Kazakhstan’s currency fell by a record 23% in trade on Thursday, August 20th, after the country abandoned control of its exchange rate, as it became the latest emerging market to scrap efforts to prop up its currency before the U.S. Federal Reserve hikes interest rates. Vietnam’s Central bank has devalued the nation’s currency on Wednesday, August 19th, for the … Continue reading
You can stop waiting for a global financial crisis to happen. The truth is that one is happening right now. By Michael Snyder All over the world, stock markets are already crashing. Most of these stock market crashes are occurring in nations that are known as “emerging markets”. In recent years, developing countries in … Continue reading
Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were … Continue reading
By Charles Hugh Smith You’ve probably read that there is a “war on cash” being waged on various fronts around the world. What exactly does a “war on cash” mean? It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are … Continue reading
Originally posted on Financial Post:
Global hedge funds reached the halfway mark in 2015 with some of their best returns in years, but performance cooled off in June from growing losses in Asia Pacific and Europe, according to the latest statistics from Preqin, a research firm focused on the alternative assets industry. “The industry has…
The $100 billion New Development Bank (NDB), also known as the BRICS bank, which comprises of the members of the BRICS grouping of emerging market nations — Brazil, Russia, India, China, and South Africa — will start lending in local currency by April 2016 and its member countries will be the primarily focus of the bank, K.V. Kamath, the President of … Continue reading
Today we still use an industrial age monetary construct while we have technologies to do things differently. Greece could create a precedent with a different way of addressing economic problems, says one of the architects of the euro, Bernard Lietaer. RT: You were one of the people who helped bring about the birth of the … Continue reading
Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009. The demonetization process of the Zimbabwe dollar started on Monday and will run till September 30. People with accounts … Continue reading
Russia is considering issuing debt in Chinese yuan in the coming years, which will facilitate Russian corporate borrowers’ access to the Chinese market, Russia’s Deputy Finance Minister Sergei Storchak said. “In general, study of the Chinese market’s opportunities is currently underway,” Storchak told journalists on Wednesday. The yuan bond issues could happen in the coming … Continue reading
It’s like the European Union but for East Africa. By iMFdirect In this podcast by the IMF, find out how Uganda, Kenya, Tanzania, Rwanda and Burundi stand to benefit from the creation of the East African Community*. There will be a common currency as well as more trade and investment too. Will a union also expose them … Continue reading