|Wednesday, August 15, 2018
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Economy

Heading Toward Financial Maidan in Ukraine?

Ukraine’s economy is a sinkhole of economic Depression. It’s teetering toward collapse. Its Q I GDP plunged 17.6% year-over-year. It’s down 6.1% from Q IV 2014. Ten of the last 11 quarters saw economic contraction. Kiev depends on outside aid to keep operating. Inflation is out-of-control. The Financial Times reported it reaching 61% in April. Its hryvnia currency is headed toward becoming worthless toilet paper. It’s worth less than ...Read full article...

Banks buy their way out of Currency Manipulation Scandal

It is the second reprimand in less than six months against five major multinational banks for currency manipulation. The Department of Justice of United States and the Federal Reserve closed a deal with five of the largest banks in the world, which will be fined $ 5.7 billion dollars for having manipulated currency exchange rates for five years. It is the second reprimand derived from in less than six ...Read full article...

Optimism grows about the global economy

Only a liar or a banker could say he sees positive signs in the world economy. With Europe immersed in a dire economic depression, the United States ever more engaged in wars all over the world and a group of emerging markets with stagnated economies, only a member of the banking or financial industry could see the present as a good omen for the future. In contrast to reality ...Read full article...

Eurozone didn’t allow Greece to bankrupt in 2010

French and German banks were weakened due to their heavy investment in Greek debt. According to the documentary titled “On the Trail of the Troika“, the euro states prevented Greece from going bankrupt in order to protect German and French banks. Those banks, research shows, were exposed to almost €40 billion in Greek debt and were afraid to lose the money. Not only did Germany and France not allow Greece to ...Read full article...

Corruption and Poverty govern over Latin America

Corruption is the great plague that invades many countries in Latin America and the world. It will be perceived more and more as the threat of economic crisis looms, which will cause even greater rejection of corrupt practices. Social and economic developments in Latin America over the past decade have failed to circumvent a harsh reality: 40% of the population is in vulnerable conditions. That is, the risk of ...Read full article...

BRICS and the Fiction of “De-Dollarization”

The financial media as well as segments of the alternative media are pointing to a possible weakening of the US dollar as a global trading currency resulting from the BRICS (Brazil, Russia, India, China, South Africa) initiative.  One of the central arguments in this debate on competing World currencies hinges on the BRICS initiative to create a development bank which, according to analysts, challenges the hegemony of Wall Street and ...Read full article...

Germany Pre-approves Fracking

The German Council of Ministers approved a bill that allows the extraction of unconventional hydrocarbons with the technique of hydraulic fracturing. The government will allow fracking to take place beginning in 2016, and says that the process of poisoning water and soil will have “strict limits”. According to the bill, the plan to authorize the use of this system for the extraction of oil and gas will be effective ...Read full article...

China attracts plenty of interest to its Asian Development Bank

Even countries like the United States, which opossed China’s initiative from the the beginning, now want to participate. China took another step Tuesday to realize its dream of leading an Asian Infrastructure Investment Bank, the first multilateral financial institution that will not be dominated by the United States or its allies. Today was the deadline given by China for interested partes to apply and more than 45 nations have ...Read full article...

Whatever Became of Economists and the American Economy

According to the official economic fairy tale, the US economy has been in recovery since June 2009. This fairy tale supports America’s image as the safe haven, an image that keeps the dollar up, the stock market up, and interest rates down. It is an image that causes the massive numbers of unemployed Americans to blame themselves and not the mishandled economy. This fairy tale survives despite the fact ...Read full article...

Did Greece cave in on debt negotiation?

ATHENS – Greece has, at the very least yielded. The pressure from the Troika, serious liquidity problems and tensions in the financial system led to the Government of Alexis Tsipras to announce Tuesday that he would ask for a six-month extension of the rescue program that is intended to keep the country afloat. After a couple of weeks of heavy pressure, including an ultimatum from Troika members, Varoufakis has ...Read full article...

IMF buys Ukrainian Sovereignty for 15 Billion euros

As we reported yesterday, the International Monetary Fund (IMF) has approved a 15.5 billion euros bailout for the government of Ukraine. While Petro Poroshenko was busy meeting with Angela Merkel, Fraçois Hollande and Vladimir Putin in Minsk, the president of the International Monetary Fund, Christine Lagarde, announced the new financial assistance package to Kiev in exchange for what the IMF head called substantial reforms: review of energy policy, cut ...Read full article...

IMF ready to finance Ukrainian Junta

While the United States is set to provide the Ukrainian army with lethal weapons to attack the East of the country, the IMF intends to plunge Ukraine into darker economic conditions. Ukraine is desperately awaiting the end of negotiations with the International Monetary Fund (IMF). The long conflict with Russia and the flimsy foundations of the economy have placed the country on the brink of bankruptcy. TheKievgovernmenthopesto seala new ...Read full article...

Tsipras defies Troika: “Greece will no longer take orders”

Less than twelve hours after receiving notice of the European Central Bank to cut funding to Greek banks, Prime Minister Alexis Tsipras answered vehemently in a post that seems directed at Mario Draghi but also to all those that put sticks on wheels: “Greece will no longer accept more orders, especially orders received by email,” he asserted from the Greek Parliament in the first session of the SYRIZA parliamentary ...Read full article...

European Central Bank forcing Greece into perpetual Debt

The European Central Bank is tightening the rope with Greece. The bank intervened yesterday in the negotiations between Athens and the Troika by threatening with the cancellation of credit to all Greek banks. This measure is meant to force Greece to request another bailout and to continue the vicious circle the ECB has mandated. Frankfurt announced just after 9 p.m. to cut of liquidity to Greek banks beginning next ...Read full article...

Is a Bank Holiday coming to Greece?

Greek people are running into banks to get as much cash out of their accounts as possible fearing that their money may be confiscated. Even before the new government of Greece is able to sit to renegotiate the terms of any future bailouts or deals, as is the intention, the executive Alexis Tsipras may have to face an even more serious crisis. Greek banks are experiencing a series of ...Read full article...