Without a doubt, the existing global financial system depends on the widespread use of fiat currencies issued by insolvent governments.
While many investors have seen this coming, for a major investment bank to tackle the issue and in harsh terms break down the difficulties facing several states, is a sign the situation may be deteriorating further.
The World Bank is issuing its first bonds denominated in China's yuan in Hong Kong, joining a growing number of borrowers tapping the new debt market as Beijing gradually promotes of its tightly controlled currency abroad.
The World Bank issued its first yuan-denominated bond, raising $76 million and trying to promote the use of the Chinese currency in international markets at a time when China's stake in the institution is about to increase.
The distinguished gentleman from Texas Ron Paul explaining why freedom in currencies is the best way to have wealth for the American citizen.
Congressman Ron Paul has been promoting the idea of legalizing competing currencies in the process of diffusing the Federal Reserve’s monopoly over money.
Merkel will call the shots at tomorrow's EU summit – but will she kill or cure the patient?
Moscow’s Micex exchange started trading the yuan against the ruble for the first time today, as Russia and China seek to reduce the use of dollars in trade.
Euro will not fail, say Wolfgang Schaeuble and John Major ... Germany's finance minister Wolfgang Schaeuble has warned those who bet against the euro that they "will not succeed".
When you hear the wisdom of Paul Craig Roberts you soon realize why he never appears on cable TV.
To quote Williamss, who actually keeps track of the US economy as if it were a GAAP audited corporation: "The annual deficit is running $4-5 trillion a year , that includes the Y/Y change in the NPV of unfunded liabilities...
Well… Friday I took off and I guess the currency traders did too, for the bloodshed in the currency and precious metals on Friday was akin to Custer’s Last Stand at Little Bighorn!
The escalating debt crisis on the eurozone periphery is starting to contaminate the creditworthiness of Germany and the core states of monetary union.
St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
This is not your typical holiday video.
Falling prices for new and used vehicles, apparel, recreation and tobacco kept the index low. But shelter and medical care costs rose, and gasoline prices are up 9.5% over last year.
Given your belief that a currency whose value is lower than you think it should be confers “advantages” upon its holders, I hereby offer to confer such advantages upon you and your family.
At last check Irish-Bund spreads were north of 725 bps, meaning Ireland is now effectively insolvent, and joins Greece in the group of bankrupt European countries. If this blow out is not stopped immediately, the contagion will again spread...
As far as most of the leaders converging in Seoul for the G-20 are concerned, however, Bernanke is playing an old-fashioned game of voodoo economics, and they see the Fed's sudden move as carefully timed to undercut arguments for other G-20...
Chinese officials have made a series of tentative steps towards diversifying out of the U.S. dollar.
Last week we reported on a note from Steven Englander, who predicted that central bank reserve managers would begin dumping dollars in the coming weeks, based on a key set of criteria. Today he confirms that the criteria have been met:
The dollar's position as a reserve currency is now "absurd": namely that more and more in the world are starting to look at the CNY as the new reserve currency.
Leading economies should consider readopting a modified global gold standard to guide currency movements, argues the president of the World Bank.
U.S. President Barack Obama defended the Federal Reserve's policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week's Group of 20 meeting.
Rumors are once again swirling of a “bank holiday,” during which US citizens will be prevented from withdrawing money or at least limited in the amount of the withdrawal they can make.
The dollar fell against the yen and the euro in Asia Thursday, as investors sold the U.S. unit following the Federal Reserve's announcement overnight of a second round of quantitative easing.
A beggar-thy-neighbor monetary policy works for small countries getting out of a hole of their own making: It doesn’t work for the world’s largest single economy with the world’s reserve currency, in the middle of a Global Depression.
A year ago it was deemed too cheap, if it goes any lower than that it's actually become toxic waste."
The Fed will not stop until it prints nearly ten trillion in incremental money beginning on November 3. That's almost more than M1 and M2 combined. (You do realize that Obama will be out of the country when this hits.)
Rick Ackerman gives a very good account of what will happen to prices when Quantitative Easing version 2.0 hits the street in 10 days, potatoes, not houses will skyrocket in price. The word sudden was mentioned more than once.