Volcker Says He Didn’t Help Write Rule Bearing His Name

Paul Volcker said he wasn’t involved with writing the final version of the rule that bears his name, staying abreast of developments from a distance as regulators crafted details of his curbs on trading by banks. “It’s not my function to stay involved with the agencies,” Volcker, 86, said in an interview yesterday. “I get reports […]

Continue reading

For No. 2 at Fed, White House Favors Central Banker in the Bernanke Mold

WASHINGTON — Stanley Fischer, the former governor of the Bank of Israel and a mentor to the Federal Reserve’s chairman, Ben S. Bernanke, is the leading candidate to become vice chairman of the Fed, according to former and current administration officials. If nominated, and then confirmed by the Senate, Mr. Fischer, 70, would succeed Janet […]

Continue reading

Effort to Slow Gold Imports Is Market-Maker for Smugglers

Southeast Asia has seen a spate of gold smuggling incidents in recent months, believed to be a reaction to efforts by India, Sri Lanka and other nations in the region to discourage gold importation by imposing steep financial penalties. You could say it’s the response of the free market, which when artificially subverted from its […]

Continue reading

Asian deflation is about to trip up global stocks warns bear market author Russell Napier

If anybody can spot the cause of the next bear market for global stocks it ought to be ‘Anatomy of the Bear’ author Russell Napier. In his Global Outlook for 2014 he warns: ‘We are on the eve of a deflationary shock that will likely reduce equity valuations from very high to very low levels’. […]

Continue reading

The Time for Wealth Redistribution Is Now

The President’s speech yesterday on inequality avoided the “R” word. No politician wants to mention “redistribution” because it conjures up images of worthy “makers” forced to hand over hard-earned income to undeserving “takers.” But as low-wage work proliferates in America, so-called takers are working as hard if not harder than anyone else, and often at […]

Continue reading

Central banks will move goal posts to keep QE forever

LONDON (MarketWatch) — Forget the reforms in China, whether the euroEURUSD +0.14%  survives, or whether Apple AAPL +0.52%  ever gets around to launching that incredibly expensive watch that sends e-mails, plays games, and possibly even tells you what time it is. Right now, there is only one thing that really matters to the markets. And that is whether central banks […]

Continue reading

So many secrets in the East China Sea

It’s been a source of endless fascination to follow the game of geopolitical Go being played since China declared an air defense identification zone (ADIZ) in the East China Sea. The spin in the United States is relentless; this was no less than “saber-rattling”, a “bellicose” posture and a unilateral “provocation”. The meeting last week […]

Continue reading

3 Ways the Super-Rich Suck Wealth out of the Rest of Us

The facts are indisputable, the conclusion painful. The wealthiest people in the U.S. and around the world have used the stock market and the deregulated  financial system to lay claim to the resources that should belong to all of us. This is not a matter of productive people benefiting from their contributions to society. This is a relatively small […]

Continue reading

America’s Retirement Crisis Grows as Cities Raid Pension and Health Plans

Across America, states, counties and cities are taking steps that will make retirement for ex-public employees much harsher. Courts, politicans and corporations are all working together to chip away at deferred wages: reducing pensions or eliminating promised healthcare, or both. Said simply, they’re looting retirements and pushing people toward poverty. continue reading at alternet.org

Continue reading

Gold Futures Climb on Outlook for More Buying After Price Drop

Gold gained for a second day in New York, the best run in three weeks, on speculation physical purchases may increase after prices reached a five-month low on the outlook for reduced U.S. stimulus. Silver advanced. Gold touched $1,210.10 an ounce on Dec. 6, the lowest since July 5. Volumes for bullion of 99.99 percent […]

Continue reading