According to Symantec, North Korea probably is responsible for the $81 million theft from Bangladesh’s central bank. Researchers at the digital security firm uncovered “a rare piece of code” that had been seen in previous hacking cases by North Korea. The theft is believed to be the first by a nation for purely financial gain.
Is the US economy slowing down, which will prompt more Fed stimulus, or is it “dramatically better” as NY Fed President William C. Dudley said in a recent New York Times interview, which will allow the Fed to raise the discount rate later this year? In the first quarter, US Gross Domestic Product rose only
In what is being reported as an effort to impede criminal activity and terrorism, the European Central Bank announced that it will discontinue issuing €500 notes around the end of 2018. However, the ECB was quick to affirm that the €500 notes already in circulation “will remain legal tender and . . . always retain
Gold haters–think Paul Krugman–are fond of attacking gold and advocates of gold as money. They prefer digital monies that reside in computers. Nothing physical, such as coins that can jingle in your pockets, just a statement showing how many digital dollars you have “in the bank,” which is really not a bank but a computer.
And, the stock market — using the Dow Industrials — fails to make new highs. The U.S. economy grew at its slowest pace in two years the first quarter 2016, with GDP rising .5 percent, less than half the gain posted fourth quarter 2015. For some time, the U.S. was the shining star among world
According to the New York Times, Saudi Arabia recently told Obama administration officials and members of Congress that it could be forced to sell up to $750 billion in treasuries and other assets in the United States if Congress passes a bill that would allow the Saudi government to be held responsible in American courts
April 15 is behind us, and that gives a feeling of relief to those Americans who labored and toiled in 2015 to provide for themselves and their families while seeing billions of dollars confiscated from their earnings. (And, now they must keep records for years just in case they are later audited by the IRS.)
As noted in G-20 talks up more deficit spending; Deutsche Bank recommends gold, there were loud cries at the Shanghai G-20 Summit for “a worldwide coordinated effort” to head off global recession. Here are a few more details about the G-20 discussions.
At the Group of 20 largest economies summit just concluded in Shanghai, the primary concern was deteriorating global growth and how to counter it. Much discussed was a “coordinated effort,” which would include increase government spending by members, in addition to the massive deficit spending already going on worldwide. Mark Carney, Bank of England head,
Martin Wolf, chief economics commentator at the Financial Times, is calling for the world’s central banks to start electronically depositing money “to every adult citizen.” Wolf’s not calling on only the Fed to implement this policy but all the world’s central banks, which would mean massive inflation around the world that would send investors scurrying