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More countries use Chinese yuan to settle international payments

"Of the 160 countries that settled payments with Hong Kong and the mainland last month, 47 had at least 10 per cent of their transfers made out in the yuan, according to SWIFT, a global member-owned co-operative servicing financial institutions. The number of countries 'crossing the RMB river', or having at least 10 per cent of payments valued in the yuan, grew 9 per cent in the nine months to April this year, SWIFT said in a report yesterday. Italy and Russia are among the major adopters of the yuan. Other places where the currency is increasingly popular for payments include Britain and Singapore, the organisation said." Continue reading →

Continue ReadingMore countries use Chinese yuan to settle international payments

Anthony Wile: The Danger Beyond Employment Numbers

"When most people in a country have no money or land or even a house, and take no pleasure in working, and when only half of what may be considered the potential working population is formally employed, then it is probably not too strong a statement to say that the system itself is not producing satisfactory results and is even in danger of breaking apart entirely. The US's advantage throughout the post-War years was its dollar reserve currency; US officials could fund deficit spending by printing dollars without generating price inflation. Countries around the world had to hold dollars because they needed dollars to buy oil. This system is changing now." Continue reading →

Continue ReadingAnthony Wile: The Danger Beyond Employment Numbers

76% of Americans are living paycheck-to-paycheck

"Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday. Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all. Even more disappointing; The savings rates have barely changed over the past three years." Continue reading →

Continue Reading76% of Americans are living paycheck-to-paycheck

Obamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000

"As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 - an all time record high. Full time jobs? Down 240,000. And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs. And there is your jobs 'quality' leading to today's market euphoria (if only for now)." Continue reading →

Continue ReadingObamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000

Nigel Farage: There is a Gathering Electoral Storm

"With 62% youth unemployment in Greece, and with Spain not far behind, it is perhaps about time we were honest and admitted we are causing it ourselves. And yet your recipe is more bureaucracy. A youth guarantee scheme, another six billion for the Youth Employment Initiative, the setting up of the European Alliance for Apprenticeships backed up by the Quality Framework for Traineeships, and the list goes on and on and on of yet more highly paid civil servants setting up organisations that will achieve nothing. Until the euro is broken up, until you reverse the social market model you will not help youth unemployment." Continue reading →

Continue ReadingNigel Farage: There is a Gathering Electoral Storm

Portugal and Greece highlight eurozone fragility

"Political turmoil in Portugal and concerns about the pace of reform in Greece have raised fears that the eurozone crisis may be about to reignite. Nervous markets pushed up borrowing costs in Portugal to a painful 8 percent Wednesday (3 July) after the governing coalition of Pedro Passos Coelho saw the resignation of its finance and foreign ministers over the social and economic costs of austerity measures. Coelho's weakened position raises doubts about whether Lisbon - until recently routinely praised for putting into place a series of harsh budget-cutting measures - will be able to meet the terms of the its €78 billion bailout, agreed in 2011." Continue reading →

Continue ReadingPortugal and Greece highlight eurozone fragility

Paul Craig Roberts: Lawlessness Is The New Normal

"Europe headlines are that 'NSA surveillance threatens the EU free trade deal' and 'Merkel demands explanations.' The protests are the necessary public posturing of puppets and will be regarded as such by Washington. The French government says the trade talks should be temporarily suspended 'for a couple of weeks to avoid any controversy.' However, the German government says, 'We want this free trade agreement and we want to start the talks now.' In other words, what Merkel describes as 'unacceptable Cold War-style behavior' is acceptable as long as Germany gets the free trade agreement." Continue reading →

Continue ReadingPaul Craig Roberts: Lawlessness Is The New Normal

Russia chides France, Spain and Portugal over Morales aircraft incident

"Russia has blasted the European countries which barred the Bolivian presidential aircraft from entering their airspace as unfriendly action, adding that such moves could compromise passengers’ safety. Russian diplomats added that they will continue to press for unconditional observation of international rules that guarantee the personal immunity of heads of state that prevent any attempts on their life, freedom and dignity. The Bolivian presidential aircraft had to land in Vienna, Austria, and remain grounded for 12 hours as France, Spain and Portugal closed their airspace for transit over a suspicion it could have been carrying NSA leaker Edward Snowden." Continue reading →

Continue ReadingRussia chides France, Spain and Portugal over Morales aircraft incident

Argentina Applies Law That Jails Hoarders as Bread Price Surges

'Interior Commerce Secretary Guillermo Moreno announced the measure in the official gazette today. The 1974 law allows authorities to freeze prices and obliges companies to maintain supply. Those in breach are subject to fines and imprisonment. 'If the law on supply is applied, the one who should go to jail is Moreno himself,' former Economy Minister Martin Lousteau said in an interview with Radio Mitre today. 'He’s to blame for the lack of wheat in Argentina.' Argentine wheat production has decreased since 2006, when President Cristina Fernandez de Kirchner’s predecessor and late husband Nestor Kirchner set export quotas." Continue reading →

Continue ReadingArgentina Applies Law That Jails Hoarders as Bread Price Surges

17 Dead, More than 200 Injured As Morsi Supporters Rally To Reject ‘Coup’

"It seems the turmoil in Egypt is far from over as hundreds of thousands (if not more than a million) protesters rallied on Friday to reject the military's removal and arrest of President Mohamed Morsi and other Muslim Brotherhood leaders. Egypt's health ministry reports that 17 people were killed and more 200 were injured in clashes between pro- and anti-Morsi protesters on Friday. You can watch live feeds from the protests here, and Business Insider has a correspondent on the ground. Some of the most intense clashes came on the October 6th bridge in Cairo, where gun shots were heard and a car has been set ablaze." Continue reading →

Continue Reading17 Dead, More than 200 Injured As Morsi Supporters Rally To Reject ‘Coup’