‘Scheming’ bank ‘hid $250 billion worth of transactions with Iranian government’
New York State Department accuses SCB of concealing 60,000 transactions
Regulator says bank ‘operated as rogue institution’
Report follows HSBC scandal, where bank allowed drug cartels to launder millions
British banking giant Standard Chartered is accused of exposing the US to terrorists and weapon dealers by hiding $250 billion (£160 billion) worth of transactions with the Iranian government.
Standard Chartered, one of the top [...]
By: Doris C. Dumlao, Michelle V. Remo
Philippine Daily Inquirer
It may only be a matter of time before the US dollar gets replaced as the main currency in international trade, according to economists attending the meeting of the board of governors of the Asian Development Bank.
For many years, the dollar “has been almost the sole ‘reserve’ currency,” banked on by the world economy, American economist Jeffrey Sachs said Thursday in one of the forums held [...]
Bloomberg’s take:
Investors in Greek bonds issued under foreign law rejected the nation’s attempts to restructure the debt at talks last week.
In 20 out of 36 meetings, bondholders either turned down the government’s proposal, adjourned the talks or failed to achieve a quorum, according to a press release today from the Greek Public Debt Management Office.
The meetings involved holders of about $26.8 billion of foreign-law notes denominated in dollars, euros, Swiss [...]
By Vicky Kapur
Published Wednesday, February 01, 2012
Spot gold prices rose $171 per ounce, or 10.91 per cent, during the first month of 2012, while the price of silver went up by $5.35 per ounce, or 19.2 per cent, in the same period. The yellow metal is currently trading at $1,736 an ounce while the white metal is at $33.22 per ounce.
With the dollar index seeing a steady decline, the inverse correlation with [...]
BY PETER KRAUTH, Global Resources Specialist, Money Morning
It’s the beginning of a new year, and there’s no shortage of big headlines…
Europe is on the financial brink, Iran is a powder keg, and precious metals like gold have retreated.
It’s also a time when there is no shortage of financial forecasts.
Even though these kinds of predictions about the future can be tough to make, I’ll admit it’s kind of fun to look forward and see [...]
http://www.zerohedge.com/news/guest-post-where-our-oil-price-collapse
Quote:
From Jim Quinn of The Burning Platform
Quote:
Make no mistake about it, without plentiful, cheap, and easy to access oil, the United States of America would descend into chaos and collapse. The fantasies painted by “green” energy dreamers only serve to divert the attention of the non critical thinking masses from the fact our sprawling suburban hyper technological society would come to a grinding halt in [...]
From FT:
China began diversifying away from the US dollar in earnest in the first four months of this year, most likely by buying far more European government debt than US dollar assets, according to estimates from Standard Chartered Bank.
China’s foreign exchange reserves expanded by around $200bn in the first four months of the year, with three-quarters of the new inflow invested abroad in non-US [...]
Related topics: gold, inflation, emerging markets, metals and mining, Anthony Mirhaydari
With turmoil overseas and energy prices on the rise, investors are worried. They’re worried about geopolitical risk. They’re worried about a falling dollar. And they’re worried about inflation becoming entrenched as the Federal Reserve continues to administer its cheap-money medicine despite signs of inflation.
As a result, gold is on the move again. For much of [...]
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