Tag Archives: currency

BRICS establish $100bn bank and currency reserves

BRICS nations

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, ... Read More »

US Defense Department: Bitcoin a potential terrorism threat

Bitcoin

The US Defense Department is conducting a counterterrorism program investigation of virtual currencies like Bitcoin and other new technologies, including smartphones and social media, to better understand if they pose security threats. Run by the Combating Terrorism Technical Support Office (CTTSO), a division of the Pentagon that analyzes terrorism and irregular warfare capabilities, the program recently ended its open call ... Read More »

Ukraine to buy $1 billion of gold with IMF money

Ukraine flag

A month ago, it was alleged, that Ukraine – under cover of night – loaded its gold reserves onto a plane and shipped them off (for safekeeping) in the US, as the potential price of ‘liberation’. So how ironic that, given the massive gas debts that Ukraine owes to Russia (and prepayments pending), and sizable bond maturities pending, the first thing ... Read More »

USD is dead: China caps its dollar holdings & plans crude oil futures priced in yuan

SHFE Shanghai Futures Exchange

China’s central bank has said it no longer sees any benefit in increasing its $3.66 trillion foreign currency reserves – already the world’s largest. China will cap its purchases of US dollars in an effort to limit the depreciation of the yuan. “It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Bloomberg quoted Yi Gang, a deputy governor at the ... Read More »

Russian lawmaker seeks to ban US dollar, predicts 2017 collapse

Mikhail Degtyarev

To protect Russians against the “collapsing US debt pyramid”, a Russian legislator has filed a draft bill to ban circulation of the currency in Russia. Once a Moscow mayoral hopeful, Mikhail Degtyarev, 32, likens the US dollar to a worldwide ponzi scheme which he says is scheduled to end in 2017. “If US national debt continues to grow at its ... Read More »

$5 million worth of bitcoin vanish in China

China bitcoin

A Chinese bitcoin trading platform suddenly shut down and up to $5 million worth of bitcoin disappeared with it, a reminder of the great risk associated with the digital currency. Users were unable to log into the Chinese bitcoin platform Global Bond Limited (GBL) on October 26, and as much as $5 million (30 million yuan) has disappeared with it. ... Read More »

Australian Bitcoin bank hacked, $1.3million stolen

bitcoin

An Australian bitcoin bank holding over US$1 million of the crypto-currency has been hacked, leaving an unknown number of users with nothing – one of the largest thefts in the currency’s four-year history. The incident took place on October 26, when the bank was hacked, with 4,100 bitcoins valued at $1.3 million stolen, the service’s operator only known as ‘Tradefortress’ ... Read More »

Australia doomed: debt ceiling raised $200b, central bank given $8.8b

Federal Treasurer Joe Hockey

The Federal Government has given the Reserve Bank of Australia a $8.8 billion one-off grant to help it manage future economic crises. The money will be added to a fund used to offset the central bank’s exposure to risky financial assets. Federal Treasurer Joe Hockey says Australia’s economy continues to grow, but financial instability in the United States presents serious ... Read More »

China imports over 2,000 tons of gold in last two years

goldbar

China has just one thing to say to all those who engage in the now daily slamdowns of gold just around the time of the London fixing, after 8 am Eastern, which lately have gotten so vicious they have resulted in “stop logic” market halts not on one but at least two occasions, keeping the price of gold delightfully low for all those ... Read More »

Swiss to investigate manipulation of currency markets

Currency market

Swiss regulators are investigating a number of financial firms over the potential manipulation of currency markets, where £3tn changes hands every day. The regulator said that multiple banks around the world could be drawn into the investigation, which will raise fresh questions about the integrity of the markets. The Swiss Financial Market Supervisory Authority said in a brief statement: “Finma is currently conducting investigations ... Read More »