At this point, anyone paying even the slightest bit of attention to the central planning economic totalitarians running the fraudulent global financial system is aware of the blatant push in the media to acclimate the masses to accepting a “cashless society.”
I find it extremely perplexing that I have been the only one to report of thesecret meetingin London. Kenneth Rogoff of Harvard University, and Willem Butler, the Chief Economist at Citigroup, will address the central banks to advocate the elimination of all cash to bring tofruitionthe day when you cannot buy or sell anything without government approval. When I googled the issue to see who else has picked it up, to my surprise, Armstrong Economics comes up first.Othersare quoting me, and I even find it spreading as far as theCentral Bank of Nigeria, but I have yet to find any reports on the meeting taking place in London, when my sources are direct. Continue reading »
On 27 August, Polish Radio announced that two people have presented evidence that they have discovered Nazi Germany’s legendary “Gold Train,” containing art and that’s especially “laden with precious metals,” and that the pair are demanding a 10% cut of its value, for finding this nearly 200-yard-long train, in a hidden mountain tunnel in the Polish town of Walzbrych, formerly the German town of Waldenburg. Nazis had constructed the tunnel in 1943, to hide valuables from Soviet forces, in the event that Germany might lose the war.Continue reading »
The Black Standard or the Black Banner is the official flag used by ISIS in the Middle East.
America’s “war on terror” is a complete hoax. It’s a war OF terror on humanity. Washington actively recruits their fighters along with other takfiri elements.
Official US claims about wanting to degrade and defeat ISIS are a complete fabrication. Washington actively recruits their fighters along with other takfiri elements – as foot soldiers for endless wars of aggression against nations targeted for regime change. Continue reading »
The Chinese government’s heavy handed efforts to contain recent stock market volatility – the latest move prohibits short-selling and sales by major shareholders – have seriously damaged its credibility. But China’s policy failures should come as no surprise. Policymakers there are far from the first to mismanage financial markets, currencies, and trade. Many European governments, for example, suffered humiliating losses defending currencies that were misaligned in the early 1990s.
Still, China’s economy remains a source of significant uncertainty. Indeed, although the performance of China’s stock market and that of its real economy has not been closely correlated, a major slowdown is under way. That is a serious concern, occupying finance ministries, central banks, trading desks, and importers and exporters worldwide.
Governments can pull many levers to influence the behaviour of households, businesses and investors – Beijing has opted for half a dozen
China has tried to reboot its economy for the last year after it became obvious that a slowdown in early 2014 was turning into a steady decline in growth. Governments can pull many levers to influence the behaviour of households, businesses and investors. Here are the six main ones Beijing has used.
Cutting interest rates
The cut on Tuesday is the fifth since November and brings interest rates in the country down to 4.86% – an all-time low after having averaged 6.36% between 1996 and last year. The People’s Bank of China shaved another 0.25 percentage points off the borrowing and deposit rates to spur bank lending and encourage savers to spend the cash rather than earn a declining return on their money. Continue reading »
As Bloomberg reports, “China has cut its holdings of U.S. Treasuries this month to raise dollars needed to support the yuan in the wake of a shock devaluation two weeks ago, according to people familiar with the matter. Channels for such transactions include China selling directly, as well as through agents in Belgium and Switzerland, said one of the people, who declined to be identified as the information isn’t public. China has communicated with U.S. authorities about the sales.”
Over the last few years, the United States has not had the best track record with Deep Geologic Repositories (DGR) for nuclear waste. In February of 2014, the U.S.’ DGR, known as the Waste Isolation Pilot Plant (WIPP), had two separate incidents that compromised the integrity of the project by releasing airborne radioactive contamination. While most U.S. citizens were relatively unaffected by the events, our Canadian neighbors have proposed a plan to construct a DGR 0.6 miles from America’s largest source of fresh water, the Great Lakes — and the U.S. State Department is remaining relatively uninvolved.Continue reading »
The size of the epic RMB carry trade could be as high as $1.1 trillion. If China were to liquidate $1 trillion in reserves (i.e. USTs) in order to stabilize the yuan in the face of the carry unwind, it would effectively offset 60% of QE3 and put around 200 bps of upward pressure on 10Y yields. So in effect, China’s UST dumping is QE in reverse – and on a massive scale.
Update: China readies new bailout mechanism – pooling CNY2 Trillion of Pension funds for “investment”
A busy night in AsiaPac before China even opens. Vietnam had a failed bond auction, Japanese data was mixed (retail sales good, household spending bad, CPI just right), Moody’s downgrades China growth (surprise!), China re-blames US for global market rout, and then the big one hits – China’s bailout fund needs more money (applies for more loans from banks) – in other words – The PBOC just got a margin call. China margin debt balance fell for 8th straight day (although the short-selling balance picked up to 1-week highs). China unveiled some economic reforms – lifting tax exemption and foreign real estate investment rules. PBOC fixesds the Yuan 0.15% stronger – most since March, but even with last night’s epic intervention, SHCOMP looks set for its worst week since Lehman.
“Price insensitive” flows are starting to materialize, and our goal is to estimate their likely size and timing. These technical flows are determined by algorithms and risk limits, and can hence push the market away from fundamentals. The obvious risk is if these technical flows outsize fundamental buyers. In the current environment of low liquidity, they may cause a market crash such as the one we saw at the US market open on Mondaay”
War-torn Ukraine has reportedly reached a restructuring deal with a group of creditors headed by Franklin Templeton, according to the country’s finance minister Natalie Jaresko. The terms of the agreement call for a 20% writedown and a reprofiling that includes a maturity extension of four years and an across-the-board 7.75% coupon. Vladimir Putin isn’t interested. …