Economy

Does China plan a Gold-backed Renminbi?

We expect the Chinese central bank to continue gradually accumulating gold, and we think that it might be planning a gold backing for the renminbi. If that were to happen, international acceptance would soar. Not for nothing was the enormous amount of gold reserves in the United States (N.B. the US …

Read More »

ASX favours charging for high-frequency trading

ASX Elmer Funke Kupper

The head of the Australian Securities Exchange (ASX) says charging for certain high-frequency trades is the best way to manage problematic behaviour. ASX Ltd CEO Elmer Funke Kupper estimates that about 15 to 25 per cent of trading on the Australian market is done through high-frequency transactions. “When it comes …

Read More »

Australia’s sub-prime scandal finally breaks wide open

Loan approved

A WA mortgage broker who got rich by “fudging figures” has blown the whistle on the banks that conspired in Australia’s own sub-prime mortgage scandal. In 2007 Kate Thompson was WA mortgage broker of the year. Now she is facing fraud charges. It is alleged Mortgage Miracles, in Canning Vale …

Read More »

How your bank account could disappear

empty bank account

On the same morning we hear that ¼ of Wall Street executives think that fraud is a necessary part of “doing business” in the financial sector, we hear of a second “MF Global”. The U.S.’s so-called regulators are now reporting that somewhere around $220 million in customer funds is “missing” at a financial institution known as …

Read More »

America’s debt vizualized

We kicked butt in the Olympics and landed on Mars. It’s been a pretty good month of the United States but with the elections coming up around the corner our economy has become a major battle between Romney and Obama. The fact is our great country owes a lot of …

Read More »

Assange or Corzine?

Priorities are a bitch. The United States won’t prosecute Corzine for raiding segregated customer accounts, but will happily convene a Grand Jury in preparation for prosecuting Julian Assange for exposing the truth about war crimes. From the New York Times: A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of …

Read More »

Australian stock market rigged: top insider speaks out!!

ASX stocks

A key executive of one of Australia’s largest retail stock brokers has blown the lid on what he calls the “market rigging” which is taking place on the Australian stock exchanges.  He was commenting on my article (Getting the jump on high-frequency trading, July 18). Bell Potter’s managing director for …

Read More »