The BRICS Bank marks a major step to de-dollarization, and a new monetary system. It should replace the western-dominated “predatory casino scheme” that has contributed to world wars and “economic terrorism,” says former World Bank economist Peter Koenig. “A ‘BRICS system’ would offer a healthy alternative to the highly indebted and defunct dollar system, where money is printed at [...]

Settlements in yuan between China and Russia have increased ninefold in annual terms between January and September 2014, says the Chinese Ministry of Economic Development. "The settlement in national currencies between China and Russia in bilateral trade amounted to about 2 percent in 2013. [...]

The Bank of Russia took another step towards a free float ruble by abolishing the dual currency soft peg, as well as automatic interventions. Before, the bank propped up the ruble when the exchange rate against the euro and dollar exceeded its boundaries. "Instead, we will intervene in the currency market at whichever moment and amount needed to decrease the speculative demand,” the bank’s [...]

Thousands of Americans living overseas continue to give up their citizenship as foreign banks turn them away over the burden of completing increasingly expensive and complicated tax returns required by a controversial new tax law. More than 1,500 Americans have renounced their citizenship in so far 2014, the Guardian reports. [...]

It was the West that armed and financed ISIS and it is “outrageous” to blame Muslims for supporting extremists and close their bank accounts when they’ve done nothing wrong, Massoud Shadjareh from the Islamic Human Rights Commission, told RT. Earlier in September, some US banks closed dozens of accounts without any explanation. Letters were sent to business owners, nonprofits, and student [...]

Arms producer Kalashnikov and oil giant Rosneft are among Russian companies hit by a new round of EU sanctions, which have come into effect Friday morning upon being published in the EU Official Journal. The sanctions target the finance, energy and defense sectors. The union has restricted three Russian energy companies from raising long-term debt on European capital markets – Rosneft, Transn [...]

Banks worldwide are warning of the financial folly that would follow Scotland's decision to exit the United Kingdom. Scotland's big banks talk of relocating to London, and other businesses are watching currency and economic ripples as the decision nears. Scotland’s population of 5 million will go to the polls on September 18 to decide whether or not to break its 307-year union with the United [...]

"Stunningly destructive" and "dismal failure" is how Nobel laureates describe growth in the European Union after destructive austerity policies and the euro crisis. Economists are casting doubt on the effectiveness of monetary policy in the 18-member eurozone, which is yet to fully shake off recession and produce sustained growth. [...]

America's second largest lender has reached a $16.65 billion settlement with US federal authorities for selling toxic mortgages misleading investors, the Justice Department said Thursday. “This historic resolution - the largest such settlement on record - goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement posted on the US Justice Department w [...]

Forget Visa and MasterCard. After the two American credit system payment companies froze accounts without notice in March, Russia has been looking for an alternative in China UnionPay. China UnionPay plans to have 2 million cards in Russia in the next three years. [...]

The Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on national currency swaps has been agreed by the parties,” and is at the stage of formal approv [...]

For Switzerland to copy and paste EU sanctions against Moscow is unwise, and would jeopardize the country's role as a mediator, said Swiss Economy Minister Johann Schneider-Ammann. The Swiss government has no plans to follow in the EU’s footsteps and impose sanctions against Russia, Schneider-Ammann said in an interview with the Swiss newspaper Schweiz am Sonntag. [...]

Moscow is disappointed by the EU's inability to act independently from Washington's dictation in the international arena, the Russian Foreign Ministry said in response to the new package of sanctions. “We feel ashamed for the European Union who, after long searching for a unified voice is now speaking with Washington’s voice, having practically abandoned basic European values, including the [...]

The US stock market will suffer a 20 percent or greater pullback within 12 months says Mark Cook, a legendary investor who predicted the last three major crashes including the 2007 world economic crisis. The trader didn’t specify the exact time when the market will fall. [...]

Shanghai is considered to be the frontrunner between Russia, China, India and South Africa to become home to the new BRICS bank, media reports. The bank is an attempt by emerging economies to challenge the US-based global lending institutions. Four of the BRICS countries – China, Russia, India and South Africa [...]

Americans avoiding US taxes and stashing cash abroad are in trouble from July 1, when a new law forces institutions hiding money to report on their clients. The law will make business with Americans harder, but the US hopes it will raise billions. The US Foreign Account Tax Compliance Act, or FATCA, comes into force on July 1 and requires foreign banks to hand over data on clients to the US Intern [...]

Total US debt soars to nearly $60 trn, foreshadows new recession! The Federal Reserve Bank of St. Louis released the current data for the total debt in the United States Economy on June 5, 2014 — All Sectors; Credit Market Instruments; Liability, Level (TCMDO). While people, companies, and governments blamed bad weather for a dismal showing in economic activity, it appears they had little troubl [...]

€‹European lawmakers are calling into question the ability of the Troika to effectively deal with the crisis, and many are attacking its methods. An investigation report due in April will look at the handling of the Greek sovereign debt debacle. [...]

A record number of Americans renounced their citizenship or green cards in 2013, according to new data that may draw a complicated picture for US tax assessors who impose financial obligations on citizens living outside the country. [...]