“One does not exchange money for money “

Autor: Ljiljana Tatic                                                                                                                     Nicosia, 17.07.2016

Bitcoin should not be incorporated into the existing system of central banks. Problem of Central Banks is not only a fact that they are centralized. Bigger problem is that they consider money as a capital ‘per se’. The role of Bitcoin has to become a new standard of value, and as such to become an alternative to the current financial gambling system.  

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The Bank for International Settlements (BIS) is a treaty organization that is not under the jurisdiction of any government. The BIS operates as a kind of central bank of central banks that settles international imbalances caused by uneven international trade.1

Friedman, whose monetary economic theories heavily influenced Greenspan, was concerned about the stifled nature of the debate on why Federal Reserve Bank engaged almost 500 prestiges Economists. Milton Friedman, in a 1993 letter to Auerbach that the author quotes in his book, argued that the Fed practice was harming objectivity: “I cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results,” Friedman wrote.2

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Scariest moments from the financial crisis – Business Insider

It was just seven years ago.

Seven years ago, the US economy went into recession, the US housing market crashed, and credit markets seized bringing the banking industry to its knees. It was a global financial crisis.

Businesses went down and workers lost jobs. Americans were losing hoping, which only made things work.

For many, the low critical moment was when Lehman Brothers went bankrupt on September 15, 2008. But the memory of critical events before and after that fateful day is slowly fading. Hearings, lawsuits, bailouts — it all gets muddled together.

Business Insider has outlined the major moments from 2007 to 2009. From the initial reports of subprime defaults to the collapse of Lehman Brothers to AIG’s second bailout, here are the 27 scariest moments of the financial crisis.

Source: Scariest moments from the financial crisis – Business Insider

Banking inquiry: ECB withdraws offer of an ‘informal exchange’

Fresh divisions have erupted between the Oireachtas banking inquiry and the European Central Bank (ECB) over its refusal to answer to the committee.

Correspondence published on Wednesday on the ECB website shows its vice-president Vítor Constâncio has withdrawn his offer to attend an “informal exchange of views” with the inquiry regarding the crash.

The ECB resolved in February to allow Mr Constâncio to make an Oireachtas committee appearance but only if it took place outside the inquiry process. In a letter on July 23rd to Independent MEP Marian Harkin, ECB chief Mario Draghi blamed remarks by inquiry chairman Ciarán Lynch for Mr Constâncio’s refusal to appear.

via Banking inquiry: ECB withdraws offer of an ‘informal exchange’.

 

Gold touches 5yr low, as China suspected of heavy selling

Gold fell 3.8 percent, or $43, to $1,087 an ounce in Asia on Monday in a few seconds. This happened due to a huge dump of five tonnes onto the Chinese markets, that’s about a fifth of a normal day’s trade, Business Insider reports.

 “In Shanghai, close to five tonnes of gold was sold on the Shanghai Gold Exchange in a two-minute window just prior to 9:30am, in a market where the normal volume traded is 25 tonnes in an entire day,” ANZ Bank analyst Victor Thianpiriya told Business Insider.

He added that “further downside risks remain,” and that “other indicators also suggest the likelihood of an immediate rebound is low.”

Nordnet first in Sweden with electronic mutual fund transfers

Nordnet together with Fidelity are the first in Sweden to introduce electronic mutual fund transfers via SWIFT

The first electronic mutual fund transfer has been successfully executed in Sweden. The ambition is to pave the way for a new industry standard and to replace the antiquated system in which documents are faxed between banks and fund management companies. The ultimate objective is to reduce processing times by half, reduce the risks and increase efficiency. Continue reading

Deutsche Bank bosses resign in the wake of Libor scandal – BBC News

The planned resignations, first reported in the Wall Street Journal, come after a series of scandals affecting the bank, including a $2.5bn (£1.7bn) regulatory fine in connection with the bank’s part in the Libor rate rigging affair.

Libor, the London inter-bank lending rate, is a key interest rate in finance, affecting financial contracts worth trillions of dollars. Deutsche is one of several major banks fined after traders were found to have manipulated the rate.

Deutsche Bank is also paying $55m (£35.7m) to settle civil charges for allegedly mis-stating financial reports.

The US Securities and Exchange Commission (SEC) investigated the bank for the way it accounted for certain assets in reports filed during the financial crisis.

The SEC said it over-valued some of these and did not have sufficient collateral to cover potential losses.

Deutsche is settling without admitting or denying the charges.

via Deutsche Bank bosses resign in the wake of Libor scandal – BBC News.

via Deutsche Bank bosses resign in the wake of Libor scandal – BBC News.