Countdown to Financial Armageddon
18.1K views | +0 today
Follow
Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
Your new post is loading...
Your new post is loading...
Scooped by Nick Laight
Scoop.it!

Secret Fed Loans Gave Banks $13 Billion

Secret Fed Loans Gave Banks $13 Billion | Countdown to Financial Armageddon | Scoop.it

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

more...
No comment yet.
Scooped by Nick Laight
Scoop.it!

Belarus central bank sells off its office furniture for $10,000 (they need $7 billion bailout, but at least it's a start)

Belarus central bank sells off its office furniture for $10,000 (they need $7 billion bailout, but at least it's a start) | Countdown to Financial Armageddon | Scoop.it

As an exercise in monetary policy, it's probably not the sort of thing that would be advocated by John Maynard Keynes or Milton Friedman. Amid a disastrous economic crisis, the Belarus central bank has attempted to raise capital by selling off used office equipment and furniture. Five hundred items were put up for sale in an auction that it was hoped would raise around £10,000.

 

Amid a crippling financial crisis, Belarus is seeking a $7bn (£4.4bn) emergency bailout from the International Monetary Fund. The value of its currency has fallen sharply in recent months, while inflation has skyrocketed to over 40%, fuelling discontent with the regime of authoritarian President Alexander Lukashenko.

more...
No comment yet.
Scooped by Nick Laight
Scoop.it!

China cuts its US debt holding by $36.5 billion - the biggest sell off since 2000

China cuts its US debt holding by $36.5 billion - the biggest sell off since 2000 | Countdown to Financial Armageddon | Scoop.it

China divested $36.5 billion or 3.1 per cent of its holding in the US treasuries in August, its biggest sell-off of dollar assets since 2000.

The move came as a surprise as China had bought over bonds worth $8 billion weeks before that.

Downgrade of US credit ratings by Standards & Poor's, in early August, had created a major crisis of confidence over US treasuries all over the world.

more...
No comment yet.