Economy

Australian banks at risk

big four banks Australia

Despite yesterday’s blowout $6 billion or so profit from ANZ, it turns out all is not entirely well in Australia’s financial services industry. For the last five years, the pattern in the markets has been the same. A crisis starts at the margin, with a peripheral player, and then moves …

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€4.9 billion fine for rogue trader

Jerome Kerviel

Former trader Jerome Kerviel has been ordered to spend three years in prison and pay back 4.9 billion euros (£3.9 billion) in damages for one of the biggest trading frauds in history. After a four-week trial in June, the Paris appeals court ruled this afternoon that Mr Kerviel was a …

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U.S. mint continues to sell 50 times more silver than gold

Silver bars

The US Mint’s frantic silver sales pace continued over the weekend, as the Mint reported 430,000 ounces of silver sales over the weekend on Monday.  Perhaps more importantly, the US Mint Silver eagle to US Gold eagle sales ratio continues to exceed 50 to 1, a pace that is simply unsustainable with a …

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iSlave: Foxconn says underage workers used in China plant

Apple iPhone iSlave Foxconn

Foxconn Technology Group, the world’s largest contract electronics maker, has acknowledged hiring teenagers as young as 14 in a Chinese factory, in breach of national law, in a case that raises further questions over its student intern program. Labor rights activists in China have accused Foxconn and other big employers …

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Crash the New World Order! Buy Silver!

Crash JP Morgan Buy Silver

There are myriad reasons to buy physical silver. Sure, we’ve all heard how great of an investment it is, but, truth be told, there is also a moral and political argument to be made for the metal. Historically, in this country, silver was considered money by the banking establishment and …

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World’s richest man doubles down on gold

Carlos Slim worlds richest person

Business magnate Carlos Slim just bet a whole lot of money on gold. The world’s richest man, valued around $69 billion, just put $750 million into several gold mining projects in Mexico through his Minera Frisco SAB company. Slim swooped in as a company named AuRico fell on tough times. …

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Ron Paul: 22.8% Real Unemployment!

Last week, supporters of the current administration rejoiced over job numbers released by the Bureau of Labor and Statistics (BLS).  For the first time since the administration came to power, the official unemployment number fell below 8%.  Keynesian cheerleaders all claimed the numbers meant we are surely on the road …

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