Lagarde, 57, appears in front of special tribunal of judges in Paris
Widely expected to be charged with fraud and embezzlement
Relates to £270m payout to Bernard Tapie when she was finance minister
Denies any wrongdoing and lawyer said she expects case to be dismissed
The head of the International Monetary Fund appeared in court today where she is expected to be formally charged in connection with a £270million fraud and embezzlement case.
Christine Lagarde’s humiliation [...]
Loose Central Bank Policies Looking Increasingly Dangerous, BIS Official Warns
The latest to take up the refrain is Jaime Caruana, general manager of the Bank for International Settlements, who warned in an unusually frank speech in London that, while the ultra-low interest rates and ultra-easy monetary policy adopted by advanced economy central banks might have been the right response to the crisis when it broke, they are looking increasingly dangerous the longer they [...]
Spain is officially insolvent: get your money out while you still can
I’d not noticed this until someone drew my attention to it, but the latest IMF Fiscal Monitor, published last month, comes about as close to declaring Spain insolvent as you are ever likely to see in official analysis of this sort. Of course, it doesn’t actually say this outright. The IMF is far too diplomatic for such language. But that’s [...]
If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately. It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people. The Federal Reserve system is the primary reason why our currency has declined in value by well [...]
It always amazes me how mankind can be so easily divided. Especially when the very thing we all work so hard for everyday, is the one thing that could unite us all. We are all on a constant paper chase for “Money.” We pursue it so much that we forget to first look at what we are chasing. Understanding that our “Money,” is controlled & manipulated is the one thing [...]
IMF managing director Christine Lagarde told Bloomberg TV’s Sara Eisen on “Market Makers” today that the EBC has done “an awful lot” to stabilize the Europe’s economy and that, “for the last couple of years, it’s just incredible how much out of its traditional boundaries it has gone.”
Lagarde said that, overall, she is “deliberately, decisively, desperately optimistic, yes…I think there’s some good news.” She also said that the IMF welcomes [...]
Officials from around the world gathering for the semi-annual meetings of the IMF and World Bank should go beyond the important issue of how individual countries emerge more quickly from their malaise. They should also spend time on the implications of the new global economic configuration for the west’s ability to project and deploy economic power Read more
Second largest ETF about to experience large outflows?
CLICK ON CHART TO ENLARGE
The inset box reflects the three largest ETF’s in America. The second largest ETF has done poorly compared to SPY over the past 6 years and has formed a multi-year pennant pattern that is breaking down of late.
Vanguard Emerging markets ETF VWO can brag about it size, yet not performance. The breakdown from this pennant pattern could put the pinch [...]
A growing trend towards excessive risk-taking and lack of action to repair broken bank balance sheets could trigger a “chronic” new phase in the financial crisis, the International Monetary fund has warned.
by Szu Ping Chan, The Telegraph:
The IMF said that while near-term risks had abated in response to loose central bank policies, reforms to repair ailing banks were not yet complete and could pose a threat to future stability, particularly in [...]
This carefully research article by Ellen Brown was first published in April 2009. It sheds light on the current crisis of the World monetary system. (GR ed. M. Ch.)
In an April 7  article in The London Telegraph titled “The G20 Moves the World a Step Closer to
a Global Currency,” Ambrose Evans-Pritchard wrote:
“A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the [...]
Keep stacking and prepare as much as you can.
BRICS Challenges Unipolar World and US Dollar Hegemony
BRICS Summit draws clear red lines on Syria, Iran
The BRICS just became impossible to ignore. At the close of the Fifth annual BRICS Summit in Durban, South Africa last week, there was little question that this group of five fast-growing economies was underwriting an overhaul of the global economic and political order.
The eThekwini Declaration issued at summit’s end was [...]
by Mats Persson, The Telegraph:
One of the biggest mistakes so far in the eurozone crisis was to not properly write down Greece’s debt. The country is therefore stuck in a downward spiral: high levels of debt require more cuts, negatively affecting growth and tax revenues, in turn requiring revised targets and more cuts.
One of the initial benefits of the Cypriot bailout was to actually get debt down to a level which could [...]
Spanish banks post multi-billion euro losses over the weekend!!! Spain to revise 2013 GDP growth forecast from -0.5% to -1.0%!!!
Russian Market‏@russian_market41 min
Monte Paschi says lost “a few billions” in deposits after February scandal. #Italy
Russian Market‏@russian_market35 min
#QUICKreminder Spanish banks post multi-billion euro losses over the weekend.
BRICS dumping euro amid simmering EU banking crisis
Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is [...]
The national average for a gallon of gasoline is currently at $3.65. On top of that sky-high price, the International Monetary Fund has now proposed that the U.S. should impose a tax of $1.40 per gallon in order to pay for social programs around the world and help the environment.
Victory – “A Few Good Men” Push The Market To New All Time Highs
Appropriately enough, the S&P 500 closed at its all-time high closing price today on pretty much the lowest volume day of the year. Q1 ends with the Dow up 11.25% (on ever-decreasing volume) and the Long Bond down 2% (but don’t expect a rotation as it was down 3.75% in Q1 2012). Gold and Silver down 3.6 [...]
by Phoenix Capital Research
The news coming out of Cyprus only gets worse.
It was bad enough that the political class even promoted the idea of STEALING depositors’ savings. But now we’re finding out that they lied time and again about how much they’d take.
Initially the plan in Cyprus was the following:
Simply TAKING 6.75% of ALL savings accounts up to the official insurance limit of €100,000
A 9.9% levy (THEFT) on all deposits [...]
China and Brazil to sign trade deal for local currency at summit of BRICS nations
DURBAN, South Africa – China and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro.
Read more: http://www.foxnews.com/world/2013/03/26/china-and-brazil-to-sign-trade-deal-for-local-currency-at-summit-brics-nations/#ixzz2OeRJiP9B
BRICS Nations Plan New Bank to Bypass World Bank, IMF
The biggest emerging markets are uniting [...]
Cyprus told: take bank levy or leave euro
President, eurozone finance ministers and bailout troika hold emergency meeting as €100 limit imposed on ATM withdrawals
Wealthy Russians stand to lose billions of euros in Cypriot banks under draconian terms being hammered out on Sunday night in Brussels to prevent the Mediterranean tax haven becoming the first country forced out of the single currency.
Negotiations got underway [...]
CYPRUS BANK ATM WITHDRAWALS: 100 EUROS MAX NOW!!!
The central bank in Cyprus imposed a 100-euros per day withdrawal limit at cash machines for all local banks on Sunday to avert a run on lenders.
A spokesman for second largest lender Cyprus Popular Bank , which had previously limited withdrawals to 260 euros, said the new measure began at 1 p.m. (1100 GMT) and would remain in place until the bank [...]
Cyprus has only “hard choices left” and must agree terms on Sunday for a crucial bailout for its ailing banks, the EU’s commissioner for economic affairs Olli Rehn says.
Mr Rehn said there were no longer any “optimal solutions” and that Cyprus’s near future “will be very difficult”.
Talks with the EU and IMF continued throughout Saturday in Nicosia.
Cyprus needs their approval in order to present a rescue plan to eurozone [...]
Today a former Assistant Secretary of the US Treasury spoke with King World News about the crisis in Cyprus and warned that banks are now moving to enslave humanity. Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also told KWN the people of Cyprus need to take to the streets and fight against this oppression. Below is what Dr. Roberts had to say in the second part of [...]
Nicosia official says Cyprus not in reach of deal with troika, blames IMF
A senior Cypriot official suggested late on Saturday that his government was not close to an agreement with the troika over a range of measures aimed at securing a 10-billion-euro bailout for his country.
“We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, told the Cyprus News Agency.
According to the news [...]
Cyprus Shifts To Plan ‘DD’ (Douple-Dip The Large Depositors)
It seems that the Cypriot government is going full circle on its plans to save its nation and its people. As UK Think Tank Open Europe notes, “it now seems we have come all the way back round to the deposit levy as a solution in Cyprus. Overnight, the EU/IMF/ECB Troika rejected the plans for a Cypriot solidarity fund, particularly one based on pension assets and [...]
Gregor Peter‏@L0gg0l4 min
EUROGROUP DISCUSSED CYPRIOT EURO EXIT, CAPITAL CONTROLS IN TELECONFERENCE
LSE’s de Grauwe Says Euro Area in ‘Deep Trouble’
Germany rejects Cyprus pension fund plan: reports
CYPRUS: Talks With Troika In Final Stages, Next Few Hours Will Determine The Future
The Cypriot government just issued a statement on the latest in the negotiations over a bailout of its banking system with the EU.
Via Bloomberg, Cypriot government spokesman Christos Stylianides, speaking in the capital [...]
Slovenian Banks Need Capital Boost, IMF Says.
Business Insider‏@businessinsider6 min
DEUTSCHE BANK: Here’s Why The ECB May Not Rescue Cyprus
Iceland, Cyprus… And These Two Countries?
by Phoenix Capital Research
The markets are staging a bounce today based on:
1) The ECB surfacing to say it will provide liquidity to help with the Cyprus situation.
2) Bernanke’s speech today and the Fed’s FOMC (stocks tend to rally going into FOMC meetings).
This is once again the markets praying and hoping for divine guidance from the Central Bankers. However, the fact remains that every sensible investor in the world should be [...]
Cyprus lawmakers may have rejected the bank account tax, but the truth is that the financial crisis in Cyprus is just getting started. Right now, the two largest banks in Cyprus are dangerously close to a meltdown. If they fail, depositors could end up losing virtually all of their money. You see, the banking system of Cyprus absolutely dwarfs the GDP of that small island nation. Cyprus is known [...]