Tag Archives: Money

Ron Paul Says to Watch the Petrodollar

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“From 1972 to 1974, the U.S. government made a series of agreements with Saudi Arabia. These agreements created the petrodollar system. The U.S. government chose Saudi Arabia because of its vast petroleum reserves, its dominant position in OPEC, and the (correct) perception that the Saudi royal family was corruptible. In essence, the petrodollar system was an agreement that the U.S. would guarantee the survival of the House of Saud. It’s hard to overstate how much the petrodollar system benefits the U.S. dollar. It’s allowed the U.S. government and many Americans to live beyond their means for decades.”

http://www.internationalman.com/articles/ron-paul-says-to-watch-the-petrodollar

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JPMorgan: China’s Potential Capital Outflows ‘Practically Boundless’

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“China has seen nearly $1 trillion in capital leave the nation since the second quarter of 2014, and according to analysts at JPMorgan Chase, the sky’s the limit for outflows going forward.  The causes of these massive capital outflows, which have prompted the People’s Bank of China to tap the country’s war chest of reserves to support the currency, have grown more numerous in the second half of 2015, argues a team led by managing director Nikolaos Panigirtzoglou. Amid the broadening of sources of downward pressure on the yuan, however, a major factor that may have restrained the central bank from devaluing the currency in a big way has vanished.”

http://www.bloomberg.com/news/articles/2016-01-11/jpmorgan-potential-capital-outflows-from-china-have-become-practically-boundless-

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Zimbabwe adopts Chinese yuan as legal tender

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“As China slowly began to enter African markets, it sought out countries overlooked or shunned by Western investors: Zimbabwe fit the bill perfectly. Beijing sought to court Zimbabwe with the deep pockets of state run companies, and shadowy investors such as Sam Pa (a man with seven known names and ties to the Chinese intelligence service.)  China is now Zimbabwe’s largest trading partner, purchasing 27.8% of the country’s exports. Moreover, bilateral trade has grown from $500 million in 2010 to $1.24 billion in 2014, with Beijing having provided Zimbabwe with $1 billion in low-interest loans since 2010.”

http://globalriskinsights.com/2016/01/zimbabwe-adopts-yuan-as-legal-tender/

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Where Rich Chinese Stash Their Cash: America’s Hotels and Strip Malls

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“While wealthy Chinese home buyers have pulled back on U.S. purchases in recent months amid the market turmoil at home, investors looking for commercial property have kept buying aggressively, brokers said. Many have centered on unlikely investments such as small office buildings, chain hotels and other nondescript properties in and around big U.S. cities, seizing an opportunity to place greater sums of money outside their government’s reach.  China’s middle-class families, meanwhile, have received attention for their purchases of individual homes and condo units in U.S. cities. Those transactions could be cooling, too, as Beijing tries to keep money from exiting the country.”

http://www.wsj.com/articles/where-rich-chinese-are-stashing-their-cash-americas-hotels-and-strip-malls-1449556200

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China slaps cap on overseas UnionPay cash withdrawals

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“The gatekeeper of China’s foreign exchange has moved to plug a loophole in the capital account by capping the value of overseas withdrawals on bank cards, amid rising concerns over capital outflows and illicit money transfers.  The State Administration of Foreign Exchange has slapped an annual cap on overseas cash withdrawals for UnionPay cardholders at 100,000 yuan or its equivalent per card.  SAFE requires banks to add accounts that exceed the cap to a watch-list and forbid further cash withdrawals outside of China.  Still, the withdrawal cap did not address another obvious escape route, the number of cards for which an individual can apply.”

http://www.scmp.com/business/banking-finance/article/1862570/chinas-safe-slaps-cap-overseas-unionpay-cash-withdrawal

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Banks: Card Breach at Landry’s Restaurants

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“Fraud analysts in the banking industry tell KrebsOnSecurity that the latest hospitality firm to suffer a credit card breach is likely Landry’s Inc., a company that manages a nationwide stable of well-known restaurants — including Bubba Gump, Claim Jumper, McCormick & Schmick’s, and Morton’s.  It remains unclear how many of Landry’s 500 properties may be affected. The company says it is investigating reports of unauthorized charges on certain payment cards after the cards were used legitimately at some of its restaurants. An online FAQ about the incident posted to Landry’s site says the company does not yet know the extent of the breach.”

https://krebsonsecurity.com/2015/12/banks-card-breach-at-landrys-restaurants/

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Bank Card Skimmers Installed at Some Calif., Colo. Safeways

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“Sources at multiple financial institutions say they are tracking a pattern of fraud indicating that thieves have somehow compromised the credit card terminals at checkout lanes within multiple Safeway stores in California and Colorado. Safeway would not name the affected locations, but bank industry sources say the fraud was traced back to Colorado locations in Arvada, Conifer, Denver, Englewood and Lakewood. In California, banks there strongly suspect Safeway locations in Castro Valley and Menlo Park may also have been hit.  Those sources say ATM fraud has been linked to customers using their debit cards at those locations since early September 2015.”

http://krebsonsecurity.com/2015/12/skimmers-found-at-some-calif-colo-safeways/

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IMF Approves Reserve-Currency Status for China’s Yuan

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“The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.  It’s the first change in the SDR’s currency composition since 1999, when the euro replaced the deutsche mark and French franc. It’s also a milestone in a decades-long ascent toward international credibility for the yuan, which was created after World War II and for years could be used only domestically in the Communist-controlled nation. The IMF reviews the composition of the basket every five years and rejected the yuan during the last review, in 2010.”

http://www.bloomberg.com/news/articles/2015-11-30/imf-backs-yuan-in-reserve-currency-club-after-rejection-in-2010

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Swiss bank breaks negative deposit rates taboo

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“The Alternative Bank Schweiz (ABS) caused shockwaves with a letter sent to all clients informing them that it would begin imposing interest charges on deposits in 2016.  For current accounts, the bank said it would impose a -0.125-percent rate, while slapping a -0.75-percent rate on client deposits higher than 100,000 Swiss francs.  ABS, which grew out of the ideals the 1960’s protest movement, justified the unprecedented development by saying it would provide manoeuvering room for financing ‘meaningful projects’.  The Swiss central bank introduced a negative deposit rate in January after it abruptly abandoned its three-year effort to hold down the franc’s exchange rate to protect exports.”

https://en-maktoob.news.yahoo.com/swiss-alternative-bank-breaks-negative-rates-taboo-055323034–sector.html

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Texas Man Arrested After Attempt To Pay Taxes With Dollar Bills

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“Tax Assessor Collector Tommy Smyth said that the spectacle brought work in the office to a halt so he asked Norris to leave. Norris refused and was eventually arrested and charged with criminal trespass. As you can imagine, Norris was none too happy about being arrested and attempted to break away from the arresting officer, earning him an additional charge of resisting arrest.  Texas makes it clear that cash is an acceptable form of payment for property taxes.  The same is true for the feds. There is no law that says you have to pay your taxes by check, credit card or by using the largest bills possible. By federal law, at Section 31 U.S.C. 5103, you can pay your taxes in coins and currency.”

http://www.forbes.com/sites/kellyphillipserb/2015/02/03/texas-man-arrested-after-attempt-to-pay-taxes-with-dollar-bills/

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