LATEST NEWS : Power grab for taxman criticised as 'sinister'

Millions of people face seeing money disappear from their bank accounts without being told after a “sinister” power grab by the taxman, experts have warned. HM Revenue and Customs wants to delay telling employees about changes in their tax-codes for up to a month, which could see people paying more tax than they owe. continue […]

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China's Secret Vaults: Where Is All The Missing Gold?

China has recently become the world’s largest consumer of gold. Uniquely, it also ranks as both the largest producer and the biggest importer of gold. Yet a big question surrounds the true state of the Chinese demand for gold; the answer would determine how global gold prices are likely to fare. The expectation that Chinese investors […]

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China’s yuan makes waves on international currency markets

Evidence the yuan is becoming truly global can be found in Rongrong Huo’s passport, which shows the HSBC banker bouncing from Switzerland to South Africa fielding inquiries from a growing number of clients on how they can trade China’s currency. “The market potential is huge,” Huo, who heads HSBC’s yuan business development for Europe, said […]

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New $100 bill costs 60% more to produce

“The revamped $100 bill costs 12.5 cents to produce — a 60% increase over the 7.8 cents it cost to print the older version of the bill. The government has printed 3.5 billion of the new $100 bills, which it began delivering to financial institutions Tuesday. How soon customers will see the new bills depends […]

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Why Uncle Sam is hoarding gold

“It’s silly, nothing more than a shiny metal, a substance with little use and little real value, a “barbarous relic,” and the stuff of nothing more than superstition. Only a fool would own any gold in his portfolio. Right? After all, its value has plunged by $500 an ounce in the past year, and $100 […]

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Why Uncle Sam is hoarding gold

Grab any Wall Street trader in a bar, or any portfolio manager in his office, and he’s likely to tell you gold is finished. It’s silly, nothing more than a shiny metal, a substance with little use and little real value, a “barbarous relic,” and the stuff of nothing more than superstition. Only a fool […]

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Will the Next Financial Crisis Cost More than $14 Trillion?

“The psychological hangover from the 2007-2009 financial crisis seems to still be with us. Indeed, in the second edition of Conquer the Crash (p. 91), Robert Prechter noted: “The psychological aspect of deflation and depression cannot be overstated.” But the worst of the financial crisis was five years ago. Is it odd to even mention […]

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House price inflation should be capped at 5pc, RICS says

“The proposal, from the Royal Institution of Chartered Surveyors (RICS), followed a warning from Bank of England Governor Mark Carney yesterday that policymakers needed to be “vigilant” to the risks of a bubble caused by the Government’s mortgage subsidy scheme. RICS said the Bank should police its proposed 5pc cap in house price inflation through […]

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Economic Darwinism and the Next Financial Crisis

“Correspondent Brenton Smith (no relation) recently identified a key driver of the next financial crisis: Economic Darwinism. Just as natural selection selects for traits that improve the odds of success/survival in the natural world, Economic Darwinism advances people and policies that boost profits and power within the dominant environment. As Brenton explains in his essay […]

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Capital Flight Drains Reserves as Rupee, Rupiah Fall: Currencies

“Asian nations are depleting foreign reserves as they seek to bolster their currencies while investors pull billions of dollars from the region. Of the 10 Asian central banks with the largest reserves, six have cut their holdings this year, led by a record 18 percent reduction by Indonesia, data compiled by Bloomberg show. Their reserves […]

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