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Written by Gillian Tett
- Financial Times |
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Thursday, March 07, 2013 |
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Should we all worry about the outlook for the mighty American dollar? That is a question that many economists and market traders have pondered as economic pressures have grown. But in recent weeks Virginia’s politicians have been discussing it with renewed zeal. Last month Bob Marshall, a local Republican, submitted a bill to the local assembly calling on the state to study whether it should create its own “metallic-based” currency.
This was not because Virginia is seething with secessionist impulses (dozens of Read more |
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Written by Robin Harding and Tom Braithwaite
- The Financial Times |
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Friday, February 22, 2013 |
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US Federal Reserve officials fear a backlash from paying billions of dollars to commercial banks when the time comes to raise interest rates.
The growth of the Fed’s balance sheet means it could pay $50bn-$75bn a year in interest on bank reserves at the same time as it makes losses and has to stop sending money to the Treasury.
Officials at the US central bank fear it could create a public-relations nightmare after the Fed was lambasted for rescuing banks during the financial crisis. It is one factor prompting some Read more |
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Written by Komal Sri-Kumar
- Financial Times |
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Tuesday, February 19, 2013 |
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In a global economy still recovering from the 2008 crisis, boosting economic growth has become a key priority. The discussion among central bankers has focused on using currency depreciation to boost export competitiveness, production and employment.
This is by no means a novel idea. Competitive devaluations were repeatedly used during the 1930s to gain competitive advantage – until the trading partner also devalued, negating the impact of the first devaluation. Such currency wars, or “beggar thy neighbour” poli Read more |
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Written by Michael Steen and Jack Farchy
- Financial Times |
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Wednesday, January 30, 2013 |
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Criminal masterminds and Hollywood scriptwriters have been put on notice. Germany’s central bank is planning to shift 54,000 gold bars worth €27bn from Paris and New York to its base in Frankfurt, one of the biggest publicly announced shipments of the precious metal on record.
Not to make it too easy for anyone planning a series of heists, the Bundesbank declined to say exactly how it would transport the gold, or exactly when.
But between now and 2020, all 374 tonnes of gold bars, each one weighing 12.5kg, stored Read more |
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Written by Victor Mallet and Jack Farchy
- The Financial Times |
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Saturday, January 19, 2013 |
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It was no surprise that a deliberate threat at the start of this year by Palaniappan Chidambaram, Indian finance minister, to make gold “a little more expensive to import” sent shudders through the international gold market.
India is the world’s largest gold importer and accounts for more than a fifth of global demand. Last year, a drop in Indian gold imports of about 20-25 per cent – due perhaps to a previous increase in import duty but also to the slowdown of the domestic economy – was one of the main reasons for go Read more |
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