Panic-stricken bank depositors in Cyprus emptied ATM machines across the nation after the surprise announcement Saturday that, as part of an extremely controversial European Union and International Monetary Fund bailout deal, authorities would seize up to 10 percent of all savings deposited in Cypriot banks. Markets across Europe plunged as fears of contagion or even a large-scale bank run in the region plagued investors, with the single euro currency falling to multi-month lows and gold rising back above $1,600 following news of the $13 billion scheme.
Global demand for gold hit a new record value level in 2012 and central banks around the world were gobbling up the precious metal at rates not seen in nearly 50 years, according to findings released by the World Gold Council this month. The industry council said that in value terms, gold demand in 2012 was over $235 billion — an all-time high — and fourth-quarter figures of more than $66 billion marked the highest Q4 total ever.
The consequences of governmental intrusion into the private market are inevitable, painful, and costly, as students such as Nick Keith found out much too late.
Foreign governments continue to increase their purchases of U.S. government debt despite concerns over the fiscal cliff and the government's continued profligate spending.
Calling it “unexpected,” Reuters reported that the Purchasing Managers Index (PMI) from the Institute for Supply Management for November fell to its lowest level in over three years. A poll of economists by Reuters showed they didn't see it coming.
The United Food and Commercial Workers (UFCW) union has threatened 1,000 protests against Walmart on Black Friday, while the giant retailer has filed a complaint against such actions by the union with the National Labor Relations Board (NLRB).
Hard-money investment manager Marc Faber predicts that markets could decline by 20 percent, perhaps more, as the economy faces the continued recession and worries about the "fiscal cliff."
The goal of the secretive negotiations working out the TPP is the creation of a Free Trade Area of the Asia Pacific (FTAAP) and economic integration of the member nations.
Small business owners, some of whom have spent their lifetimes building their businesses, are unloading them before the end of the year in order to save taxes.
The current capital gains tax rate is 15 percent, but in January it is scheduled to increase to 20 percent, plus the ObamaCare tax of 3.8 percent added on top brings it to 23.8 percent, a jump of 58 percent. Even if a lame-duck Congress extends the present rate of 15 percent, there is no conversation in Washington about repealing the ObamaCare tax, so at best capital gains taxes will increase by 25 percent after the first of the year.
After learning that the White House had failed to enforce the law in order to protect President Obama’s reelection chances from potential negative feedback, Senator James Inhofe (R-Okla.) wrote a letter dated October 25 asking the president to comply with the legal requirement that agencies publish their regulatory agendas on a semiannual basis.