Customers and corporate depositors started to panic after the Central Bank of Cyprus issued an announcement late Monday saying it had issued a decree by which it has placed the Cyprus branch of FBME Bank Ltd. under a state of resolution.
Of all the financial implosions in the eurozone, few matched last year's collapse of tiny Cyprus in terms of drama and chaos.
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves.
We all know the U.S. dollar is the de facto world reserve currency.
Jim Rickards, author of one of my favorite books Currency Wars and his upcoming book "The Death of Money: The Coming Collapse of the International Monetary System", joins me today to discuss the death of money.
The U.S. has been investigating European banks regarding sanctions violations for more than five years and still has several cases outstanding. A penalty close to $9 billion for BNP would be the largest by far for violating U.S. sanctions.
Most of the time, a foreign bank will want you standing there, in person, to open an account, as well as to provide a seemingly endless array of notarized documents, stamped papers, and letters of reference.
Here's a guy you want to bet on– Li Ka-Shing.
Less than four weeks after starting his new job, Panama's President Juan Carlos Varela already has a serious challenge to deal with: empty grocery shelves.
...and future tactics to expect from They/Them/Those that will not leave us alone - UPDATE: Like a splinter in my mind is always the question, "Why?". Additional comments & links to provide supporting evidence
The inclusion of the renminbi as a constituent currency of the International Monetary Fund's special drawing rights (SDR) is critical to more advanced-economy central banks...
Welcome to warfare in the 21st century. It's not about battleships and ground troops anymore. This time the adversaries are battling each other using what ultimately affects everyone: money. (Oh, It's ON!)
NSA surveillance controversy centered on U.S. fear that Europe's economic powerhouse will dump the dollar
China signs currency swap worth 150 billion yuan with Switzerland.
A new international bank, centered on the nations of Brazil, Russia, India and China could so rival the International Monetary Fund. However, the plan is delayed as the four BRIC nations discuss where the bank should be headquartered. The new ins
By creating their own multilateral financial institutions, the BRICS emerging-market powers are shaking up global economic governance but remain far from dismantling the post-war system dominated by the West.
Last week I reported here on the Daily Paul that the holding company of the largest Portuguese Bank had defaulted and that the fourth largest Bulgarian Bank was set to collapse.
Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly...
This idea that we live in a world where government cares about us is just the biggest propaganda ever. Everyone one will only pursue their own self-interest.
Jim Rogers says: "The US dollar is an extremely flawed currency… we have serious problems… and the world needs something else." He goes on to discuss a possible China, Russia, Brazil joint currency that can battle the dollar's dominance and the coop
Like a lot of kids who grew up in the 80s, my parents enrolled me in organized basketball when I was around 9 or 10 years old.
The actual decline in function with age occur at the cell, organ, and systemic levels, but the impacts of this decline can differ with the individual's genes and environment. The net result of aging in an animal population is a progressive increase
The Head Of 'The Central Bank Of The World' Warns That Another Great Financial Crisis May Be Coming.
As we suggested last night, the anti-dollar alliance among the BRICS has successfully created a so-called "mini-IMF" since the BRICS are clearly furious with the IMF as it stands currently:
The central banks of the world are massively and insouciantly pursuing financial instability.
Leaders of the BRICS group of emerging powers will hold a summit Wednesday with South American presidents, bringing together nations seeking alternatives to US influence in the region.
On the heels of Friday's late melt-up, futures opened quietly on Sunday before ramping dramatically higher as Europe opened (which also saw Gold monkey-hammered lower) and then one again as US opened (along with another gold smackdown).
WTF Headline Of The Day: Blythe Masters' Ex-Husband Launches Offshored Bitcoin Hedge Fund
CEO Of Europe's Largest Insurer Pops The Utopia Bubble: "Nothing Is Solved And Everybody Knows It"
The US is tapering, with the Fed knowing any further monetization of private sector bonds will lead to a crash in the already illiquid bond market;