Bank Of England Warns Of Global Currency Wars - By Michael Shedlock (13/12/12) PDF Print E-mail
Michael Shedlock   
Thursday, 13 December 2012 09:37

Financial Sense

By the time central banks warn about something, the practice has likely been going on for years. Today's case in point is BoE's King warns of growing currency competition [1]

The head of the Bank of England warned on Monday that too many countries were trying to weaken their currencies to offset the impact of the slow global economy and the trend could grow next year.

"You can see, month by month, the addition to the number of countries who feel that active exchange rate management, always to push their exchange rate down, is growing," Mervyn King said in a speech.

Currency Wars

The warnings by King, who is set to step down in July, echo those made in October by U.S. Federal Reserve Chairman Ben Bernanke, who delivered a blunt call for certain emerging economies to allow their currencies to rise.



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HSBC To Pay $1.92 Billion To Settle Charges Of Money Laundering - By Ben Protess & Jessica Greenberg (12/12/12) PDF Print E-mail
Ben Protess & Jessica Greenberg   
Wednesday, 12 December 2012 08:13

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FED Is Expected To Launch New Bond Buying Program - By Martin Crutsinger (11/12/12) PDF Print E-mail
Martin Crutsinger   
Tuesday, 11 December 2012 13:54

AP

With a nervous eye on the “fiscal cliff,” the Federal Reserve is expected this week to announce a new bond-buying plan to support the U.S. economy.

The goal would be to further reduce long-term interest rates and encourage borrowing by companies and individuals. If it succeeds, the Fed might at least soften the blow from tax increases and spending cuts that will kick in in January if Congress can’t reach a budget deal.

But the Fed’s actions wouldn’t rescue the economy. Chairman Ben Bernanke warned last month that if the economy fell off a “broad fiscal cliff,” the Fed probably couldn’t offset the shock.

Fears of the cliff have led some U.S. companies to delay expanding, investing and hiring. Manufacturing has reached its weakest point since July 2009. Consumers have cut back on spending. Unemployment has dipped in recent months but remains a still-high 7.7 percent.

If higher taxes and government spending cuts lasted for much of 2013, most experts say the economy would sink into another recession.

Once its two-day policy meeting ends Wednesday, the Fed is likely to say it will start buying more long-term Treasurys to replace a program that expires at year’s end. Under the expiring program, the Fed has sold short-term Treasurys and used the proceeds to buy $45 billion a month in long-term Treasurys. The plan is called “Operation Twist” because it’s sought to “twist” long-term rates lower relative to short-term rates.



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The Icelandic Success Story - By Aziz (10/12/12) PDF Print E-mail
Aziz   
Monday, 10 December 2012 13:42

Financial War Reports

The Prime Minister of Iceland explains:

“We bail out the people and and imprisoned the banksters – just the opposite of what America and the rest of Europe did.”

Iceland went after the people who caused the crisis — the bankers who created and sold the junk products — and tried to shield the general population.

But what Iceland did is not just emotionally satisfying. Iceland is recovering, while the rest of the Western world — which bailed out the bankers and left the general population to pay for the bankers’ excess — is not.

Bloomberg reports:

Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. The local stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed.

This was no post-Lehman Brothers recession: It was a depression.



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Is A Global Gold Supply Crunch Forming? - By Jeff Clark (7/12/12) PDF Print E-mail
Jeff Clark   
Friday, 07 December 2012 10:47

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