Turkish lira banknotes are seen in this picture illustration taken in Istanbul

Currency War! Turkey Strikes First, Cascade Of Global Rate Hikes Next?

Editor’s Note: Historians may well look back to today’s action in Turkey as the financial ‘shot heard round the world’, and the final death knell for the US Dollar. As you will read below, Turkey’s Central Bank increased its key interest rate from 7.75% to 12.00%, a nearly unheard of 4.25% increase in one fell…

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Gold Bar

The Hows and Whys of Gold Price Manipulation

The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared them “too big to fail.” Removed from market discipline, the banks became wards of the government requiring massive creation of new…

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bitcoin

Interview: Overstock CEO Hopes “Bitcoin Destroys Central Banking”

Overstock CEO Patrick Byrne goes to town on Keynesian Crony Paul Krugman in this brief interview. Byrne blasts Krugman for everything from his “unethical” involvement in the Enron debacle to his present day view that “the market failed so we need more government; or freedom failed so we need more government.” Noting that Krugman may have done…

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Economic Freedom

Economic Freedom in America at All-Time Low

Americans have never had less economic freedom than they do right now. The 2014 Index of Economic Freedom has just been released, and it turns out that the level of economic freedom in the United States has now fallen for seven consecutive years. But of course none of us need a report or a survey…

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1929 vs 2014

Has The Stock Market Crash Begun? Dow Off Big As Headwinds Mount

The January Effect supposes that investors will find post-holiday cheer in the first month of the trading year, yet 2014 has brought nothing but frozen misery, as the Dow dropped nearly 2% in its worst trading day in the past several months on Monday. And that may have just been the first shoe to drop. Poor…

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Federal Reserve RentaCops

The Federal Reserve is Hiring Lots of New Armed Police Officers

Mirroring a trend seen across the federal government, the Federal Reserve is hiring a raft of new police officers and security guards, developments that some see as preparation for civil unrest. Despite only being as “federal” as Federal Express, the Federal Reserve central banking system has its own law enforcement arm, officers belonging to which…

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rbs

RBS Pays $600 Million for Manpulating Interest Rates … But Big Banks Are Manipulating EVERY Market to the Tune of Trillions of Dollars

Bloomberg reports today: “Royal Bank of Scotland Group Plc was ordered to pay $50 million by a federal judge in Connecticut over claims that it rigged the London interbank offered rate. RBS Securities Japan Ltd. in April pleaded guilty to wire fraudas part of a settlement of more than $600 million with U.S and U.K.…

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YellinSmegal

Smellin Yellen Confirmed As Next Fed Chair

The U.S. Senate has confirmed Janet Yellen to serve as the next chair of the Federal Reserve, after Ben Bernanke finishes his second term at the end of the month. Senators voted 56 to 26 in her favor, with many missing the vote because of inclement weather. Eleven Republicans broke party ranks, voting to support…

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Banksters

Report: JPMorgan Chase to pay $2.0 billion to avoid Bernard Madoff investigation

JPMorgan Chase, the US bank used by Bernard Madoff who masterminded the biggest fraud on record, has agreed to pay about $2.0 billion to US authorities to avoid litigation, press reports said Monday. Madoff masterminded a massive and long-running so-called Ponzi investment fraud which came to light in 2008 as the financial crisis gathered speed.…

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