Global economy

G20 Syria divide: World’s largest nations speak out against US-led strike

G20 Syria divide: World’s largest nations speak out against US-led strike

As leaders of countries making up half of the world’s population firmly opposed military action against Syria without a UN mandate, the US kept pushing for a strike, claiming that many countries represented at the G20 summit were “comfortable” with it. Although discussion of the Syrian conflict was never officially on the G20 agenda, world […]

New record: Federal Reserve owes more than $2 trillion in US debt

New record: Federal Reserve owes more than $2 trillion in US debt

The United States Federal Reserve has set a new record, but it’s not one exactly worth celebrating. For the first time ever, the Fed owns more than $2 trillion in US debt. According to the Fed’s latest weekly account, the central bank currently is holding roughly $2,001,093,000,000 in US Treasury securities. That statistic, first reported […]

US blows out $16.7 trillion debt limit

US blows out $16.7 trillion debt limit

The US Treasury has already exceeded the federal legal borrowing limit of $16.7 trillion in May. That signals the main structural problems remain unresolved putting at risk the fragile recovery. The country’s  outstanding public debt is already $38.82 million above the statuary debt ceiling and now at $16,738,220,000,000.00, according to Treasury data. Christopher Weafer from the […]

World’s largest Bitcoin exchange suspends US withdrawals

World’s largest Bitcoin exchange suspends US withdrawals

For the next two weeks Bitcoin users in the US will be unable to withdraw the virtual currency in dollars. Major exchange Mt. Gox cited an unusually high demand as the reason for the suspension, while customers worried the company has run out of cash. Mt. Gox, based in Tokyo, Japan, handles approximately 80 per […]

Federal Reserve: rising inequality jeopardizes economic recovery

Federal Reserve: rising inequality jeopardizes economic recovery

A top ranking member of the United States Federal Reserve cautioned economists this week that growing inequality within the US was worsening the odds of a quick return to the conditions of the pre-recession days. Fed Board of Governors member Sarah Bloom Raskin was in Washington, DC on Thursday, and during an address before the […]

Eurozone unemployment hits highest level since records began: 19,071 million out of work

Eurozone unemployment hits highest level since records began: 19,071 million out of work

Eurozone unemployment levels have hit 12 percent – the highest in the history of eurozone record-keeping, since the currency was launched in 1999. The average unemployment rate across the eurozone’s 17 constituent European Union countries rose from January’s 11.9 percent high to 12 per cent in February, meaning a further net 33,000 people were left […]

Bitcoin Versus Government: Is Bitcoin the new gun rights battle?

Bitcoin Versus Government: Is Bitcoin the new gun rights battle?

Google trends shows an explosive growth in the Bitcoin meme. Like a tsunami, it started as a ripple and didn’t look like much, traveling for miles on the digital sea, and then Cyprus hit and the ripple became a roar. Nearly all financial news outlets and blogs have weighed in with their opinion on Bitcoin; […]

Eurozone finance ministers approve bailout deal for Cyprus

Eurozone finance ministers approve bailout deal for Cyprus

The Eurogroup has approved a deal on a €10 billion bailout for Cyprus, struck early Monday in Brussels. Cyprus avoids exiting the eurozone, but will have its second largest bank closed with heavy losses expected for big depositors. “The size of financial assistance will amount to 10 billion euro,” Eurogroup president Jeroen Dijsselbloem has announced at a […]

Cyprus, Troika agree to 20% tax on deposits over 100,000 euros at Bank of Cyprus

Cyprus, Troika agree to 20% tax on deposits over 100,000 euros at Bank of Cyprus

Cyprus and the Troika have agreed to a 20 per cent tax on deposits over 100,000 euros at the Bank of Cyprus and 4 per cent on deposits held at other banks. A senior Cypriot official told Reuters that a plan to tap nationalized pension funds would not be a part of a plan to […]