“In a six-page report that included 30 detailed instructions, the People’s Bank of China said yesterday it would allow residents of the zone – seen as a test bed for liberalising the financial sector – to set up ‘resident free trade accounts’ in both domestic and foreign currencies, and would allow yuan to be fully convertible under those accounts ‘when the time is ripe’. The 29 sq km zone, the first of its kind on the mainland, was set up two months ago and the guidelines suggest it will offer benefits that Beijing has been reluctant to offer other pilot areas. For example, ‘qualified’ individual investors will be able to make various foreign investments, including trading overseas securities.” Continue reading →
December 3, 2013
“BitCoin poses a pretty substantial challenge to business people: it requires sufficient understanding of computer science to appreciate its elegance and idiosyncrasies but, perhaps more importantly, it requires a sufficient understanding of finance to appreciate it vis a vis other fiat currencies and gold. Despite this complexity, business leaders are pressured to take a stance on this fledgling techno-currency. Most have chosen the safe approach writing it off as the latest Ponzi scheme with some even arguing that it will be the largest bubble burst in the history of Ponzi bubbles. I’m afraid I’m not so sure… And here’s why.” Continue reading →
“President Cristina Fernandez de Kirchner’s government is raising taxes on credit card purchases abroad in a bid to stem the drop in Argentina’s international reserves to their lowest levels since December 2006. The government raised the the tax charged on credit card purchases in foreign currency to 35 percent from 20 percent, according to the Official Gazette. Argentina’s dollar reserves have plunged 29 percent this year to $30.9 billion as the government uses the funds to pay international debt and import energy, while Argentines take advantage of a strong official rate for the peso to spend abroad. The official rate is 6.2 pesos, while the black market rate is 9.2.” Continue reading →
“Massive protests against Viktor Yanukovich hammered Ukraine’s financial markets on Monday, increasing the risk of a currency crisis as the president tries to hold on until an election in early 2015. Ukraine’s debt insurance costs jumped and currency traders increased bets on a devaluation after 350,000 people protested on Sunday against Yanukovich’s decision to ditch a trade pact with the European Union. Central bank Governor Ihor Sorkin backed up foreign exchange intervention by vowing to do everything needed to uphold financial stability. In an online video message, he urged savers ‘to be confident in the banking system’ and not to withdraw their deposits.” Continue reading →
Pay paticular attention to Congressmans Gowdys cross of Simon Lazarus!!!!!!!!!!!
“The number of banks is down to just under 6,900. There were 7,000 a year ago. Banking regulation adds to costs. This wipes out small banks. It subsidizes big banks. Which banks caused the crisis of 2008? Large banks. Which banks got the lion’s share of the bailouts from Congress and the Federal Reserve? The top 6 banks. The crisis made them bigger, more powerful. The bailouts were subsidies for failure. Which banks hold 70% of all bank assets? The top 12 banks. Who loses? Small businesses. They get loans from small banks. Which businesses provide the vast majority of new jobs? Start-up businesses.” Continue reading →
“RBS and its retail banking unit Netwest’s online systems and debit cards failed on Monday evening as customers were unable to process payments on one of the busiest online shopping days called the ‘Cyber Monday’. Millions of customers across the United Kingdom were unable to withdraw cash, pay for goods or use telephone and online banking services. RBS, which is 82 percent owned by the UK government, faced a probe by the Financial Conduct Authority in April when technology failure left customers unable to avail the bank’s card and online services. A software upgrade gone wrong also led to similar problems for RBS’ customers in June 2012.” Continue reading →