25 Mar 2012
South Africa this week will take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.
Thus the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.
This means getting a renminbi-denominated bank account, in addition to a dollar account, could be an advantage for African businesses that seek to do business in the emerging markets.
The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s.
Afshin Rattansi criticizes the U.S. and UK soldiers' killing of Afghan civilians. The comedian, David Mulholland reviews the previous week's political cartoons. Also the Joint Secretary of Unite against Fascism, Sabby Dhalu talks about the increased threat of fascism facing Britain today. She says the BNP and the EDL are losing their support. Dhalu adds that the main problem now is mainstream Islamophobia, particularly in the media. She also comments on the British PM, David Cameron trying to get votes by inciting racial hatred against Muslims. Source
I RECENTLY asked a group of colleagues — and myself — to identify the single most important development to emerge from America’s financial crisis. Most of us had a common answer:
The age of the bank run has returned.
The age of the bank run has returned.
Since the end of World War II, economists have generally thought that runs on banks were dead, at least as a phenomenon in advanced nations. In the United States, for example, bank deposits are insured by the Federal Deposit Insurance Corporation, and, as a last resort, the Federal Reserve can back deposits by printing money.
The new complication is that bank deposits are no longer the dominant form of modern short-term finance. The modern bank run means a rush to withdraw from money market funds, the disappearance of reliable collateral for overnight loans between banks or the sudden pulling of short-term credit to a troubled financial institution. But these new versions are in some ways still similar to the old: both reflect the desire to pull money out of an endeavor — and to be the first out the door. And both can set off a crash.
The Return of Black Power? - New Black Panthers offer $10,000 bounty for capture of George Zimmerman
Without a government-issued warrant, the organization opens itself up to civil or criminal liability, a lawyer said.SANFORD — Members of the New Black Panther Party are offering a $10,000 reward for the "capture" of George Zimmerman, the Neighborhood Watch volunteer who shot Trayvon Martin. New Black Panther leader Mikhail Muhammad announced the reward during a protest in Sanford Saturday. And when asked whether he was inciting violence, Muhammad replied defiantly: "An eye for an eye, a tooth for a tooth."
Submitted by Tyler Durden:
The last time a story of Tungsten-filled gold appeared on the scene was just two years ago, and involved a 500 gram bar of gold full of tungsten, at the W.C. Heraeus foundry, the world's largest metal refiner and fabricator. It also became known that said "gold" bar originated from an unnamed bank. It is now time to rekindle the Tungsten Spirits with a report from ABC Bullion of Australia, which provides photographic evidence of a new gold bar that has been drilled out and filled with tungsten rods, this time not in Germany but in an unnamed city in the UK, where it was intercepted by a scrap metals dealer, and was supplied with its original certificate. The reason the bar attracted attention is that it was 2 grams underweight. Upon cropping it was uncovered that about 30-40% of the bar weight was tungsten. So two documented incidents in two years: isolated? Or indication of the same phenomonenon of precious metal debasement that marked the declining phase of the Roman empire. Only then it was relatively public foranyone who cared to find out on their own. Now, with the bulk of popular physical gold held in top secret, private warehouses around the world, where it allegedly backs the balance sheets of the world's central banks, yet nobody can confirm its existence, nor audit the actual gold content, it is understandable why increasingly more are wondering: just how much gold is there? And alongside that - while gold, (or is it GLD?), can be rehypothecated, can one do the same with tungsten?
Blending into the background may become a thing of the past. A new Japanese security camera has the ability to search millions of faces with one click. An image captured on the Orwellian invention can also search other databases to track people.
Representatives from device’s creators Hitachi say the camera uses image-recognition software in combination with algorithms that group similar faces together to create a thumbnail photo of a person.
Where before authorities would have spent hours trawling through CCTV footage, an individual can now be found in the blink of an eye. The camera can search a staggering 36 million faces in less than a second for a match of the thumbnail photo.
Mike Maloney discusses his view on this week's recent metal movements and projects he is working on. Christian Garcia discusses: Chinese Slowdown, Dollar Strength Hype, Bank of America, from fraudster to slumlord, Banks doing God's work? Source