The US-led military operation against the Islamic State (IS, formerly ISIS) militants has likely so far cost between $780 and $930 million, according to an estimate by Washington-based think tank specializing in defense issues. The estimate is part of a report attempting to forecast how much the operation might cost in the future. [...]

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 [...]

Argentina will receive the first tranche of yuan worth up to $1 billion in a massive currency swap with China before the end of this year. The deal will boost the troubled economy's foreign reserves. It comes as part of a loan worth $11 billion signed in July by Argentina's President Cristina Fernandez de Kirchner and Chinese counterpart Xi Jinping during hisLatin America tour- shortly before t [...]

"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. [...]

Inequality between the richest and poorest metropolitan areas in the US is at its highest since 1969, and could hamper the recovery of the housing market that was at the heart of the 2008 financial crisis. A report by the US Commerce and Labor Department shows that when analyzing the largest 100 metropolitan areas in the country, the disparity between the 10th most affluent region and the 90th [...]

The Bulgarian government is under enormous pressure from the US to cancel the South Stream project, and so Bulgaria is the place to watch now, Daniel McAdams, executive director of the Ron Paul Institute for Peace and Prosperity think tank, told RT. On August 8, Ukrainian Prime Minister Yatsenyuk announced that Kiev had prepared a list of 172 Russian citizens and 65 companies, predominantly Rus [...]

Russia and the EU have to look for a basis for a new dialogue of non-confrontation as they should be strategic partners working for consolidation of peace and normal economic life, Kostas Isyhos from Greece's left-wing SYRIZA party told RT. First of all, because Greece is going through the 5th year of constant recession. The memorandum policy which has been followed with austerity programs in t [...]

The US dollar, the dominant global currency since 1944, may lose some of its luster due to the American-led sanctions against Russia over the turmoil in Ukraine. The greenback has been fading in favor since the global financial crisis in 2008. The US-led sanctions against Russia may have backfired on the US because it threatens to “hasten a move away from the dollar that’s been stirring sin [...]

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 [...]

There is neither real criticism from German politicians, nor any visible efforts to return German gold held in the US, so it seems that US controls Germany, economic analyst Michael Mross told RT. In one of its recent reports Bloomberg claimed that Germany decided not to repatriate its gold reserves from the US, instead the Bundesbank issued an official statement that underscores it’s "trust" in [...]

Western support will allow more IMF and European lending to prop the Ukrainian currency so the Ukrainian oligarchs can move their money safely to British and US banks, economist and author Michael Hudson told RT's Truthseeker. The basic principle to bear in mind is that finance today is war by non-military means. [...]

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 [...]

Ukraine does not control its territory and is unable to guarantee not only the lives of its own citizens but also the economic safety of the pipeline operation, or the businesses on its territory, political scientist Mateusz Piskorsky told RT. Ukrainian authorities suggested the blast may have been caused by a terrorist attack. So can Ukraine be trusted as a transit country anymore? [...]

Monday 23 December marks the 100th Anniversary of the creation of the Federal Reserve System - the Central Bank of the United States of America. The mainstream media are keeping remarkably quiet about this key milestone. [...]

Angela Merkel may be resented by the rest of Europe, but Sunday'€™s election result is validation by Germans of the Chancellor'€™s handling of the euro crisis, as they signed-up for four more years of tough austerity. Merkel’s cautious handling of the euro crisis secured her a third term as Chancellor, but she may struggle to form a strong coalition to continue her pro-Europe agenda in conti [...]