A new world monetary system is being set up right now which will completely kill the US dollar, which is the world’s reserve currency. 23 countries (60% of the world’s GDP) are setting up swap lines which bypass the dollar and SWIFT, which is the dollar-based worldwide financial transaction system. These countries include Russia, […]
MONEY
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Soros Warns China Credit Cycle Has Gone “Parabolic” Just To Keep Zombies Alive
After warning last year of a “practically unavoidable” hard-landing to come in China, George Soros unleashed his central-planner-crushing self last night on the great red ponzi. As we noted last night, Soros warned the “parabolic” rise in credit is very worrisome, and “eerily reminiscent of US in 2007-8,” specifically adding that“most of the money that […]
China Say No Dollar For New Gold Backed Yuan
In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19. When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies […]
Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules
Just over a year ago, a black swan landed in the middle of Europe, when in what was then dubbed a “Spectacular Development” In Austria, the “bad bank” of failed Hypo Alpe Adria – the Heta Asset Resolution AG – itself went from good to bad, with its creditors forced into an involuntary “bail-in” following […]
Venezuela today looks like Zimbabwe 15 years ago
VISITING a supermarket in Venezuela is like entering Monty Python’s cheese-shop sketch. “Do you have any milk?” The shop assistant shakes her head. Sugar? No. Coffee? No. Soap? No. Cornflour? No. Cooking oil? No. Do you in fact have any of the products that the government deems so essential that it fixes their prices at […]
Canada’s golden age is over – Canada has used up all of its gold reserves
Canada has used up all of its gold reserves. For the first time since 1935 the country is out of gold. The volume of gold reserves in Canada has declined steadily over the past 50 years. In the mid-1960s, Canada’s gold reserves exceeded 1,000 tons. By 1985, half had been sold. In 2015, the reserves […]
NOT GOOD: 37% of the US government’s total reported assets are student loans
Hot off the presses, the US government just published its audited financial statements this morning, signed and sealed by Treasury Secretary Jack Lew. These reports are intended provide an accurate accounting of government finances, just like any big corporation would do. And once again, the US government’s financial condition has declined significantly from the previous […]
George Soros Calls on EU to Bankrupt Itself in Order to Destroy Itself
In an editorial released Wednesday, George Soros said the European Union faces “mortal danger” and must “urgently” use their “AAA credit rating” to take on massive debt so that their refugees can be provided with “formal employment opportunities, health care, and education,” lest the EU continue “coming apart at the seams.” Soros writes in “The […]
A post box in Bermuda numbered 666 receives Google profits worth £8BILLION a year
A post box in Bermuda numbered 666 receives Google profits worth £8BILLION a year Google has no office, no staff and little more than a plain PO Box numbered 666 on the sunny Caribbean Island of Bermuda. Google has no office, no staff and little more than a plain PO Box numbered 666 on the […]
Francois Hollande Admits Socialist Policies Failed, Declares “Economic State Of Emergency”
Remember when showing ‘progress’ in Europe was as simple as pointing to your high stock market or low bond yields to “prove” everything is awesome. Since 2012, when Mr Hollande came to power, more than 600,000 people have joined the ranks of the unemployed at a time when joblessness has decreased in most of the […]