Countdown to Fina...
Follow
Find tag "currency"
18.0K views | +0 today
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!

Central Banks Prep for Life After Euro

Central Banks Prep for Life After Euro | Countdown to Financial Armageddon | Scoop.it

More evidence of the coming Euro dissolution?  Some central banks in Europe have started weighing contingency plans to prepare for the possibility that countries leave the euro zone or the currency union breaks apart entirely, according to people familiar with the matter.

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

Currency Wars: Japan 'ready' to act on yen

Currency Wars: Japan 'ready' to act on yen | Countdown to Financial Armageddon | Scoop.it

Japan is prepared to take action in the foreign exchange market to stem the rising yen, says its finance minister.

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

Those pesky kids! 'Occupy George' protesters deface dollar notes ... but then the Fed has been doing that for decades!

Those pesky kids! 'Occupy George' protesters deface dollar notes ... but then the Fed has been doing that for decades! | Countdown to Financial Armageddon | Scoop.it

Occupy’ protesters have come up with a novel approach to demonstrate against corporate greed by adding figure infographics to dollar bills - legally!

 

“Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows:

 

Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued, shall be fined not more than $100 or imprisoned not more than six months, or both.”

 

So looks like the protestors are ok as the relevant serial numbers are left intact and the bills are still legal tender ... but what about the Federal Reserve itself? Surely Bernanke and his predecessors going back to 1971's Nixon Shock have a case to answer for. If fiat currency isn't the ultimate debasement of money, what is?

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

War! US Senate Passes China Yuan Bill

War! US Senate Passes China Yuan Bill | Countdown to Financial Armageddon | Scoop.it

The US Senate votes through a bill which aims to punish China for keeping its currency artificially undervalued.

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

Japan steps in to weaken currency

Japan steps in to weaken currency | Countdown to Financial Armageddon | Scoop.it

The Japanese government and central bank take steps to weaken the yen and protect the country's economic growth.

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

LATEST CURRENCY WAR SALVO: Obama to China: "Enough's enough" - Behave like grown up economy

LATEST CURRENCY WAR SALVO: Obama to China: "Enough's enough" - Behave like grown up economy | Countdown to Financial Armageddon | Scoop.it

HONOLULU (Reuters) - President Barack Obama served notice on Sunday that the United States was fed up with China's trade and currency practices as he turned up the heat on America's biggest economic rival.

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!

Pow! China Signals Weaker Currency After U.S. Senate Vote

Pow! China Signals Weaker Currency After U.S. Senate Vote | Countdown to Financial Armageddon | Scoop.it

For the second consecutive day after a U.S. Senate vote aimed at penalizing China for undervaluing its currency, Beijing lowered the range at which the yuan could trade against the dollar.

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

Washington Goes to War With China Over Currency Manipulation

Washington Goes to War With China Over Currency Manipulation | Countdown to Financial Armageddon | Scoop.it

After eight years, that campaign is on the verge of a breakthrough, as the Senate appeared ready Thursday to approve a get-tough approach that had stalled numerous times before: a bill to punish China with high tariffs on some exports if it fails to adopt a market-driven exchange rate.

more...
No comment yet.