Monthly Archives: November 2014

Switzerland mirrors EU sanctions against Russia

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“Switzerland has issued an expanded sanctions list against Russia which includes 5 banks, several companies and 11 Russian citizens. The move comes as the country doesn’t want to be used to bypass European sanctions on Moscow.  The affected financial institutions will have limited access to the capital markets of Switzerland. Moreover, Russian banks will require approval to issue long-term financial instruments in Switzerland, the statement said.  In addition, Switzerland has banned the import of materials for military purposes, the export of equipment for the oil industry, and limited the opportunity for investment in Crimea and Sevastopol.”

http://rt.com/business/183296-switzerland-sanctions-russian-lenders/

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The Plight of the Russian Taxpayer

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“Without any prior discussion, Makarov suddenly introduced a bill to introduce so-called ‘municipal levies’ on small businesses in 22 areas, including trade, transportation of freight and passengers, auto repair, dry cleaning, hairdressers, jewelry sales and photographic services. Reports indicate that the law will initially apply to small businesses in the major cities of Moscow, St. Petersburg and Sevastopol, but many suspect that it will later include other regions as well.  The authorities are also poised to dramatically increase property taxes.  The authorities also have plans to increase the gasoline tax as well as the cost of utilities, medical care and educational services.”

http://www.themoscowtimes.com/opinion/article/the-plight-of-the-russian-taxpayer/510954.html

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Russian central bank ready to step in to stop ruble panic

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“Russia’s central bank said Friday it was ready to step in to protect the crashing ruble, after the currency was hammered by a day of panic selling that have sparked fears of a full-blown crisis.  The policy U-turn came just two days after the central bank said it would limit its support for the falling currency.  The ruble has lost 10 percent in value in the course of the week amid plunging oil prices and the fallout from the Ukraine crisis. The central bank last week jacked rates up from 8.0 to 9.5 percent.  Sanctions have also made it nearly impossible for Russian companies to borrow in the West, with the local currency market under pressure as firms buy dollars to repay existing loans.”

http://news.yahoo.com/black-week-ruble-fall-hits-time-low-005617150.html

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Dollar Shortages Spread Amid Russian Ruble Collapse

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“Rising demand for foreign currency meant that U.S. dollars and euros were unavailable at some Russian banks and exchange points Friday as the ruble went into free fall during morning trading.  The Russian currency nosedived after markets opened, hitting a historical nadir of 48.64 against the greenback and shooting past 60 per euro for the first time.  The dramatic rout meant that the ruble had lost over 10 percent against the dollar in the 48 hours after the Central Bank announced Wednesday that it was capping market interventions to defend the ruble at $350 million a day. The bank has sold over $70 billion worth of foreign currency this year and still has just over $420 billion still available.”

http://www.themoscowtimes.com/business/article/dollar-shortages-spread-amid-russian-ruble-collapse/510803.html

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Federal Housing Finance Agency Unveils Plan to Loosen Mortgage Rules

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“Tight credit policies after the housing market crash have kept too many deserving people from qualifying for mortgages.  Now the government is taking steps that it says it hopes will allow more first-time buyers and lower- and middle-income Americans to get home loans at low rates.  On Monday, Melvin L. Watt, the nation’s chief housing regulator, announced a program offering more reassurances to mortgage banks that fear they could suffer unpredictable losses on the loans they sell to the government.  Separately, he disclosed that efforts are underway to allow borrowers to receive government-backed loans with much smaller down payments than are now required.”

http://www.nytimes.com/2014/10/21/business/economy/federal-housing-finance-agency-unveils-plan-to-loosen-mortgage-rules.html?_r=0

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Bank of Japan Sails Further Into Uncharted Territory With ‘QQE’

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“Bank of Japan Gov. Haruhiko Kuroda’s plan — branded ‘quantitative and qualitative monetary easing,’ or QQE, is radical not just for the quantity, but also for the ‘quality’ of the assets it’s soaking up in a bold campaign to end deflation. The BOJ, like the world’s other major central banks, buys assets from private holders as the primary mechanism for injecting money into the economy, because the traditional lever — cutting interest rates — has been neutered by the fact that rates are at or near zero in most advanced economies. But some — including Mr. Kuroda’s cautious predecessor, Masaaki Shirakawa, who avoided the purchase of longer-term debt — feel that’s a dangerous path.”

http://blogs.wsj.com/economics/2014/10/31/bank-of-japan-sails-further-into-uncharted-territory/

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New Dodd-Frank regs halt margin trading on precious metals in the U.S.

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“OANDA states regulatory considerations contributed toward its decision to discontinue precious metals trading, citing changes in US laws which stipulate that traders located in the United States traders will no longer be able to trade precious metals with margin or leverage, a total contrast to the landscape which currently is evolving outside the United States, whereby institutional and retail electronic trading firms alike are considering the consolidation of FX and precious metals due to their compatibility within a single business unit and trading platform. US residents are restricted solely to FX trading via the fxTrade platform, as US laws also prohibit the trading of CFDs.”

http://leaprate.com/2014/09/oanda-halts-margin-trading-on-precious-metals-in-the-united-states/

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Would you like being paid in gold? It’s possible… in Singapore

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“The fact that that being paid in gold likely sounds crazy to most of your friends and neighbors suggests something is seriously wrong with the western economy you live in.  But down in Singapore, one company is doing just that.  My friend Torgny Persson at Bullionstar now offers his employees the chance to be paid directly in gold, whether that means conveniently stored in their high-security vault or taking physical possession.  Bullionstar is the first company in Singapore – the world’s second freest economy – to pay its workers in gold, and the idea seems to be catching on.  It’s good news for gold lovers and for the future of emerging continents like Asia.”

http://nomadcapitalist.com/2014/11/12/being-paid-in-gold-singapore/

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Judge upholds Liberty Dollar founder’s conviction, schedules sentencing

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“The federal judge in the Liberty Dollar counterfeiting case from North Carolina today upheld the jury’s March 2011 conviction of the alternative currency system’s founder, Bernard von NotHaus. (For an account of von NotHaus’ conviction, see: http://www.gata.org/node/9715.)  The judge scheduled von NotHaus to be sentenced in December.  Since the Liberty Dollar case seems to have involved a political challenge to federal currency law more than a serious counterfeiting scheme, and since the U.S. government already has seized all of Liberty Dollar’s assets, it may be hard to see the need to imprison von NotHaus.”

http://news.goldseek.com/GATA/1415649749.php

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Swiss Gold Initiative’s Paypal Donation Account Frozen

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“I have been involved in the Swiss Gold Initiative.  The Swiss National Bank is opposing this initiative.  They have admitted that it stops their ability to manipulate markets.  The campaign is going well.  The public has generously donated because of KWN and other sites.  But that came to a stop two days ago when Paypal closed the account for donations and they froze the funds that were in that account without any warning.  So unfortunately the campaign cannot receive some of those donations which were just frozen.  Paypal will not even answer the questions we are asking them, but I assume the money will be returned to the donors.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/30_Powers_That_Be_Have_Frozen_Money_For_Swiss_Gold_Initiative.html

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