Economy

Richest 1% own 50 percent of world wealth- Credit Suisse report

Richest 1% own 50 percent of world wealth- Credit Suisse report

World wealth has reached a record $263 trillion but is concentrated in fewer hands. The richest 1 percent have accumulated more wealth, and own almost 50 percent of it, which could trigger recession, according to a new report by Credit Suisse. The Credit Suisse Global Wealth Report, released Tuesday warns that the “abnormally high wealth […]

California set for historic minimum wage raise while DC rejects ‘living wage bill’

California set for historic minimum wage raise while DC rejects ‘living wage bill’

The California Senate approved raising the state’s minimum wage on Thursday to $10 an hour by 2016, one of the highest rates in the nation. The state Senate passed AB10 by a party-line vote, 26-11, approving a gradual minimum wage jump from $8 to $10 over two years. The bill now goes to the state […]

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 […]

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; […]

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 […]

Cypriot parliament approves ‘solidarity fund,’ allows capital controls

Cypriot parliament approves ‘solidarity fund,’ allows capital controls

In a bid to secure an EU bailout, the Cypriot parliament has adopted laws creating a “solidarity fund” to pool assets as the basis for an emergency bond issue and allowing the government to impose capital controls for the country’s banks. Nicosia introduced emergency legislation in the parliament late on Thursday to secure a bailout […]