France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution…
Why Goldman Sachs, with an $84 billion capitalization, matters more to the Dow than General Electric, with a $257 billion capitalization, is rather mystifying. A high-priced, smaller company carrying more weight than a lower-priced, bigger company makes no sense.
The “perfect-storm” of geopolitical instability, diplomatic isolation, severe currency depreciation, and economic decline now confronting Russia has profoundly damaged Moscow's international standing, and possibly for the long-term.
Yet, it is precisely such conditions that may push the country’s leadership into taking the radical step that will secure its world-player status once and for all: the adoption of a gold-exchange standard.
That is, until, last week, when the Swiss National Bank lost control, breaking a promise, and a currency peg, losing an amount of money equal to somewhere between 10% and 15% of Swiss GDP in a single day, and showing, once and for all, that there are problems so big that even the ability to print money can’t fix them.
Please let this sink in: a Central bank lost control last week. This will not be a one-off event. With the Fed and other Central banks now leveraged well above 50-to-1, even those entities that were backstopping an insolvent financial system are themselves insolvent.
In a third exclusive interview with James Stafford of Oilprice.com, energy expert Arthur Berman explores:
• How the oil price situation came about and what was really behind OPEC’s decision • What the future really holds in store for U.S. shale • Why the U.S. oil exports debate is nonsensical for many reasons • What lessons can be learnt from the U.S. shale boom • Why technology doesn’t have as much of an influence on oil prices as you might think • How the global energy mix is likely to change but not in the way many might have hoped
Whereas previous recoveries have enabled monetary and fiscal policymakers to replenish their ammunition, this recovery — both in the US and elsewhere — has been distinguished by a persistent munitions shortage.
This is a major problem. In all recessions since the 1970s, the US Fed funds rate has fallen by a minimum of 5 percentage points. That kind of traditional stimulus is now completely ruled out.
There are some societies of people virtually unknown to the public who do not just install the American presidents, but define the rules for the whole of the “Great Game”. These, in particular, are the multinational financial corporations. But not only them.
Now there is a redesigning of the financial and economic system of the world under way. There is an attempt to rethink the whole structure of capitalism, without abandoning it.
Yes, “It can happen here,” and it’s going to. Maybe not this year, maybe not for several, but when the real crash gets underway, it’ll be unstoppable, and it will destroy the status quo with a speed that will leave most people still waking up to the danger after the harm has already been done.
But the plain truth is that we’ve already gone beyond the point of no return. There is simply no way the U.S. government can pay all its obligations without defaulting or destroying the dollar.
“Once upon a time, your dollar was as good as gold,” Mr. Paul said, speaking at an event organized by the libertarian-leaning group Liberty Iowa. “Then for many decades, they said your dollar was backed by the full faith and credit of government. Do you know what it’s backed by now? Used car loans, bad home loans, distressed assets and derivatives.”
All credit ratings given to Russian companies and banks will now be at the discretion of the Board of Directors of the Bank, according to a press statement Monday. The regulator will assess whether or not the ratings made after March are accurate.
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