Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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Euro Approaches 11-Month Low against US dollar as Italy Borrowing Costs Rise

Euro Approaches 11-Month Low against US dollar as Italy Borrowing Costs Rise | Countdown to Financial Armageddon | Scoop.it

The euro was about 0.3 percent from an 11-month low against the dollar as Italian borrowing costs rose at a debt auction and Spanish banks’ borrowings from the European Central Bank increased by the most in more than a year.

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Has The Dollar Lost its Safe Haven Status?

Has The Dollar Lost its Safe Haven Status? | Countdown to Financial Armageddon | Scoop.it

Given the scale and complexity of the Greek crisis, it might reasonably have been expected that the euro would have plunged in value against the US dollar, the traditional safe-haven currency in times of uncertainty.

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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?

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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.

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Sino Contagion? S.M.E. credit crisis 'could sweep China'

Sino Contagion? S.M.E. credit crisis 'could sweep China' | Countdown to Financial Armageddon | Scoop.it

The failure of a number of small and medium-sized businesses in Wenzhou marks the beginning of a much larger wave of corporate bankruptcies across the rest of China, economists warn.

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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.

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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.

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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.

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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.

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