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“Cash Must Not Be Made the Scapegoat”
“Cash Must Not Be Made the Scapegoat” In the War on Cash, a rare defense of physical money by an ECB Board Member. The proposed EU-wide cash restrictions could come into effect as early as this year. But defenders of physical cash have an unexpected ally in their struggle: Yves Mersch, a member of the […]
On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold
On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold What happens if cases like this prove to be the rule rather than the exception? Spain appears to have a brand-new Abengoa — the imploded energy giant whose fabulous accounting tricks pushed creditors into a black hole — on its hands: Isolux was until recently a […]
Bailed-Out RBS Systemically Forged Customer Signatures: Whistle-Blowers
Bailed-Out RBS Systemically Forged Customer Signatures: Whistle-Blowers Small-business customers suffered most at the bank’s hands. The Royal Bank of Scotland, the UK mega-lender that has already cost British taxpayers over £90 billion in bailouts, losses, fines and legal fees, could be about to face its biggest scandal yet following allegations staff were routinely “trained” to forge […]
Crash of Outsourcing Giant with 70,000 Employees Globally Sparks New Panic
Crash of Outsourcing Giant with 70,000 Employees Globally Sparks New Panic “Not another Carillion,” says UK government to soothe frazzled nerves, as entire industry is teetering. Since the sudden downfall of the British infrastructure giant Carillion two weeks ago, investors’ nerves in London are frayed. And short-sellers, scanning the horizon for their next prey, seem […]
Touted Energy “Reform” Goes Awry in Mexico
Touted Energy “Reform” Goes Awry in Mexico Dream of cheaper energy in an open market turns into nightmare. Four years ago, Mexico’s government passed a sweeping energy reform aimed at opening up Mexico’s long-protected oil and gas sectors to global competition and expertise for the first time in over 70 years. The reforms would lead […]
Mastercard Pushes Biometrics, Banks Follow
Mastercard Pushes Biometrics, Banks Follow Biometric authentication “will be of great benefit to everyone.” Mastercard has set a deadline for widespread use of biometric identification for its services across the whole of the EU: April 2019. Mastercard Identity Check, currently available in 37 countries, enables individuals to use biometric identifiers, such as fingerprint, facial, and […]
ECB Spawned Mass Culture of Financial Dependency that’s Now Very Hard to Undo
ECB Spawned Mass Culture of Financial Dependency that’s Now Very Hard to Undo Right at the front of the monetary welfare queue is the government of Italy. As the Eurozone economy continues to grow, pressure is rising on Europe’s biggest bond buyer, the ECB, to withdraw from the market, a process it has already begun. […]
Switzerland too Falls Out of Love with the EU
Switzerland too Falls Out of Love with the EU Did someone say “referendum?” The EU’s relations with key third-party country Switzerland have sunk to their lowest point in years thanks to a last-minute decision by the European Commission to grant Swiss stock exchanges just one year’s further access to the single market. Switzerland is not […]
Next Phase in Forcing Biometric Tracking on Consumers
Next Phase in Forcing Biometric Tracking on Consumers Ironically, banks in Mexico lead the way. In 2018, banks in Mexico will face new regulations that will oblige them to collect biometric data (finger prints and iris scans) on all of their customers. Whenever a customer asks for a new home or car loan, cashes in […]
Big Banks Are All Over Blockchain
Big Banks Are All Over Blockchain To process derivatives, currency trades, transactions, etc. Just don’t call it cryptocurrency. It’s a “digital currency.” As a general rule, most bankers disparage cryptocurrencies, like Bitcoin, as anything but purely speculative instruments. But they don’t disparage blockchain, the technology that underpins cryptocurrencies. On the contrary. They’re pouring money into […]
In Legalizing Marijuana, Uruguay Trips over the Dollar, US Laws, and Global Banks
In Legalizing Marijuana, Uruguay Trips over the Dollar, US Laws, and Global Banks It’s far from easy to do business without the financial support of any bank. But Uruguay, in its efforts to create a legal, regulated market for the recreational use of marijuana, is trying. In August it was revealed that some of the pharmacies […]
Stressful Year Ahead for Spanish Banks
Stressful Year Ahead for Spanish Banks The “spillover effects.” Just how much more stress Europe’s banking system can bear will be one of the big questions of 2018. This year was already a pretty stressful year, what with two major Italian banks being put out of their misery while, another, Monte dei Paschi di Siena, […]
Inflation Surges as Economy Bogs Down in Mexico
Inflation Surges as Economy Bogs Down in Mexico Bank of Mexico caught in a vise. In the last week, the governor of the Bank of Mexico (or Banxico), Augustin Carstens, stepped down in order to take over the reins as general manager of the Bank for International Settlements in Basil, Switzerland, while Finance Minister José […]
