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The World Bank may lead the rest of us back on to the gold standard a lot sooner than we think. World Bank head Robert Zoellick suggested over the weekend (and for the second time) that the G20 should consider making gold the global reserve currency as part of some major structural changes to the [...]
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If you’re in the U.S., you may be justified in blaming your banking industry (you definitely are), but just make sure that you know you’re talking specifically about U.S. banks. Not all banks around the world screwed everyone over.
Let me remind you that banking cultures are very different around the world. They don’t all set [...]
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Last week, it wasn’t only Jim Rogers who was suggesting that the Chinese yuan (renminbi) will likely become a major reserve currency, if not eventually the world reserve currency.
Later in the week none other than Goldman Sachs projected that the yuan is set to become a major reserve currency.
There are good reasons for this: number [...]
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Aside from American financial institutions and the Fed (the buyer of last resort), the largest buyers of US Treasuries and notes are all Asian countries. You can probably guess which ones.
#1 – China
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China, more than anyone, is probably most concerned with the value of the US dollar and the stability of their US dollar investments. [...]
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Australia just became the first major central bank to raise its interest rate (today, October 6, 2009) since the beginning of the financial crisis of 2008-2009. From 3.00%, it raised rates 25 basis points to 3.25%. So what? What does this mean, you might be asking?
Below I’ll take a look at some of the effects [...]
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