this particular person wants to be on the "cutting edge" of the "next big thing"! Enter the banking cabal and their desire to have total and absolute control of your life through your banking account and your means...
  • Germans want to keep their hands on cash (74% oppose cashless systems)

    05/28/2015 10:14:29 AM PDT · by Olog-hai · 13 replies
    TheLocal.de ^ | 28 May 2015 15:23 GMT+02:00 | (DPA/The Local)
    Confirming conservative stereotypes, Germans have come out strongly in favor of sticking to hard cash in conducting transactions, a survey published on Thursday showed. Paying for your bus ticket with a contactless card, putting down plastic in a restaurant or shop—these may be everyday aspects of life in the Anglophone world. But not so in Germany, where remembering to go to the cash point is something many expats have to get used to. And according to a study released by YouGov on Thursday, this is just how Germans like it. Nearly three quarters (74 percent) of respondents said that they...
  • Venezuelan currency tanks; inflation seen near 100%

    05/14/2015 3:09:53 PM PDT · by Oldeconomybuyer · 29 replies
    CNBC ^ | May 14, 2015 | by Katy Barnato
    Venezuela's black market exchange rate weakened below a key level on Thursday, as the bolivar's decline steepened in the face of hyperinflation and a rapidly shrinking economy. Over the past couple of years the value of the currency has plummeted against the dollar to its present 300 bolivar level. In 2012, a dollar would get you 10 bolivars, according to unofficial exchange rates. By the time President Nicolas Maduro was inaugurated in April 2013, it was 24 bolivars to the dollar and by this January it was at 173. This black market rate of 300.72 on Thursday was almost 50...
  • Citi Economist Says It Might Be Time to Abolish Cash [Zech 5]

    04/17/2015 2:48:36 PM PDT · by Jan_Sobieski · 27 replies
    YaLibnan ^ | 4/17/2015 | Staff
    The world's central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy. In a new piece, Citi's Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the...
  • The Soaring dollar puts the world on sale for Americans

    04/10/2015 4:38:14 AM PDT · by SeekAndFind · 12 replies
    Los Angeles Times ^ | 04/10/2015 | Tom Petruno
    Americans have long complained that the dollar doesn't buy much anymore. Suddenly, the dollar's problem may be that it buys too much — a change that has huge implications across the global economy for consumers, businesses, investors and governments. The U.S. currency's value has surged over the last nine months, reaching levels against some world currencies last seen more than a decade ago. In Europe, it now costs just $1.09 to buy one euro, down from $1.37 a year ago and almost $1.50 four years ago. To put it another way, an American tourist strolling the streets of Paris this...
  • Vladimir Putin calls for 'Eurasia' currency union

    03/24/2015 5:42:51 AM PDT · by mykroar · 4 replies
    The Telegraph ^ | 3/20/2015 | Reuters
    Vladimir Putin proposed on Friday creating a regional currency union with Belarus and Kazakhstan, Russia's partners in a political and economic union made up of former Soviet republics. Mr Putin made his proposal at a meeting with the Belarussian and Kazakh presidents which highlighted the challenges facing the Russian-led Eurasian Economic Union following the fall in global oil prices and the decline of the Russian rouble. "The time has come to start thinking about forming a currency union," Mr Putin said after the talks in the Kazakh capital Astana with Belarussian President Alexander Lukashenko and Kazakh President Nursultan Nazarbayev.He gave...
  • Currency Wars Continue As IMF Concedes End To Dollar Hegemony

    03/10/2015 9:07:39 AM PDT · by Olog-hai · 36 replies
    GoldCore ^ | March 9, 2015 | Mark O’Byrne
    Currency wars and the growing trend away from dollar dominance in international finance, particularly in emerging markets, was highlighted in an interesting CNBC article this morning entitled “Is the Dollar Losing its Clout Among EMs?” It refers to the deliberate and stated policy of “de-dollarization” around the world, the decline in the use of the dollar in international trade and as a reserve currency, and the emergence of the new BRICS bank. The article quotes best-selling author and Pentagon insider, Jim Rickards. Rickards says that the status of the dollar as a reserve currency is still solid despite its decline...
  • Japan Now Spends 43% Of Tax Revenue To Fund Interest On Debt

    03/05/2015 3:45:06 PM PST · by blam · 18 replies
    Zero Hedge ^ | 3-5-2015 | Simon Black - Tyler Durden
    03/05/2015 Simon BlackTyler Durden It’s entirely possible that we may see interstellar space travel in our lifetime. And what a dream that would be. But in the meantime, for anyone that’s losing patience with space technology, I would recommend you visit Japan. Because for anybody that has been here, this place is as close as it gets to being on another planet.Japan is a land of irony and dichotomy. It is one of the most conservative cultures in the world, while simultaneously being one of the most perverted. Business culture here is yet another thing that seems totally alien. Creativity...
  • Ukraine Enters Hyperinflation: Currency Trading Halted

    02/25/2015 9:42:33 AM PST · by tcrlaf · 16 replies
    zerohedge ^ | 2-25-2015 | durden
    Yesterday we summarized the most recent economic, political and social situation in Ukraine as follows: "A year or so on from the last coup in Ukraine, Ukraine’s former Prime Minister Sergey Arbuzov told TASS, with growing popular discontent, "another state coup can’t be ruled out in Ukraine." As the cease-fire deal hangs torn and tattered in the Debaltseve winds, the nation is a mess, a new gas dispute looms as Gazprom demands upfront payments, capital controls have been tightened as the $17.5bn IMF loan may not be enough; and the central bank governor faces prosecution as the economy craters. All...
  • Sweden cuts rates below zero as global currency wars spread

    02/12/2015 3:34:09 PM PST · by NRx · 30 replies
    The Telegraph ^ | 12 Feb 2015 | Ambrose Evans-Pritchard
    Sweden has cut interest rates below zero and launched quantitative easing to fight deflation, becoming the latest Scandinavian state to join Europe’s escalating currency wars. The Riksbank caught markets by surprise, reducing the benchmark lending rate to minus 0.10pc and unveiled its first asset purchases, vowing to take further action at any time to stop the country falling into a deflationary trap. The bank presented the move as precautionary step due to rising risks of a “poorer outcome abroad” and the crisis in Greece. Janet Henry from HSBC said the measures are clearly a “beggar-thy neighbour” manoeuvre to weaken the...
  • Currency warriors get a boost at G-20 meeting

    02/11/2015 8:01:41 AM PST · by Rusty0604 · 7 replies
    Market Watch ^ | 02/11/2015 | Ian
    ISTANBUL--The world's top finance leaders on Tuesday in effect backed currency depreciation as a tool for promoting growth by signaling strong support for aggressive easy-money policies aimed at boosting the fragile global economy. The support by finance ministers and central bankers from the Group of 20 largest economies for mass monetary easing--policies that have weakened exchange rates from Europe to Japan--is at odds with the traditional view that currency depreciation could have damaging effects on other economies. It also reflects worry that economies in much of the world could get stuck in a low-growth rut without decisive cash injections from...
  • The Global Currency Reset is Real & in Motion.

    02/09/2015 1:23:45 PM PST · by alexmark1917 · 8 replies
    Jim Willie: The Global Currency Reset is Real and in Motion JIM WILLIE INTERVIEW (PART ONE) http://www.oneradionetwork2.com/mp3/money/economy/01.26.15_willie_jim_one.mp3 JIM WILLIE INTERVIEW (PART TWO) http://www.oneradionetwork2.com/mp3/money/economy/01.26.15_willie_jim_two.mp3 -Willie says there is a strong contingent of powerful “Good Guys” ex military who are tired of the status quo; and there are extremely wealthy Chinese Elders who are sick and tired of “The Boys” andtheir destruction of the Planet. -There are three major factions who run the world….for now; who are they? -Germany is actively looking for credible ways to exit the Euro Zone, political and currency -The dollar is losing market share, as we speak,...
  • Russians advised to pull their money out of banks and prepare for 'black market in cash'

    02/06/2015 8:26:31 AM PST · by Perseverando · 14 replies
    Business Insider ^ | February 06, 2015 | Tomas Hirst
    A columnist for Russia's Vedomosti newspaper, a joint venture between the Financial Times and The Wall Street Journal, has advised readers to pull their savings out of banks and convert them into physical dollars. The ruble has tanked over the past year, falling over 50% from 33 rubles to the dollar to 67 rubles at market open Friday. The collapse in the currency's value has helped drive up prices in the country, which is heavily reliant on imports, with inflation surging to 15% in January. Now, it seems, it is affecting sentiment on the streets. Andrey Panov, a freelance columnist...
  • U.S. companies face billions in Venezuela currency losses, Reuters analysis shows

    02/02/2015 11:43:06 AM PST · by Lorianne · 23 replies
    Reuters ^ | 02 February 2015 | Tim McLaughlin
    At least 40 major U.S. companies have substantial exposure to Venezuela’s deepening economic crisis, and could collectively be forced to take billions of dollars of write downs, a Reuters analysis shows. The companies, all members of the S&P 500, and including some of the biggest names in Corporate America such as autos giant General Motors (GM.N) and drug maker Merck & Co Inc (MRK.N), together carry at least $11 billion of monetary assets in the Venezuelan currency, the bolivar, on their books. The official rate is at 6.3 bolivars to the dollar and there are two other rates in the...
  • Top 10 Reasons George Soros is Dangerous

    04/02/2011 4:34:49 PM PDT · by opentalk · 23 replies
    Human Events ^ | April 2, 2011 | Human Events
    Human Events’ readers, in an online poll, recently voted billionaire financier George Soros “the single most destructive leftist demagogue in the country.” Here are the Top 10 Reasons George Soros Is Dangerous1. Gives billions to left-wing causes: Soros started the Open Society Institute in 1993 as a way to spread his wealth to progressive causes. Using Open Society as a conduit, Soros has given more than $7 billion to a who’s who of left-wing groups. This partial list of recipients of Soros’ money says it all: ACORN, Apollo Alliance, National Council of La Raza, Tides Foundation, Huffington Post, Southern Poverty...
  • The World's Next Mortgage Crisis? (Europe)

    01/31/2015 5:03:40 PM PST · by Lorianne · 5 replies
    The Atlantic ^ | 29 January 2015 | David Frum
    My breakfast companion looked gloomy. He’d flown into Washington from Vienna the day before. When he deplaned, he found a shocking email waiting for him: a demand from his banker for immediate payment of €12,000. Although a resident of Austria, he had taken a home mortgage in Swiss francs, which carried a lower interest rate than mortgages in euros. But 48 hours before he had arrived in the United States, the Swiss franc had surged by 20 percent against the euro. That currency appreciation had wiped out his equity in the house. His frightened banker wanted a new infusion of...
  • The United States Is Imploding, On The Eve Of Destruction.

    01/24/2015 6:04:06 AM PST · by alexmark1917 · 45 replies
    The United States is gradually, but unrelentingly, destroying part of itself. The facts to support this are well-documented, told in many ways from past to present. The most egregious example of Americide is our country's treatment of African-Americans. Almost everyone agrees about the evils of slavery, once dismissed simply as a Peculiar Institution. But a debate goes on about reparations, with passionate arguments on both sides, ranging from a demand for a Reparations Superfund for jobs and education, to a claim that blacks actually benefited from slavery because of the years of 'reparations' received through poverty programs. Reparations opponents insist...
  • As Euro Slides, Strategists Cut Forecasts

    01/24/2015 3:51:11 AM PST · by SkyPilot · 14 replies
    The Wall Street Journal ^ | 23 Jan 15 | Tommy Stubbington and James Ramage
    Rip up your euro forecasts. A day after the European Central Bank unveiled its bond-buying program, the single currency still was in free fall, blowing past analysts’ expectations for how low the euro can go. Some investors now say the euro could fall to the point where it is on equal footing with the U.S. dollar for the first time since it climbed above the buck in late 2002. “If you would have asked me a few months ago, I would’ve said that parity could be in the cards in the years ahead. Now, we can’t rule it out anymore...
  • This Is What Gold Does In A Currency Crisis, Euro Edition

    01/23/2015 1:19:26 PM PST · by blam · 18 replies
    Zero Hedge ^ | 1-23-2015 | Tyler Durden
    Tyler Durden 01/23/2015 Submitted by John Rubino via Dollar Collapse blog Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.(snip)
  • While You Were Sleeping, Lehman Just Happened...

    01/21/2015 2:51:17 PM PST · by alexmark1917 · 24 replies
    The "Deflationary Vortex": Global Dollar Economy Suffers Biggest Plunge Since Lehman, Down $4 Trillion One of the macroeconomic observations that has gotten absolutely no mention in recent months is the curious fact that while global economic growth has not imploded in recent quarters, it is because GDP has been represented, as is customary, in local currency terms. Of course, this comes as a time when local currencies (at least those which are not the USD) have been plunging against the greenback on the back of the expectations that the Fed will hike rates some time in the summer or later...
  • Rickards: Brace For Financial Storm 6x Larger Than 2008

    01/21/2015 12:09:48 PM PST · by alexmark1917 · 38 replies
    Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown... The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion. Energy-sector...
  • Everest Macro Hedge Fund Blows Up After Nearly $1 BIllion In Swiss Franc Losses

    01/17/2015 8:18:02 PM PST · by tcrlaf · 20 replies
    Zerohedge ^ | 1-17-2015 | Durden
    Yesterday, when we got the first news of huge P&L losses at various publicly-traded banks not to mention the collapse of several retail brokers culminating with the bailout of FXCM by Jefferies, we reminded that seconds after the SNB shocker, we tweeted what was quite obvious to anyone who realized that speculators were most short the CHF since the summer of 2013. We also added that "We have yet to find out just which hedge funds were blown up yesterday", for the simple reason that unlike public banks who have an obligation to reveal news, especially bad, to their shareholders,...
  • Switzerland brings in negative interest rates to keep Swiss franc weaker as Russia mayhem prompts

    12/18/2014 7:09:33 AM PST · by C19fan · 11 replies
    UK Daily Mail ^ | December 18, 2014 | Tanya Jefferies
    The Swiss central bank plans to charge depositors a 'negative' interest rate of -0.25 per cent to discourage spooked investors from using it to shelter their cash. Money has flooded into Switzerland as market turbulence caused by the Russian rouble collapse and oil price slide has prompted a desperate search for safe havens in recent days. The Swiss National Bank said it would slash its interest rate on balances of over 10million Swiss francs from January 22 - effectively imposing a charge on depositors wanting to hold francs in a bid to keep its currency artificially weak against the euro.
  • Swiss mess could make oil plunge seem like minor hiccup

    01/16/2015 5:46:55 PM PST · by Lorianne · 11 replies
    Market Watch ^ | 15 Junuary 2015
    One day, it’s gold. The next, it’s equities. Most days, it’s crude. On Wednesday, it was copper. On Thursday it was the Swiss franc and Swiss stocks. And the move in those two makes those others look like minor-league hiccups. While you were sleeping, all hell broke loose in Switzerland, as the central bank ditched its currency cap against the euro after four years and slashed interest rates to negative 0.75%. The Swiss franc is rallying wildly, while the Swiss stock market is cratering and U.S. stock futures are mostly on the losing side as investors figure out this latest...
  • Swiss Franc rockets…Hedgies taken out to the woodshed and shot

    01/16/2015 7:05:52 PM PST · by Lorianne · 30 replies
    China Money Report ^ | 16 January 2015
    Europe is deflating….The Swiss banking established, normally always a pillar of private property and free capital movement have decided to stop pegging their currency which has been an affront against free markets. Hedge Funds piggy banking off government manipulation and mostly short the currency were taken out to the woodshed and shot as the currency shot up 30% in minutes.
  • It's Carnage-Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor-Macro Hedge Funds Crushed

    01/15/2015 5:13:21 AM PST · by tcrlaf · 15 replies
    Zerohedge ^ | 1-15-2015 | Durden
    "As if millions of macro hedge funds suddenly cried out in terror and were suddenly silenced" Over two decades ago, George Soros took on the Bank of England, and won. Just before lunch local time, the Swiss National Bank took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them, when it announced, first, that it would go further into NIRP, pushing its interest rate on deposit balances even more negative from -0.25% to -0.75%, a move which in itself would have been unprecedented and, second, announcing that the 1.20...
  • U.S. Equity Futures Flat as Franc Soars on Swiss Move ("Extremely violent and totally unexpected")

    01/15/2015 6:00:23 AM PST · by SkyPilot · 27 replies
    Reuters and Fox News ^ | 15 Jan 15 | Reuters and Fox staff
    Global markets were thrown into turmoil on Thursday as a shock move by Switzerland to abandon its more than three-year-old cap on the franc sent the currency soaring and Europe's shares and bond yields tumbling. The franc jumped by almost 30 percent in a chaotic few minutes after the 1.20 per euro cap in place since late 2011 was lifted, surging past parity to trade as high as 0.8052 francs per euro. It was trading at 1.02600 at just after 1200 GMT. The move reversed an earlier rebound in risk appetite following an overnight recovery in commodity prices. Over 100...
  • It's Like We're In The Panic Phase Of A Financial Crisis

    01/06/2015 5:41:10 AM PST · by blam · 23 replies
    BI ^ | 1-6-2015 | Sam Ro
    Sam Ro January 6, 2015Over the past few days, we've seen stocks plummet and oil prices crash. But the most interesting moves have been occurring in the global bond markets where government bond yields have been plunging to historic lows. "2015 starts off with the average of G3 10 year government yields below 1%," wrote Steven Englander, Citi's global head of G10 FX Strategy. The G3 currency group consists of the US dollar, the euro, and the yen. On Tuesday, the US 10-year yield got as low as 1.959% and Japan's 10-year yield fell to as low as 0.288%. In...
  • ‘Correction: $1 Trillion bill’? Prediction: Obama will be on the $20 bill in 50 years (Mega Hurl)

    12/17/2014 10:59:50 AM PST · by C19fan · 50 replies
    Twitchy ^ | December 17, 2014 | Staff
    President Obama still has two years left as president, but that’s not stopping some of his biggest fans from thinking about his legacy. Here’s Ta-Nehisi Coates of The Atlantic: 10 years world will long for "pragmatic" Obama. 25 years--will be considered one of America's "greatest presidents." 50 yrs on the $20 bill.
  • Russian ruble suffers new fall but the collapse slows

    12/17/2014 4:01:33 AM PST · by elhombrelibre · 11 replies
    Reuters ^ | 17 Dec 14 | Vladimir Abramov and Alexander Winning
    The dramatic fall in Russia's ruble slowed on Wednesday, with the government selling foreign currency to prop it up after a 50 percent fall against the dollar this year. Losses were partly contained by exporters selling dollars in preparation for paying their monthly tax bills but the slide was less precipitous than in the past two days when it fell about 20 percent against the dollar. At 0508 ET, the ruble was down around 1.6 percent against the dollar at 68.58 rubles per dollar and was 0.3 percent weaker versus the euro at 85.40.
  • Apple temporarily halts Russian online sales over currency issues

    12/16/2014 7:34:14 PM PST · by SeekAndFind · 15 replies
    C/NET ^ | 12/16/2014 | by Shara Tibken
    Russian customers waiting for Apple's iPhone 6 will have to wait longer. The Cupertino, Calif., electronics giant on Tuesday temporarily shuttered its online store in the Eastern European country because of the instability of Russia's currency. Apple doesn't operate physical stores in the country, and the company declined to say when it would resume online sales there. "Due to extreme fluctuations in the value of the ruble, our online store in Russia is currently unavailable while we review pricing. We apologize to customers for any inconvenience," Apple said in a statement. The ruble has been dropping sharply in recent days...
  • Currency Brokers: The Russian Ruble Is Hereby Halted Until Further Notice

    12/16/2014 2:18:02 PM PST · by SeekAndFind · 21 replies
    Zero Hedge ^ | 12/16/2014 | Tyler Durden
    Earlier, we reported that various currency brokers such as FXCM and FxPro, would - as a result of the soaring liquidity in the USDRUB pair - suspend trading in the Russian Ruble (while other merely hiked margins to ridiculous levels). It appears things have escalated again, and as FXCM just reported, instead of just politely advising clients not to open new USDRUB position tomorrow, it has advised anyone long, or short, the USDRUB that their positions will be forcibly shut in moments. So for those curious why there appears to be a collapse in Ruble volatility in the past...
  • Russian ruble suffers steepest drop in 16 years

    12/16/2014 4:41:16 AM PST · by elhombrelibre · 81 replies
    (Reuters) - The ruble plunged more than 10 percent for the second day on Tuesday and recorded its worst fall since the Russian financial crisis in 1998 as confidence in the central bank evaporated after an ineffectual overnight rate hike. The rouble opened around 10 percent stronger against the dollar following the overnight 650-basis-point rate hike, but it reversed gains in early trade and fell to record lows, pushing losses this year against the dollar to over 50 percent. At 0637 ET, the rouble was down over 11 percent against the dollar at 73.00 after dipping past 74 rubles per...
  • Russia heading for crash as ruble plummets

    12/15/2014 2:41:40 PM PST · by Berlin_Freeper · 81 replies
    money.cnn.com ^ | December 15, 2014 | Mark Thompson
    Russia's economy is crashing and its currency appears to be in free fall. The ruble plunged by about 12% Monday, meaning it's lost nearly 50% against the dollar this year. Early Tuesday in Russia, the central bank hiked its key interest rate for a sixth time this year to 17% from 10.5%.
  • Steve Forbes: Why That Swiss Referendum On Gold Deserved To Fail

    12/02/2014 7:35:53 AM PST · by SeekAndFind · 10 replies
    Forbes ^ | 12/02/2014 | Steve Forbes
    SWISS VOTERS overwhelmingly rejected a so-called gold standard referendum. They were right to do so. The wording of the referendum revealed a major obstacle to any return to a genuine gold standard: ignorance of what makes such a system work. The proposition was actually focused on the levels of Switzerland’s gold reserves, not on an actual return to a gold standard. But it was seen as a step in that direction. The purpose of a gold standard is to keep a currency stable in value. Other currencies not on a gold standard may go up or down vis-ŕ-vis the gold-linked...
  • The Clock is Ticking in Switzerland

    11/25/2014 2:01:24 PM PST · by SeekAndFind · 9 replies
    Townhall ^ | 11/25/2014 | Peter Schiff
    For most of my career in international investing, I had always placed a great deal of faith in Switzerland's financial markets. In recent years, however, as the Swiss government has sought to hitch its wagon to the flailing euro currency and kowtow increasingly to U.S.-based financial requirements, this faith has been shaken. But this week (November 30th) a referendum in Switzerland on whether its central bank will be required to hold at least 20% of its reserves in gold, will offer ordinary Swiss citizens a rare opportunity to reclaim their country's strong economic heritage. It's a vote that few outside...