Network Archives

China warns US to ‘stop manufacturing crises’ and raise debt ceiling

"Premier Li Keqiang added his voice to concerns that the world’s biggest economy could default on its debt. Mr Li told John Kerry, US secretary of state, that China was paying 'great attention' to the issue of raising America's $16.7 trillion (£10.5 trillion) debt ceiling. China is the largest foreign owner of US debt, holding more than $1.277 trillion in Treasury bills. Mr Li's remarks, published by the state-owned Xinhua News Agency, follow comments by vice finance Minister Zhu Guangyao on Monday that 'the clock is ticking' and any US default would have global repercussions. Mr Kerry [is said to have] made clear to Mr Li that President Barack Obama was 'committed to resolving the issue.'" Continue reading →

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Hillary’s contract killer, speaks up. We’ve all been waiting.

Former Hillary Associate Claims to Have Been Her Personal Hit Man… Admits to Killing for Money Like many Americans I have been glued to the Pete Santilli show today in an attempt to keep up to date with any updates on the truckers. That show is streaming live at http://www.ridefortheconstitution.org as I write this. There […]

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Art Cashin: Danger For The US & Strange Happenings In Gold

"While I am far from being a conspiracy theorist, I could see where some of the people involved in that asset class would be concerned because we’ve had several incidences of very large sales. And they all seem to come at approximately the same time in the relatively early morning in New York, usually before the stock market has opened. The question there is, why would you suddenly dump a large amount of gold? Why wouldn’t you try to piecemeal it out over the (course of the) day? So, if that happens once it could be an accident of technology, or it could be a simple error. But when it happens 5 times over a period of months, it does raise questions." Continue reading →

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Venezuelan Inflation Rate Tops 49 Percent

"Venezuela's Central Bank says prices have risen nearly 50 percent since last September as the country struggles to rein in a quickening rate of inflation and widespread shortages. The country's leftist government has spent heavily on social programs, rapidly increasing the amount of currency in circulation. It also tries to control prices while restricting access to bolivars at the official rate of exchange of 6.3 per dollar. That leads many to pay seven times as much for dollars on the black market. Officials say speculators are to blame for soaring prices and shortages. The inflation rate for 2012 was 20.1 percent." Continue reading →

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Vault of Satoshi expands Canadian bitcoin exchange market

"A new Canadian exchange launched this week, offering cheaper rates than the incumbent, and touting an advanced API. [..] The firm sent in two requests to FINTRAC, the financial services regulator in Canada, asking for a money services business (MSB) license, but the regulator’s current position is that no such license is currently needed for bitcoin. The company was refused, says Curry. However, this puts exchanges in a precarious position, because while the regulator may not have concerns, some banks do. Royal Bank of Canada closed Virtex’s account early this year because it didn’t have a license, and Curry had the same problem." Continue reading →

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David Stockman Explains The Keynesian State-Wreck Ahead

"'What has been growing is the wealth of the rich, the remit of the state, the girth of Wall Street, the debt burden of the people, the prosperity of the beltway and the sway of the three great branches of government - that is, the warfare state, the welfare state and the central bank... What is flailing is the vast expanse of the Main Street economy where the great majority have experienced stagnant living standards, rising job insecurity, failure to accumulate material savings, rapidly approach old age and the certainty of a Hobbesian future where, inexorably, taxes will rise and social benefits will be cut...' He calls this condition 'Sundown in America'." Continue reading →

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Caribbean and Central America Close Tax Loopholes

"In Panama, owners of bearer shares no longer have their anonymity ensured. In the Cayman Islands, tax information will soon be shared under the US Foreign Account Tax Compliance Act (FATCA). These are just two striking examples of how jurisdictions in Central America and the Caribbean are cracking down on tax cheats. For decades, Switzerland prided itself as a haven for the world’s most affluent, with strict provisions for privacy. But now the former advantages of isolation and non-compliance are becoming a liability due to the limitations they place on access to the global financial system." Continue reading →

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Really, St. Louis? Dodgers vs. Cards is now about class warfare?

Gimmie a break From the St. Louis Post-Dispatch: @drewmagary @T_Rav_W I hope the Cards lose so badly their last two World Series trophies explode. — FEARED Dent (@forddent) October 11, 2013 Me too. UPDATE: Some good people live there, so it’s not about the city. I’m not sure, but I don’t think St. Louis ever […]

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IMF Discusses A Super Tax Of 10% On All Savings In Eurozone

"One of the latest reports from the IMF discusses a super taxation of 10% on savings in the Eurozone. That would solve the debt problem in most sovereign countries. It would be an alternative of higher taxes or spending cuts. The economists who wrote the paper hasten to say that it is a theoretical proposal. Still, it appears to be 'an efficient solution' for the debt problem. For a group of 15 European countries such a measure would bring the debt ratio to 'acceptable' levels, i.e. comparable to levels before the 2008 crisis. One of the graphs (page 14) is also noteworthy: 'Relative to previous projections, fiscal deficits are somewhat larger in most countries, reflecting a weaker economic environment.'" Continue reading →

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