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UPDATE 1-Task force says global shadow banking hits $67 trillion

European Central Bank Governing Council member Jens Weidmann said a banking union can’t solve the euro-area debt crisis.
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Task force says global shadow banking hits $67 trillion

Task force says global shadow banking hits $67 trillion | money money money | Scoop.it

(Reuters) - The system of so-called "shadow banking" blamed for aggravating the global financial crisis grew to $67 trillion globally last year, a new high, amid calls from the world's top policymakers for greater control of the sector.

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Keiser Report: Cameron's Sin City Surge (E367)

In this episode, Max Keiser and Stacy Herbert discuss UK Prime Minister David Cameron going 'all in' and topless on financial fraud and market manipulation in the City of London where 'circle rating' is rife and more 'Libor like' manipulation is found . . . this time in the natural gas market. In the second half, Max Keiser talks to Francine McKenna of retheauditors.com and American Banker magazine, about Jamie Dimon, the most over-rated banker in America, and how much longer JP Morgan can survive the various scandals, frauds and putbacks.
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Great new Bitcoin instructional video series!

Great new Bitcoin instructional video series! | money money money | Scoop.it
Blockchain.info is pleased to announce a great new set of instructional videos on how to create and use Blockchain.info Bitcoin wallets.
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The Monetary Future: Currencies of the Future

The Monetary Future: Currencies of the Future | money money money | Scoop.it
Many people complain about government control of currency, but only a few do something about it. I’m not talking about movements to “audit the Fed” and such. I’m talking about real innovation that makes an end run around the government’s iron grip on the monetary system.
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5TH IRON LAW OF THE EUROCRISIS « DARECONOMICS

A crisis does not follow a rational timetable where conditions slowly worsen until an endgame is reached. A crisis ebbs and flows until one day a storm surge quickly wipes everything out, just as people believe the worst is over.

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Swick » 10 Biggest Financial Scandals in History

Swick » 10 Biggest Financial Scandals in History | money money money | Scoop.it
10 Biggest Financial Scandals in History. Financial scams happens every day. However, there have been several notable cases in history that deserve particular attention. This is an article focusing on the 10 worst financial frauds.
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Enhancing financial literacy - China Daily

Enhancing financial literacy - China Daily | money money money | Scoop.it

The global financial crisis has demonstrated that financial education, along with a well-capitalized and well-supervised financial system, is of critical importance not only to the economic welfare of households, but also to the better efficiency and functioning of financial markets, even to financial stability as a whole. Therefore, in recent years, financial education has gradually come into the limelight in both developed and developing countries.

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Why Financial Repression Will Fail - Global Economic Intersection

Why Financial Repression Will Fail - Global Economic Intersection | money money money | Scoop.it

Excessive leverage and risk in the financial system, e.g., using customer funds to speculate, never ends well. Stock market crashes, bank and investment firm failures or economic recessions are all potential consequences. Following the failure of the United States to regulate over the counter (OTC) derivatives and the repeal of the Glass-Steagall Act, U.S. banks became the largest financial business entities in history. The U.S. real estate bubble, sub-prime lending and mortgage backed securities (MBS), along with unregulated OTC derivatives, then lead to bank insolvencies, a historic stock market crash and a near collapse of the global financial system.

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EU budget summit faces collapse - China Post

EU budget summit faces collapse - China Post | money money money | Scoop.it
BRUSSELS -- The European Union looks set for fresh trouble this week as an extraordinary summit called to agree a long-term trillion-euro budget heads for an ugly showdown, possibly even failure.
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Is the Economic Crisis Making Europe Fat? - NYTimes.com

Is the Economic Crisis Making Europe Fat? - NYTimes.com | money money money | Scoop.it

Europe is discovering what many in the United States have known for a long time: when times are tough one of the first things to go out the window is health and nutrition. Low-income Americans know this better than most, which helps account for the disproportionate levels of obesity among the poor in the United States, many of whom make McDonald’s and other fast food chains a staple of their diet.

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As eurozone economy shrinks, govt debt loads grow - Businessweek

As eurozone economy shrinks, govt debt loads grow - Businessweek | money money money | Scoop.it

Without growth, there won't be enough tax revenue to help countries like Greece, Italy, Spain and Portugal narrow their deficits and slow the expansion of their debts. Their debt burdens as a percentage of economic output, a key measure of fiscal health, look worse by the day.

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Crisis drives academics and banks to work together - University World News

Crisis drives academics and banks to work together - University World News | money money money | Scoop.it
Where universities have a big role to play in contributing to financial stability is in being able to predict future crises, Leen Hordijk believes: “The challenge for universities is not finding the elephant in the room, but seeing the elephant coming before it hits the door.”
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Is the future of the euro at stake?

Financial Times editor Lionel Barber deconstructs the euro crisis and outlines the lessons learned from it.
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Debt - P2P Foundation

Debt - P2P Foundation | money money money | Scoop.it

"The authors point out that while private debt has more than 5,000 years of recorded history, the emergence of public debt was in 12th century Venice, secured through a state monopoly on salt. The modern government debt market took off only after the English Consolidating Act of 1751, creating "consuls" and later "gilts" and other government bonds. Central banks began with Sweden's Riksbank in 1668. The Bank of England, founded in 1688, was granted a monopoly over issuing paper money. In the USA, after many conflicts over the role of its earlier national banks, the Federal Reserve Act was passed in 1913, as a private corporation owned by its twelve regional banking groups, with its Federal Reserve Board as its governing façade with members appointed by the President and approved by the Senate. Only in 2011 did a majority in Congress join with media in demanding the first ever audit of the Fed and the over $13 trillion it supplied to the large banks following the 2008 crises (www.sigtarp.gov)." (http://seekingalpha.com/article/860851-book-reviews-economics-after-the-crisis-and-money-and-sustainability)

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Satyajit Das: America's Fiscal Cliffs and Debt Mountains - Minyanville.com

Satyajit Das: America's Fiscal Cliffs and Debt Mountains - Minyanville.com | money money money | Scoop.it
The world is focused on the fiscal cliff, a term referring to the scheduled reductions in the US budget deficit by way of expiring tax cuts and mandatory spending cuts. The fiscal cliff may, ironically, improve public finances, reducing the deficit and slowing the increase in debt levels – America’s debt mountain. But going over the fiscal cliff will not in and of itself solve America’s fundamental financial problems.

 

 

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The five worst financial crises of our time - Aol Money

The five worst financial crises of our time - Aol Money | money money money | Scoop.it
The government's mismanagement of the Northern Rock buyout will cost taxpayers £2 billion, the influential Committee of Public Accounts said this week.
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Icelandic Economics: The Prophetical Talents of the Central Bank of ...

Icelandic Economics: The Prophetical Talents of the Central Bank of ... | money money money | Scoop.it
The Central Bank of Iceland upped its policy rates by 25 points yesterday to 6.0%. Quite frankly, I think they made a bad situation worse by doing so when it comes to the outflow of capital out of the economy and the exchange rate of the krona. But that's another story that I'm going to analyse later.
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Pay Another Way: Bitcoin

Pay Another Way: Bitcoin | money money money | Scoop.it

At WordPress.com, our mission is making publishing democratic — accessible and easy for anyone, anywhere. And while anyone can start a free blog here, not everyone can access upgrades (like going ad-free or enabling custom design) because of limits on traditional payment networks.

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37 States Moving Toward Local Currencies - The UsuryFree Eye ...

37 States Moving Toward Local Currencies - The UsuryFree Eye ... | money money money | Scoop.it
A check of the White House website today revealed that there are currently over 40 petitions (states) that have requested the secession of their state from the Union.
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Bitcoin and The Public Function of Money

Bitcoin and The Public Function of Money | money money money | Scoop.it

I want to write a bit about the public function of money, especially as compared to the market function of money, in light of some of the recent discussion about Bitcoin.

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Monitoring Bitcoin - Bitcoin Friday and the Bitcoin Store

Monitoring Bitcoin - Bitcoin Friday and the Bitcoin Store | money money money | Scoop.it
Monitoring Bitcoin – Bitcoin Friday and the Bitcoin Store http://t.co/d8ZVXBTa...
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Euro crisis: France is Europe's 'time-bomb', says The Economist - Economic Times

Euro crisis: France is Europe's 'time-bomb', says The Economist - Economic Times | money money money | Scoop.it
PARIS: After accusing the French of being in "denial" during the presidential election campaign in late March, the British weekly The Economist now says that France is "the time-bomb at the heart of Europe."
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Debt crisis: eurozone in recession - live - Telegraph.co.uk

Debt crisis: eurozone in recession - live - Telegraph.co.uk | money money money | Scoop.it
Telegraph.co.ukDebt crisis: eurozone in recession - liveTelegraph.co.uk08.35 Three letters dominate this morning's agenda: GDP. This morning, Germany, France and Spain all released preliminary estimates for third quarter growth.
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India's Economy: Limping Along - the Diplomat

India's Economy: Limping Along - the Diplomat | money money money | Scoop.it

Stagflation is a term most associated with the post oil-shock 1970s, with prices rising despite economic growth and output falling. It is a term that could soon (with a few modifications due to the country’s emerging market status) become applicable to India, given that the latest economic data point to serious issues in the economy. The Reserve Bank of India (RBI) is in the unenviable position of balancing inflation and growth risks.

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