money

RBS Outage Left Millions Cashless On Busiest Shopping Day Of The Year

"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 →

Continue ReadingRBS Outage Left Millions Cashless On Busiest Shopping Day Of The Year

Dutch central bank warns consumers to be careful with bitcoins

"The Dutch central bank on Tuesday warned consumers about the rising popularity of virtual currency such as bitcoins, pointing out that they currently fall outside official regulatory channels. Nor does the central bank have a regulatory roll in companies which trade virtual currency, the institution said in a short statement. ‘Consumers should be aware of the risks they run when they acquire bitcoins,’ the statement said. ‘The exchange rate is volatile and there is no central authority consumers can hold responsible. Nor are Dutch guarantees on savings applicable.’ Several Dutch cafes and bars now accept bitcoins as currency, such as the Café De Waag in Delft." Continue reading →

Continue ReadingDutch central bank warns consumers to be careful with bitcoins

Party On Wall Street! Larry Summers Wants to Charge People for Saving

"The Wall Street Party we've forecast continues to build. The JOBS Act is forcing new product into the IPO market. QE continues in the US, Britain and Europe. Janet Yellen and Mark Carney are not about to try to taper in any serious way. The fracking meme continues to be pursued, giving people at least the illusion of more gas and oil to stimulate another industrial boom. And now, to ensue that money flows copiously, top bankers are obviously considering negative interest rates. How do you increase consumer spending, thus contributing to the Wall Street Party about which we've regularly written? Try to increase the velocity of money any way you can." Continue reading →

Continue ReadingParty On Wall Street! Larry Summers Wants to Charge People for Saving

Paul Craig Roberts: The Money Changers Serenade – A New Plot Hatches

"At the IMF Research Conference on November 8, 2013, former Treasury Secretary Larry Summers presented a plan to expand the con game. Summers says that it is not enough merely to give the banks interest free money. More should be done for the banks. Instead of being paid interest on their bank deposits, people should be penalized for keeping their money in banks instead of spending it. Summers acknowledges that the problem with his solution is that people would take their money out of banks and hoard it in cash holdings. Summers has a fix for this: eliminate the freedom by imposing a cashless society where the only money is electronic." Continue reading →

Continue ReadingPaul Craig Roberts: The Money Changers Serenade – A New Plot Hatches

38,000 Australians take ANZ bank to Federal Court over banking fees

"The largest consumer class action in Australian history begins in the Federal Court in Melbourne today as 38,000 ANZ customers appeal over the bank's fees. Law firm Maurice Blackburn is taking the action on behalf of ANZ customers, with the court set to examine whether the fees are fair or whether they are excessive and therefore illegal. A High Court decision last year paved the way for the trial in the Federal Court. Maurice Blackburn has the financial backing of publicly listed litigator IMF. Andrew Watson, the head of class actions at Maurice Blackburn, says the fees are not an accurate reflection of the costs faced by banks when customers are caught out." Continue reading →

Continue Reading38,000 Australians take ANZ bank to Federal Court over banking fees

Leaked Docs: Dutch Rabobank Blocked Bitcoin for ‘Ethical Reasons’

"Rabobank, the Netherlands’ third-largest retail bank by market share,blocked its customers’ transfers to bitcoin exchanges for ‘ethical reasons’, according to several first-hand customer reports and bank documents leaked to Dutch news sites. When questioned about the blocks, Rabobank apparently told some customers there were 'technical problems' with the transfer, but told others the bank’s own internal Ethics Commission had ruled to disallow bitcoin trading. The documents went on to recommend customers engaging in bitcoin trading be labeled as having a 'higher risk profile' in general." Continue reading →

Continue ReadingLeaked Docs: Dutch Rabobank Blocked Bitcoin for ‘Ethical Reasons’

Ron Paul: Fed’s Yellen Dangerous For The Economy

"What does former U.S. congressman Dr. Ron Paul think about Janet Yellen as the Fed Chair? Kitco News caught up with Paul at the Metals & Minerals Conference in San Francisco, where he is a keynote speaker, to discuss monetary policy, gold and the US dollar. 'It's easy to be a critic if you don't believe they should exist,' Paul says in response to his criticisms of the Fed. Having Yellen as the next chair, Paul says not much will change. 'If anything, it'll be slightly worse because she is a very aggressive inflator...I think she'll be dangerous to the dollar and she will not revive the economy.'" Continue reading →

Continue ReadingRon Paul: Fed’s Yellen Dangerous For The Economy

Banks Warn Fed They May Have To Start Charging Depositors

"A less discussed issue was the Fed's comment that it would consider lowering the Interest on Excess Reserves to zero as a means to offset the implied tightening that would result from the reduction in the monthly flow once QE entered its terminal phase (for however briefly before the plunge in the S&P led to the Untaper). After all, the Fed's policy book goes, if IOER is raised to tighten conditions, easing it to zero, or negative, should offset 'tightening financial conditions', right? Wrong. As the FT reports leading US banks have warned the Fed that should it lower IOER, they would be forced to start charging depositors." Continue reading →

Continue ReadingBanks Warn Fed They May Have To Start Charging Depositors

Bitcoin: Experts clash over the crypto-currency

"Bitcoin is reaching new heights thanks to a combination of speculation on future value and genuine, undeniable usefulness. Think about it: Why can it take days or weeks for banks to send money around the world, when an email travels in seconds? Does the money travel by steamboat? Are they loading gold bars onto the side of a camel and sending it over the mountains of Mongolia? Of course not. The real answer is depressing - banking is a stagnant market running on long-obsolete infrastructure, which improves only when forced to by government. [..] When Metro Bank opened in 2010, it received the first new UK banking licence issued in 150 years." Continue reading →

Continue ReadingBitcoin: Experts clash over the crypto-currency