Economy

Japan and China to start direct currency trading on Friday

Japan and China will start direct currency trading this week, Tokyo said Tuesday, the first time Beijing has let a major unit other than the dollar swap with the yuan. The move, which will scrap the greenback as an intermediary unit, comes as China introduces measures as part of a …

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Europe: the real deal

The media is rife with misrepresentations and analysis of the EU. Here’s the real deal.  1)    The ECB is tapped out. Having provided over €1 trillion in funding via LTRO 1 and LTRO 2, taking on over €700 billion in PIIGS debt putting its own solvency at risk, it simply cannot …

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500 MILLION ounces of paper silver dumped on the COMEX in 1 Hour

Capitulation, or the Apex of manipulation?  NetDania’s 1 hour silver chart indicates 105,231 silver contracts were dumped on the market this morning between 9am and 10am EST, as silver was smashed a dollar from $28 to $27. To put this number in perspective, 105,231 contracts is north of 500,000,000 ounces of …

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Greece’s banking industry secretly gets €100 billion

bank of greece

Greece’s struggling banking industry has been secretly injected with around €100 billion in emergency liquidity from the country’s central bank which was approved by the European Central Bank in Frankfurt, according to the FT. This follow reports of a ‘run’ developing on Greek banks last week, which were emphatically denied …

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China can now monetize US debt directly

The Treasury, apparently dissatisfied with the speed of indirect bank and/or Fed-inspired monetization of its exponentially rising debt-load at ever-cheaper costs of funds, decided in June 2011 to allow the Chinese, with their equally large bucket of USDs to bid directly for US Treasuries. As Reuters reports, China can now bypass Wall …

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Punk Economics: Part 4

The Punk Economics series by Irish economist David McWilliams is a great way to get up to speed as to what is going on with the world economy in a quick, fun and easy to digest manner. Here’s part 4: [youtube height=”400″ width=”550″]http://www.youtube.com/watch?v=NHjLO_cw5iE[/youtube]   Click here to catch part 1, 2 and 3 from …

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Fadebook

Facebook IPO

Forget that S&P 500 e-mini futures plunged to four-month lows at 1290; or Treasury yields crashed back to their record lows; or Gold and Silver’s surge today; or WTI’s plummet to almost a $90 handle; or Citi joining Morgan Stanley in the red year-to-date; or credit markets continuing into the …

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Paper gold & silver ponzi exposed – technical analysis

Anyone watching the gold and silver market understands that something is not right. An objective look at the fundamentals suggests that there seems to be no substance behind the recent downwards move. There has been a constant debate over the years on what drives the price of gold and silver. …

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California deficit soars to $16 billion

California, like Greece is perpetually in fiscal trouble. Overoptimistic revenue forecasts coupled with spending $2 billion more than expected has California in a deep hole. Governor Jerry Brown has the same non-solution as ever, hike taxes. Brown wants a “temporary” (as in seven years) tax hike. Given we all know …

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