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Libor fines may frighten the banks, but beware more skeletons in the cupboard

Libor fines may frighten the banks, but beware more skeletons in the cupboard | money money money | Scoop.it

This week brings Halloween, the time of year when ghastly deeds are generally afoot. Apt, then, that the banking industry will update the City on third-quarter trading, at a time when businesses are moaning that the banks are bleeding them dry. In the sweetest of ironies, Barclays has chosen the day of the ghoulish festival itself to allow its new chief executive, Antony Jenkins, to explain how the bank has fared since the undignified departure of predecessor Bob Diamond.

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Eurozone crisis: three years of pain

Eurozone crisis: three years of pain | money money money | Scoop.it
Three years ago this week Greece's finance minister revealed a black hole in the country's budget – the first sign of a debt crisis that has shaken markets and sparked unprecedented austerity and protests
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Bitcoin Foundation Aims to Standardize and Protect Digital Currency ...

Bitcoin Foundation Aims to Standardize and Protect Digital Currency ... | money money money | Scoop.it

First released in 2009, Bitcoins are a decentralized peer-to-peer digital currency. They are not issued by a central bank, like most other currencies, nor are transactions routed through a central processor. Instead, payments are routed through a global network of encrypted communications which makes sure that Bitcoins are not being created out of thin air.

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Europe's 21st Century Gold Standard vs. Warren Buffett's Martian | Gold News

Europe's 21st Century Gold Standard vs. Warren Buffett's Martian | Gold News | money money money | Scoop.it
IMAGINE you owed the world €2 trillion, writes Adrian Ash at BullionVault, but you also sat on the world's 4th largest hoard of physical gold.
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Why the Euro crisis is the key to a stronger Europe

Why the Euro crisis is the key to a stronger Europe | money money money | Scoop.it

Uncertainty is the only certainty in the eurozone at the moment. Nevertheless, it would be a fallacy to write off the Euro. The single currency is in dire straits, but it is not doomed to fail in its entirety even if the dreaded Grexit happens (I still don’t think it will.)

 
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How The Italian Mafia Is Winning Big In The Euro Crisis

How The Italian Mafia Is Winning Big In The Euro Crisis | money money money | Scoop.it
ROME, Jan 10 (Reuters) - Organised crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest "bank" and squeezing the life out of thousands of small firms, according to a report on Tuesday.
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Islamic finance finds a rapidly growing niche in the secular world

Islamic finance finds a rapidly growing niche in the secular world | money money money | Scoop.it

The past few years haven't been the best of times for the international banking sector. Aberrant behaviour by certain banks - and the contagion that followed - are the abiding memories of the financial crisis. More recent allegations, issues and proven misdeeds have arguably undermined the credibility and reputation of the global financial sector as a whole.

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Please can you explain what it is and how does the bitcoin work? | Security Affairs

Please can you explain what it is and how does the bitcoin work? | Security Affairs | money money money | Scoop.it

After the publishing of the book “Deep Dark Web” many colleagues asked me to explain how does work the finance in hidden world and which is the currency used for the transactions? Of course I receive many question also on Bitcoin by common people so I decided to introduce the basic concepts behind the famous e-currency.

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Merkel Calls for Massive Centrally Planned Global Finance System

Merkel Calls for Massive Centrally Planned Global Finance System | money money money | Scoop.it
German Chancellor Angela Merkel urged the world's top economies to push ahead with further financial regulation, saying that not enough had been achieved so far.
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Financial Turbulence: New Downturn in the Global Economy - Center for Research on Globalization

Financial Turbulence: New Downturn in the Global Economy - Center for Research on Globalization | money money money | Scoop.it

There are increasing signs that the global economy is about to enter a new period of financial turbulence, coupled with deepening recession in a growing number of countries.

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The East Grows only because the West Consumes. Bitch Please. | Global Policy Journal - Practitioner, Academic, Global Governance, International Law, Economics, Security, Institutions, Comment & Opi...

The East Grows only because the West Consumes. Bitch Please. | Global Policy Journal - Practitioner, Academic, Global Governance, International Law, Economics, Security, Institutions, Comment & Opi... | money money money | Scoop.it

An abiding belief held by many about the global economy is that the East is one gigantic Foxconn-shaped, steroid-boosted manufacturing facility, pumping out iPhones, shoes, clothing, refrigerators, air-conditioners, and defective toys that its own people could never afford. In this narrative, the only reason that measured Eastern GDP shows any kind of life is because the Western consumer steps into the breach to buy up these manufactures.

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PAUL JORION

"If the truth is that (the leaders of the financial sector) can't care less about collapse and act as they do even in the absence of any fair risk assessment... and if, in addition, they claim that they are only concerned about their investors... then the question should be raised why the community should rush to their rescue whenever things turn sour..."
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World Bank contract details to be published online in transparency push - The Guardian

World Bank contract details to be published online in transparency push - The Guardian | money money money | Scoop.it
Bank's capacity development arm promises to open its books on publicly funded contracts as part of global anti-corruption drive
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EU sinks deeper into debt crisis — TalkVietnam

EU sinks deeper into debt crisis — TalkVietnam | money money money | Scoop.it
European national debt levels have continued to rise above EU limits as the eurozone debt crisis erodes government revenues. The EU statistics agency Eurostat said the total accumulated national debt in the 17 eurozone nations increased to 90% of GDP in the second quarter, up from 88.2% in the first three months of the year. In the full 27-member EU, debt rose to 84.9% of GDP from 83.5%. The EU sets a cap of 60% on total debt and 3% on annual public deficits but such limits had been under pressure for years in some states when the crisis began.
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Europe's Auto Crisis Just Keeps Getting Worse - Business Insider

Europe's Auto Crisis Just Keeps Getting Worse - Business Insider | money money money | Scoop.it
CAR sales in the European Union have been falling for five years, and there seems no end in sight to the slump. Official figures out a few days ago showed that registrations were down almost 11% in September compared with a year earlier. In France the fall was 18%, in Italy 26% and in Spain a staggering 37%. Britain was the only significant market to enjoy a small rise.

 

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Misleading Orthodoxy: Barter and the Origin of Money » TripleCrisis

Economic theory has a serious and embarrassing problem: it does not appear to have a rigorous and well-defined concept of money. This is why orthodox textbooks, when introducing money have to resort to a descriptive sleight of hand and state that “money is what money does”. They typically go on to say that it is the unit of account, the means of exchange and a reserve of value. But they fail to add that these functions are not exclusive of money.

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RealClearMarkets - The Fallacy Of Persistent Credit Creation

RealClearMarkets - The Fallacy Of Persistent Credit Creation | money money money | Scoop.it

Those who know the history of the Federal Reserve System are fairly acquainted with the idea of money elasticity. The latter half of the 19th century was marked by severe bank panics that occurred with an almost alarming frequency. Bank panics caused the public to remove "money" from banks in general, leading to a sharp contraction in liquidity for the banking system.

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Economic crisis isn't over yet. This may not even be the beginning of the end - The Guardian

Economic crisis isn't over yet. This may not even be the beginning of the end - The Guardian | money money money | Scoop.it

This is not the end. It is not even the beginning of the end but it is, perhaps, the end of the beginning. It was with those words, delivered almost 70 years ago to the day, that Winston Churchill greeted news of Montgomery's victory at El Alamein, a turning point in the second world war.

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Euro Survives, but Future Is in Doubt - New York Times

Euro Survives, but Future Is in Doubt - New York Times | money money money | Scoop.it

Only a few months ago, it was front-page news. Would the euro collapse? Would most of southern Europe go broke, unable to borrow money at any reasonable rate? Would that bring on a new world recession?

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Smalls signs of progress in euro crisis - Washington Post

Smalls signs of progress in euro crisis - Washington Post | money money money | Scoop.it

International Monetary Fund analysts reviewing Portugal’s bailout this summer had plenty to fret about. The country was going to miss its deficit target for the year, a surge in exports was losing steam and recession was deepening — all in all, a recipe for trouble.

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Will the euro crisis lead to the break-up of EU member-states?

The Centre for European Reform is a think-tank devoted to improving the quality of the debate on the European Union. It is a forum for people with ideas from Britain and across the continent to discuss the many political, economic and social challenges facing Europe. It seeks to work with similar bodies in other European countries, North America and elsewhere in the world.

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Big Banks Waging Warfare Against the People of the World | Global Research

Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.

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Europe's debt crisis to shake corporate America - Business Recorder (blog)

Europe's debt crisis to shake corporate America - Business Recorder (blog) | money money money | Scoop.it
The shock waves of Europe's debt crisis will take a toll on corporate America, particularly sellers of cars, consumer products and basic materials that generate significant revenue on the continent.
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Eurozone crisis to last another 18 months at least: Goldman ...

Eurozone crisis to last another 18 months at least: Goldman ... | money money money | Scoop.it

Goldman Sachs chief European economist Huw Pill was setting monetary policy at the European Central Bank as recently as last summer, which gives him a unique perspective on the crisis.

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Bitcoin Interview From 2011 – 24 October 2012 | Lucas 2012 Infos

Bitcoin Interview From 2011 – 24 October 2012 | Lucas 2012 Infos | money money money | Scoop.it

The car industry changes dramatically, often influencing adaptations in behavioral, social and working habits. General Motors, Chrysler and Ford once dominated the world’s automotive markets, but Japan, Korea and Germany now give Detroit serious competition. Consumers have switched allegiances from powerful, large cars like the Toyota Prado to better engineered and fuel-efficient alternatives such as smaller cars, eco-friendly electric cars, and hybrid vehicles that run on alternative fuels.

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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation