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American monetary hegemony is supported by the custody of foreign Gold

Germany is repatriating its gold reserves from the New York Federal Reserve. This decision has created a frenzy in the gold market. But that is just the tip of the iceberg. According to the NY Fed, there are (2012) approximately 530,000 gold bars, with a combined weight of circa 6,700 metric tonnes stashed away in the Fed’s Lower Manhattan vaults. These are official figures which are impossible to verify. ...Read full article...

Why will all bank deposits be raided?

Because bankers cannot be prosecuted for breach of trust I challenge anyone to prove me wrong that confiscation of bank deposits is legalized daylight robbery Bank depositors in the UK and USA may think that their bank deposits would not be confiscated as they are insured and no government would dare embark on such a drastic action to bail out insolvent banks. Before I explain why confiscation of bank ...Read full article...

United Kingdom downgraded to AA+

Fitch Ratings has downgraded the United Kingdom’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘AA+’ from ‘AAA’. The Outlook is Stable. At the same time, the agency has affirmed the UK’s Short-term foreign currency rating at ‘F1+’ and the Country Ceiling at ‘AAA’. The rating actions follow the conclusion of the review of the UK’s sovereign ratings initiated on 22 March and resolve the Rating Watch ...Read full article...

The Bankers are the Saviors says IMF Director

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, said today that the real heroes of the economic crisis that erupted in 2008 are not heads of state and finance ministers but central bankers. “Who have been heroes since the crisis began,” said Lagarde to start a two-day seminar on macroeconomic policies at the headquarters of the International Monetary Fund and in the framework of the joint ...Read full article...

German plan seeks to tax Europeans to finance bailouts

Senior advisers to Chancellor Angela Merkel are pushing for better-off households to pay towards the cost of any future bail-outs for the weaker members of the single currency. The proposals, from members of Germany’s council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out. The council, known as the “Five Wise Men”, ...Read full article...

Austerity cripples Portugal

Health inspectors are not doing their job because they have no money to pay for gasoline and tolls, while financial inspectors refuse to work because they have to pay for gasoline out of pocket and do not know if they will get the money back. In some universities, research projects and food for the cafeterias have run out of funding. In the administration of justice “any imponderable” as a ...Read full article...

U.S. Economic Future: “I Suspect They’ll Take The Pension Plans Next” says Jim Rogers

I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse. Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s been condoned by the ...Read full article...

The Confiscation of Bank Savings to “Save the Banks”

Is the Cyprus Bank “Bail-in” a “dress rehearsal” for things to come? Is  a “Savings Heist” in the European Union and North America envisaged which could result in the outright confiscation of bank deposits? In Cyprus, the entire payments system has been disrupted leading to the demise of the real economy. Pensions and wages are no longer paid. Purchasing power has collapsed. The population is impoverished. Small and medium ...Read full article...

The IMF secures its slice of Cyprus by ‘contributing’ to its bailout

The International Monetary Fund (IMF) said today in Brussels that its contribution to the bailout of Cyprus will be of 1,000 million euros (1,340 million dollars). Confirmation of the figure that was so far a speculation comes a day after Nicosia closed the bailout terms with its creditor -the troika- which is composed by the IMF, the European Central Bank and the European Commission. The IMF’s board communicated that ...Read full article...

David Cameron begins to bite into the welfare state

The welfare state in Britain faces the most drastic reform in its history and the aftermath of that action will be less advantageous conditions for those who depend on it. The British society has traditionally been proud of a system that combines the postwar period liberality of its market with a strong network of social benefits. The first package of measures approved by the government of David Cameron in ...Read full article...

Service Jobs Are Next to Go

If you meet Baxter, the latest humanoid robot from Rethink Robotics – you should get comfortable with him, because you’ll likely be seeing more of him soon. Rethink Robotics released Baxter last fall and received an overwhelming response from the manufacturing industry, selling out of their production capacity through April. He’s cheap to buy ($22,000), easy to train, and can safely work side-by-side with humans. He’s just what factories ...Read full article...

China and Brazil won’t speak ‘American’ anymore

The days when the dollar was important seem to be long gone. Every couple of months, bilateral relations between new global powerhouses seem to confirm what has been long announced: The U.S. dollar is no longer seen as the world’s reserve currency. This week it was the time for China and Brazil to ditch the once mighty U.S. dollar as the base for their commercial relations. The rising Asian ...Read full article...

BRICS will create a bank to end hegemony of Europe and the U.S.

The bank will be the headquarters for trade in multiple currencies which do not include the dollar or the euro as references. The first day of the fifth annual summit of BRICS (Brazil, Russia, India, China and South Africa) was dedicated to the bilateral relations of its members, and it served to meet the intent of the five members on Wednesday who issued a joint statement on the commissioning ...Read full article...

Russia and China secure their energy future without the United States

Russian President Vladimir Putin urged his colleague, the President of China, Xi Jinping to concentrate on the development of trade and economic relations between the two countries. On Friday, in the Kremlin, both leaders signed a joint declaration to deepen bilateral ties and attended the signing of more than thirty agreements and documents that particularly affect the energy sector. For Xi Jinping, the trip to Moscow was the first ...Read full article...

Spain, Italy and other European nations to be raided to save Euro

It is in their blood. Bankers are born believing they can risk people’s assets and then come back to ask for financial rescues to pay for the losses that weren’t even theirs. What are the real chances that the European Union applies the same medicine to other members nations in an effort to ‘save’ the Euro? According to Jeroen Dijsselbloem, the Dutch chairman of the eurozone, more looting is ...Read full article...