Economy

China moves one step closer to replacing the dollar

Obama wine China

From Filip Karinja, for Birch Gold Group The rise of China on the global economic stage got another boost this week. While discussing the potential that the Chinese renminbi (also known as the yuan) will be added to the IMF’s Special Drawing Right (SDR) basket of currencies, Christine Lagarde, the chief of the …

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France fighting the ‘War on Terror’ by banning cash

Michel Sapin capital control France

It was just a matter of time before Western governments used the trumped up “War on Terror” as an excuse to drastically ratchet up the very real war on the use of cash and personal privacy that they are waging against their own citizens. Taking advantage of public anxiety in …

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China is almost ready to replace the US dollar

Chinese Yuan world reserve currency

From Filip Karinja As the US dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east? Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of …

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Japan: 43% of tax revenue spent to cover interest on debt

Tax debt Japan

It’s entirely possible that we may see interstellar space travel in our lifetime. And what a dream that would be. But in the meantime, for anyone that’s losing patience with space technology, I would recommend you visit Japan. Because for anybody that has been here, this place is as close …

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Warren Buffett vs his gold bug father Howard Buffett

Warren Buffett gold derivatives

By Filip Karinja Warren Buffett’s distaste for gold is well known and promoted in the mainstream media. One thing that’s not well known or promoted is that Buffet’s father, Howard Buffett, a four-term Republican Congressman, believed in the role of gold as money and was a huge advocate for the gold …

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Ukraine bans currency trading due to hyperinflation

Ukraine currency trading ban hryvnia

The National Bank of Ukraine has banned banks from buying foreign currency for their clients until the end of the week in a fresh attempt to halt the national currency’s free fall. Hours after the measure was announced, Prime Minister Arseniy Yatsenyuk called for an emergency session of parliament to …

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Russia starts dumping US treasuries, China follows suit

China Russia president shots

Back in December, Socgen spread a rumor that Russia has begun selling its gold. Subsequent IMF data showed that not only was this not correct, Russia in fact added to its gold holdings. But there was one thing it was selling: some $22 billion in US Treasuries, a record 20% of its total holdings, bringing …

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HSBC in damage control following biggest banking leak in history

HSBC bank

HSBC has issued an apology as a political row over its Swiss private banking arm grows, saying it has “no appetite” to deal with clients seeking to dodge tax. In a full-page letter published in some Sunday newspapers, the bank’s chief executive, Stuart Gulliver, said the media revelations in the last …

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Negative interest rates are coming to America

Obama Bernanke Yellen

American savers have had it hard enough, earning next to nothing on bank deposits and money market funds. But could it get worse, with banks here charging depositors interest to hold their money and high-quality bonds yielding nothing at all? It might seem a curious question, given broad expectations for …

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Sweden cuts rates below zero, launches QE

Sweden

Sweden has cut interest rates below zero and launched quantitative easing to fight deflation, becoming the latest Scandinavian state to join Europe’s escalating currency wars. The Riksbank caught markets by surprise, reducing the benchmark lending rate to minus 0.10pc and unveiled its first asset purchases, vowing to take further action …

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