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Folks, we have a consensus here. Formidable thinkers such as Paul Krugman, Larry Summers, and David Stockman, some 370 economists including 19 Nobel Laureates, and editors at the Economist, Fortune, and Barron’s all believe that Donald Trump as president is a menace to world trade and prosperity.President Trump has talked about 35 percent tariffs on foreign goods and an array of “border taxes,” such as the tariff with Mexico he proposed last week. He intends to name China a so-called “currency manipulator” on the basis of a mere bilateral trade gap. He’s denounced the North American Free Trade Agreement (NAFTA)...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

Banks want assurances from U.S. regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multibillion-dollar settlements, people familiar with the matter said. In an unprecedented move, the parent companies or main banking units of JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N), Royal Bank of Scotland Group Plc (RBS.L), Barclays Plc (BARC.L) and UBS Group AG (UBSG.VX) are likely to plead guilty to rigging foreign exchange rates to benefit their transactions. The banks are also scrambling to line up exemptions...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

Agustino Fontevecchia, Forbes Staff 12/19/2011 @ 4:15PM |2,956 views China Waking Up? Central Bank Now Selling Forex Reserves To Support Yuan Marking a clear break with its policies over the last several years, the People’s Bank of China (PBoC) announced a second consecutive month of foreign exchange outflows in November, a move designed to support the value of the yuan. China’s currency intervention came alongside a report showing property prices continuing to fall, as Beijing clamps down on what many see as a dangerous real estate bubble. The Red Dragon appears to be waking up. Chinese policymakers are doing everything...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

If you’re like many of us, you may be wondering when people are going to stop uttering the phrase “In this economy, … ”. Since the world’s financial system took a turn for the worst in 2007, this saying has been used time and time again by countless people. In fact, it is the underlying sentiment that contributed to U.S. regulators drafting the Dodd Frank Wall Street Reform Act of 2010 (“Dodd Frank” or “Act”). Dodd Frank, for those of you who don’t know, is a massive financial legislation intended to prevent a future financial Armageddon. In drafting the Act,...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

Important Account Notice Re: Metals Trading We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

Friday, March 18, 2011 G-7 OKs Yen-Selling, Spurring BOJ, Gov't Move TOKYO (Nikkei)--Finance ministers and central bank governors from the Group of Seven agreed to intervene jointly in the foreign exchange markets for the first time in more than 10 years to curb the yen's rise against the dollar. Officials from the G-7 held a telephone conference Friday morning to discuss the yen's surge against the dollar following the earthquake in northeastern Japan on March 11 and accidents at the Fukushima No. 1 nuclear plant. Following the agreement, the government and the Bank of Japan intervened in the forex market...

Published on Friday 7th of August 2020 05:50:25 PM Read more...

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