Resistance

Bank Of England To The Fed: “No Indication Should, Of Course, Be Given To The Bundesbank…”

"At least two central banks have conspired on at least one occasion to provide the Bundesbank with what both banks knew was 'bad delivery' gold amounting to 172 bars. The 'bad delivery' occured even as official gold refiners had warned that the quality of gold emanating from the US Assay Office was consistently below standard, and which both the BOE and the Fed were aware of. Instead of addressing the issue of declining gold quality and purity, the banks merely covered up the refiners' complaint." Continue reading →

Continue ReadingBank Of England To The Fed: “No Indication Should, Of Course, Be Given To The Bundesbank…”

Bank Of England To The Fed: “No Indication Should, Of Course, Be Given To The Bundesbank…”

"At least two central banks have conspired on at least one occasion to provide the Bundesbank with what both banks knew was 'bad delivery' gold amounting to 172 bars. The 'bad delivery' occured even as official gold refiners had warned that the quality of gold emanating from the US Assay Office was consistently below standard, and which both the BOE and the Fed were aware of. Instead of addressing the issue of declining gold quality and purity, the banks merely covered up the refiners' complaint." Continue reading →

Continue ReadingBank Of England To The Fed: “No Indication Should, Of Course, Be Given To The Bundesbank…”

Money Laundering Accusations Could Delay Cyprus Bailout

"Cyprus had applied in June to become the fifth nation to receive a bailout in the euro crisis. But there are no signs whatsoever that Cyprus is willing to commit to a serious austerity program, sources in Brussels said. The talks could now be delayed by accusations that Cyprus is lax on money-laundering. Banks in Cyprus hold $26 billion (€20.33 billion) in deposits by Russian investors. According to the BND, most of this money has been illegally moved abroad to evade Russian tax authorities. By Cypriot standards it's a tremendous sum given that the island's entire annual GDP amounts to €17 billion." Continue reading →

Continue ReadingMoney Laundering Accusations Could Delay Cyprus Bailout

Money Laundering Accusations Could Delay Cyprus Bailout

"Cyprus had applied in June to become the fifth nation to receive a bailout in the euro crisis. But there are no signs whatsoever that Cyprus is willing to commit to a serious austerity program, sources in Brussels said. The talks could now be delayed by accusations that Cyprus is lax on money-laundering. Banks in Cyprus hold $26 billion (€20.33 billion) in deposits by Russian investors. According to the BND, most of this money has been illegally moved abroad to evade Russian tax authorities. By Cypriot standards it's a tremendous sum given that the island's entire annual GDP amounts to €17 billion." Continue reading →

Continue ReadingMoney Laundering Accusations Could Delay Cyprus Bailout

French officials abuse visa-free travel to spy on tax dodgers in Switzerland

"The French tax officials reportedly travel to Switzerland with a friend or family member when they are supposed to be officially on holiday. They use private credit cards for all purchases in Switzerland and to avoid being caught by Swiss customs or radars, the officials purportedly use cars with interchangeable number plates or take a train. Once in Switzerland they travel around to make sure Swiss-based companies allegedly belonging to French citizens actually have real offices, employees and clients." Continue reading →

Continue ReadingFrench officials abuse visa-free travel to spy on tax dodgers in Switzerland

French officials abuse visa-free travel to spy on tax dodgers in Switzerland

"The French tax officials reportedly travel to Switzerland with a friend or family member when they are supposed to be officially on holiday. They use private credit cards for all purchases in Switzerland and to avoid being caught by Swiss customs or radars, the officials purportedly use cars with interchangeable number plates or take a train. Once in Switzerland they travel around to make sure Swiss-based companies allegedly belonging to French citizens actually have real offices, employees and clients." Continue reading →

Continue ReadingFrench officials abuse visa-free travel to spy on tax dodgers in Switzerland

Francois Hollande lurches Right in historic U-Turn to save French economy

"French president François Hollande has bowed to massive pressure for business tax cuts to pull France’s economy out of slump and stave off industrial decline, ditching a core element of his socialist platform. Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates. Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target. Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of 'Socialism in one country' under a D-Mark currency peg in 1983." Continue reading →

Continue ReadingFrancois Hollande lurches Right in historic U-Turn to save French economy

Francois Hollande lurches Right in historic U-Turn to save French economy

"French president François Hollande has bowed to massive pressure for business tax cuts to pull France’s economy out of slump and stave off industrial decline, ditching a core element of his socialist platform. Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates. Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target. Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of 'Socialism in one country' under a D-Mark currency peg in 1983." Continue reading →

Continue ReadingFrancois Hollande lurches Right in historic U-Turn to save French economy

Traders Getting Replaced By Machines

"Wall Street’s credit-derivatives traders, who before the financial crisis commanded $2 million of annual pay, are being replaced by machines as banks cut costs and heed new regulations. UBS AG, Switzerland’s biggest bank, fired its head of credit-default swaps index trading, David Gallers, last week, with no plan to fill the position, according to two people familiar with the matter. Instead, the bank replaced Gallers with computer algorithms that trade using mathematical models." Continue reading →

Continue ReadingTraders Getting Replaced By Machines

Fed’s Williams Says Bond Buying May Exceed $600 Billion

"Federal Reserve Bank of San Francisco President John Williams said the central bank may buy more than $600 billion in bonds by extending its third round of quantitative easing well into next year. The Federal Open Market Committee last month affirmed its decision in September to buy $40 billion of mortgage-backed securities each month without specifying the total size or duration of the purchases. Williams, who holds a vote on policy this year, was among the first Fed officials to advocate open- ended bond buying." Continue reading →

Continue ReadingFed’s Williams Says Bond Buying May Exceed $600 Billion