Belatedly, Zimbabwe recently declared its currency, the Zimbabwe dollar, worthless. The marketplace recognized the worthlessness of the Z$ in 2009, when the Zimbabwe government adopted the US dollar as its main currency. Account holders with Z$ balances of zero to Z$175 quadrillion will be paid a flat US$5. A “quadrillion” has fifteen zeros.
Five megabanks–Barclays, JPMorgan Chase, Citigroup, the Royal Bank of Scotland and UBS–are expected to plead guilty to rigging currencies markets; collectively, they will pay fines in the billions of dollars. And, we’re supposed to continue believing that the bullion banks never manipulated the gold and silver markets.
Despite our constant attention to news, we listen and view with disdain, knowing full well that what we hear and see is often distorted to get us to react and think in specific ways. In short, the news is slanted. Sometimes, slanted news coverage is exposed, but rarely is it exposed as was the case
It was an embarrassing defeat for the US as it failed to keep its major allies from seeking membership in the China-sponsored Asian Infrastructure Investment Bank (AIIB), which will provide Asian countries an alternative to the US-dominated IMF, World Bank and Asian Development Bank. Allies seeking membership include the UK, Australia, Germany, France and South
When the Dodd-Frank law was adopted with its vast increase in bank regulatory authority, the “too big to fail” problem was made permanent. In the name of never bailing out the banks again, new regulations have been imposed and some other financial services (like hedge funds and insurance companies) have been swept into the same
Ron Paul recently interviewed Bill Haynes, CMI Gold & Silver Inc. president, for the RonPaulChannel.com. Ron and Bill discussed the gold industry, the right forms of gold to buy and developments that affect the precious metals market.
The Left is making “income inequality” a cause célèbre , even trying to make it a campaign issue for this election cycle. Academicians and theorists present many reasons for why the “top one percent” earn so much more than the middle class, but lost in the discussions is why wealth is created by some people
A long-time client, who is a financial advisor, sent this: I thought it was interesting that the Christie’s Art Auction brought in a record 745 Million yesterday. A Francis Bacon piece sold for 80.8 Million and keep in mind that same piece sold for 15 Million 10 years ago. Looks like the uber wealthy wants