Search Results for: currency

Zimbabwe phases out local currency at 35 quadrillion to US$1

Zimbabwe starving billionaires

Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009. The demonetization process of the Zimbabwe dollar started on Monday and will run till …

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China devalues its currency for three days straight

Chinese yuan notes China

From Filip Karinja, for Birch Gold Group Former President George Bush is famous for once saying, “Fool me once, shame on you. Fool me… you can’t get fooled again.” Most of us know that it’s supposed to end, “Fool me twice, shame on me.” But what’s said when you get fooled …

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Chinese renminbi is now directly tradable with the euro

USD dollar Renminbi China

The Chinese central bank, People’s Bank of China, issued a press release announcing the authorization of direct trading between the renminbi and the euro on the inter-bank foreign exchange market. This is huge. The euro is the second most traded currency in the world, after the US dollar. The European Union is …

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Ecuador to replace the US dollar with its own digital currency

Ecuador Central Bank

Ecuador is planning to create the world’s first digital currency issued by the country’s central bank, in what is seen by many as a step to abandon the US dollar, the currency now used by the Central American country. The currency is expected to start circulating in December, according to …

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Currency wars: Venezuela devalues its currency by 46%

Venezuela Bolivar

While the rest of the developed world is scrambling here and there, politely prodding its central bankers to destroy their relative currencies, all the while naming said devaluation assorted names, “quantitative easing” being the most popular, here comes Venezuela and shows the banana republics of the developed world what lobbing …

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US dollar continues to lose influence around the world

US dollar losing influence around world

From Filip Karinja, for Birch Gold Group For centuries, global reserve currencies have proven to have a shelf life of around 80 years. Us humans, living our relatively short lives, tend to overlook long-term trends. With the U.S. dollar acting as global reserve currency since the Bretton Woods conference following World War II, …

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War on cash: Japan to introduce fingerprint currency

Japan fingerprint currency

The war on cash just got serious, and of course, it is the extreme policy experimenters of Japan that are pushing the boundaries. Having dived headlong into negative interest rates, Japanee policymakers recognize full well the historical reaction of “hording cash” will not ‘create’ the nirvana of 2% inflation and …

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Russia and China planning to dump the US dollar

Chinese Yuan

The Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on …

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Our collapsing economy and currency

USD money

Is the “fiscal cliff” real or just another hoax? The answer is that the fiscal cliff is real, but it is a result, not a cause. The hoax is the way the fiscal cliff is being used. The fiscal cliff is the result of the inability to close the federal …

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Australia will be a casualty of the currency wars

Australian money currency

The world’s most powerful nations are sitting on zero interest rates and printing money to get their currencies down, and there’s very little Australia can do about it, writes Alan Kohler. The currency war will be on in earnest in 2013 as the United States, Europe, Japan and China all …

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China calls for new global currency to replace US dollar

Gold Chinese Dragon

China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis. The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and …

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U.S. dollar set to shoot next in currency war, QE4 is coming

USD dollar currency war

From Filip Karinja, for Birch Gold Group In recent years, as competition on the global market has heated up, nations around the world have joined in a currency race to the bottom – to devalue their currencies faster than those of other nations. Strangely, the United States has done the opposite; …

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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 …

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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 …

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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 …

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Obama to pay US debt with trillion-dollar coins?

Trillion dollar coin debt

With the fiscal cliff averted for now, it’ll be a few weeks until the debt ceiling debate is the next major money issue in Washington. Luckily, some economists say that crisis can be curbed as well, and all it will take is one very valuable coin. By February, the United …

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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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Trump’s dollar warning sends US currency tumbling

Dollar warning Trump US currency tumbling

President Donald Trump has triggered a sharp decline in the US dollar by criticizing the currency’s strength on the back of increased confidence in his presidency. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting – that …

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Iran is preparing to ditch US dollar in international trade

Iran ditch US dollar international trade

After US President Donald Trump included Iran on a list of Muslim-majority countries facing a temporary immigration ban, Tehran responded by threatening to stop using the American dollar. Iran would either introduce a new common currency, in place of the US dollar, or use a portfolio of various currencies in foreign exchange and financial …

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

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, …

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