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Half of Corporate America losing BILLIONS in Forex for no reason

8/31/2016

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Here's the big irony for the markets.  As we explain in Splitting Pennies book, Forex is the largest market in the world and the least understood.  Corporate America certainly doesn't understand Forex.  Well, according to this report, about 50% do:

Forty-eight percent of nonfinancial companies listed on U.S. stock exchanges remained exposed to volatility in foreign exchange rates, commodity prices and interest rates in 2012 because they did not hedge them, according to a new study by Chatham Financial.  The interest-rate and currency risk adviser studied a sample of 1,075 companies ranging from $500 million to $20 billion in revenue. The nearly half that did not use financial instruments to hedge their exposures demurred despite the threat the risks posed to both the balance sheets and reported earnings (see chart at bottom). “That was surprising, knowing the pressure senior management teams and treasury feel around identifying ways to reduce risk to factors within their control so business can focus on other areas,”Amol Dhargalkar, managing director for corporate advisory at Chatham, says.

Many analysts have pointed to the fact that the new excuse of "Currency Headwinds" (accountant code word for "Don't Understand Forex") to define earnings in 2016:

Companies that do business outside of the USA have substantial forex exposure. This exposure can be an asset, if properly managed - but often it is a liability. Recently, the trend in corporate accounting has been to blame "currency headwinds" which can be a good excuse for up to $10 billion in losses. Did these executives ever hear about hedging?

So what does this data mean?  It means that half of Corporate America is speculating BIG in Forex.  Not hedging, when you have FX positions, is speculating.  For example, imagine you're a big US multinational like McDonalds (MCD).  McDonalds (MCD) is a great example because they are one of the companies that lives off their FX hedges.  Without FX hedging, it's questionable if MCD could survive, because more than 60% of their revenue comes from non-US Dollar (USD).  That means their revenue, without FX hedging, would be nearly an exact function of the FX markets (which is the case for these companies that don't hedge).  Companies that lose billions of dollars due to 'currency headwinds' - they are losing huge in Forex.  

Here's the irony.  Pension Funds and many institutions are reluctant to invest in Forex strategies because they are 'risky'.  But they invest in the stock of companies that lose billions in Forex!  And that's OK.  Well, everyone is losing, so why not us too.  Heck, I don't want to be singled out as the one state pension fund that's actually MAKING money for our retirees, that might cause me to get promoted, or lose my job.  

Why don't these companies hedge you ask?  Isn't it their fiduciary duty to their shareholders?  Here's one perspective from PWC:

When a publicly held company engaged in a multi-billion dollar investment in an overseas location
recently, the firm considered using a hedge — or swap — contract to reduce the risk that a big currency
swing would impact costs and financial results. The plan was sound financially. Yet, management had
concerns about the reaction of investors to this approach and decided to drop the hedging plan, says
Chris Rhodes, accounting advisory services partner at PricewaterhouseCoopers (PwC).  Why? Because the CFO determined that,
although the hedge would protect all the cash
spent in the foreign jurisdiction against currency
exposure, the cost of capital — in this case
borrowing in external markets — “would be
negatively impacted by the inability of some
analysts to understand the reporting issues
involved,” Rhodes explains. “The concern is that,
although many analysts would immediately grasp
the sophisticated currency-hedging procedures
that were key to the plan, others might not.”

So you see, according to this perspective, CFOs understand Forex, but they understand that others such as analysts don't understand, and think that there's a negative perception problem, to closing a big gaping hole in their FX exposure.

One year in the 90's, Intel Corporation made more money on their FX positions than they did selling processors.  Not all of Corporate America is completely stupid.  There are some savvy FX managers out there, that do a great job.  But for the other half, one has to wonder if FX volatility will finally drive these unhedged companies out of business.

Here's what you see on every street corner in Russia:

At least, some humans are prepared for potential financial catastrophe, even if it's as simple as FX volatility.

To learn more about Forex Hedging, checkout Splitting Pennies - your pocket guide designed to make you an instant Forex Genius!  Or checkout Fortress Capital Forex Hedging.


First published here: http://j.mp/2cspqpR
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The European Commission takes a 13 billion bite out of Apple

8/31/2016

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MARGRETHE VESTAGER, the European Union’s competition commissioner, likes to knit elephants in her spare time, because, she once said, “they bear no grudge, but they remember well”. It is hard to imagine executives at one of the big beasts of the tech world forgetting August 30th 2016 in a hurry: that is when Ms Vestager (pictured) ordered the Irish government to recover up to €13 billion ($14.5 billion), plus interest, in unpaid taxes from Apple. The decision was expected, but the number was higher than experts had predicted.

The ruling is the most important—and controversial—moment so far in the war on corporate tax avoidance. Tax-justice campaigners hooted with delight. Apple was livid, and vowed to appeal. The Irish government may follow; its finance minister, Michael Noonan, would rather “defend the integrity of our tax system”, as he put it, than accept a windfall that would exceed Ireland’s annual health budget. Politicians in America, Apple’s home market, denounced the move as a “tax grab”.

The commission concluded that Irish rulings in 1991 and 2007 artificially lowered the tax Apple was due to pay, and...Continue reading


First published here: http://j.mp/2bRLC7S
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Awareness of Fed Credibility Problems Going Mainstream

8/31/2016

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awareness of fed credibilityThe nation’s pre-eminent central planners just held their annual gathering at an exclusive resort just outside Jackson Hole, Wyoming and discussed how to interfere even more deeply in markets. In a speech entitled “The Federal Reserve’s Monetary Policy Toolkit: Past, Present and Future,” Fed chair Janet Yellen outlined why zero interest rate policy (ZIRP), purchases of toxic mortgage securities, and monetization of Treasury debt just aren’t adequate. Officials must add negative interest rates (NIRP) and purchases of even more sketchy assets to their “toolkit.”

Yellen has spent more than a year floating the idea of negative rates, so it is no surprise she is hustling the ludicrous policy once again. In fact, very little of what she said Friday is new. It was the usual mess of contradictions.

She started with a familiar trope about the economy being close to escape velocity. The Fed chair said she expects to wind down stimulus soon. She then followed by admitting the Fed is currently in a lousy position for handling the next crisis or downturn. Given interest rates are already near zero, officials would need to push them into negative territory. And they should consider buying other types of assets.

rainingmoneyWe also know from prior statements that Yellen views “helicopter money” as a legitimate tool, an extreme measure which entails printing money and dropping it directly into the hands of consumers.

Many question whether the arrogant and “enterprising” bankers at the Fed actually recognize some limit on what they can do. Regardless, Yellen didn’t specify what she had in mind so we are left to speculate. Maybe she thinks they should buy stocks. Or perhaps she wants to throw another life preserver to Wall Street by sopping up failing subprime car loans or bad oilfield debt.

If there was anything new and interesting last week it was an article by Jon Hilsenrath, who covers the Fed for the Wall Street Journal. It is safe to say he represents the establishment view. At long last, there are signs that disdain for the Fed is moving beyond the community of precious metals investors and free marketeers and into the mainstream.

Hilsenrath suggests the “Once-revered central bank failed to foresee the crisis and has struggled in its aftermath, fostering the rise of populism and distrust of institutions.”

He runs through just how badly and how often Fed officials have missed the mark with regards to forecasts. He talks about flawed models which overlooked important variables. And he quotes Fed officials expressing self-doubt, for example wondering if today’s low interest rates may actually be encouraging people to save more instead of borrowing more as hoped.

It’s a long way from being a thorough critique of a more complete list of Fed sins listed here:

  • The cozy revolving door with Wall Street banks.
  • Paying triple-A prices to bulk buy train loads of these banks’ worst kind of garbage mortgage securities.
  • Steering trillions of dollars worth of Treasury purchases through the banks and paying them huge fees instead of buying direct from the Treasury.
  • The complete failure of the Fed, as the chief banking regulator, to hold any senior bank executive accountable for pervasive fraud and cheating their own customers.
  • Waging a war on savers with zero interest rates, which impoverish seniors, blow up pension plans and distort capital markets – all to stimulate borrowing.
  • But Hilsenrath’s critique is also a long way from the religious reverence the mainstream and the financial press lavished on the Fed in years past. So that’s a start!

The bottom line is Yellen is clearly ready to implement even more destructive and bizarre policy tools. Her ideas for restoring prosperity include forcing savers to pay their banks to hold their savings and printing up money to buy an even wider array of whatever junk Wall Street would like to sell.

Clint Siegner MMEClint Siegner is a Director at Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of Linfield College in Oregon, Siegner puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals’ brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.


First published here: http://j.mp/2c0Weo0
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Negative Interest Rates: The Tax On Capital

8/31/2016

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Negative Interest Rates: The Tax On Capital

Written by Jeff Nielson

 

So-called “negative interest rates” are illegal. This is an inescapable conclusion of law, arrived at simply by applying some of the most fundamental principles of our entire legal system. But let’s put aside this issue of legality, it is a topic which will be dealt with comprehensively, in a sequel to this piece.


There is no such thing as a “negative interest rate”. By definition, an “interest rate” is a positive number. It is the price which we pay in exchange for the use of capital. Thus the phrase “negative interest rate” is a non sequitur. It is a euphemism used to conceal the inherent criminality of this newest, Western financial fraud. However, let’s put this proposition of logic aside as well.


The purpose of this commentary is two-fold.


  1.  Exposing the lies and propaganda which supposedly justify this systemic financial crime.
  2.  Explaining what a so-called “negative interest rate” is, in reality: a tax on capital.

 

Before exposing the fraud which is inherent with so-called negative interest rates, it is necessary to back-track, and examine the evolution of monetary criminality which has brought us to this point. Before we got to the fraud and insanity of so-called negative interest rates, we had the “0% interest rate”.


There is no such thing as a “0% interest” loan. Again, the legal technicalities here will be explained in greater detail in the sequel to this piece. For the moment, it will suffice to say that any so-called “0% loan” (and 0% interest rate) is a sham transaction, null-and-void as an elementary premise of law.


Skeptical readers can easily find this out for themselves. Engage in some “0% loans” in your own financial affairs, and see what happens when you report those transactions to the tax authority of your jurisdiction. You will receive a letter informing you that any/all of your so-called “0% loans” are sham transactions, and the tax authority has deemed all such transactions to be null-and-void.


A negative interest rate is not the natural, logical progression from a 0% interest rate, because neither of these concepts exists in the real world. The moment we reached “0% interest” we completely left behind any semblance of legitimacy (and legality) in our monetary system. Why? Why the frauds? Why all of the lies about these frauds?


Let’s start by examining what the bankers and politicians tell us that these fraudulent/criminal interest rates are supposed to do. They are supposed to “stimulate our economies”.


Really? What is a “0% interest rate”, in reality? It is free money – a gift. That’s what the tax officials will call any supposed “0% loans” which we try to execute in our own personal finances. Does free money stimulate our economies? Yes, but with two, gigantic caveats.


First of all, what does it mean when any central bank starts to spew “free money” (i.e. free currency) into that economy? It means that the currency is worthless. As an elementary proposition of logic, any “good” which is produced at zero cost, and in (near) infinite quantities, like our fiat currencies, must be worthless. This was the subject matter of a previous commentary. Producing free money destroys our entire monetary system.


Secondly, using free money as a form of economic stimulus has the obvious effect of causing asset bubbles to explode all over that economy. The reckless peril of causing such asset bubbles to spring into existence grossly outweighs any “stimulative” benefit to the economy.


But don’t accept the word of this writer for this simple proposition. Look at our history. If a fraudulent 0% interest rate was a good way to stimulate our economies, why haven’t we always engaged in such a monetary policy? Put into negative terms, why has such monetary fraud and criminality never been perpetrated in our economies until now?


It is because it has been universally accepted, throughout our economic history, that the financial perils of the reckless policy of free money grossly outweigh any economic benefits. A “0% interest rate” doesn’t work as a policy of stimulus because it has never worked. We now have empirical proof of this elementary principle, spelled J-A-P-A-N.


Has 30 years of free money fixed Japan’s economy? No. Thirty years of free money has destroyed one of the world’s strongest economies. Look at what near-zero, 0%, and now negative rates have reaped in our own economies: massive real estate bubbles, all over the Western world; massive bond bubbles, all over the Western world.


Look at the United States. It has the largest bond bubble in its history, and the largest stock market bubble in its history, simultaneously. This isn’t even supposed to be theoretically possible. Monetary criminality and financial fraud has reached an exponential extreme. And now the criminal regimes of the West have embarked upon something much, much worse: their so-called negative rates: borrowers stealing from lenders and savers. This is a good idea?


Observe the reasoning of the central bankers and the puppet politicians who take their orders. If a 0% interest rate “stimulates” our economies, then moving to negative rates will provide even more “stimulus”. It is the logic of a six-year-old.


Two factors are completely ignored in this infantile reasoning. First, a 0% interest rate does not stimulate an economy, it destroys an economy, as just explained. The positive “interest” paid to savers which is supposed to (partially) protect us from the rapacious “inflation” of the bankers is removed. Our savings are stolen – at the full rate of inflation.


In the absence of the gold standard, there is no way to protect savings from confiscation
[i.e. theft] through inflation.

-
Alan Greenspan, 1966


The banking Crime Syndicate and the puppet politicians have already taken away our gold standard. The only partial protection which remained against banker “inflation” (banker theft) was the interest paid on our savings. Now that protection has been taken away from us as well, by the same bankers and puppet politicians.


This is particularly important for people who live in the real world, and are cognizant of the real rate of inflation – not the absurdly fraudulent inflation “statistics” spewed by our corrupt governments. With real inflation running at 10+% per year, having no protection from this rapacious confiscation of our wealth is an extremely serious form of economic theft and economic destruction.


Negative interest rates go well beyond even this level of injustice and criminality. Negative interest rates tax capital. How do you “stimulate” an economy by taxing capital? Anyone with even an ounce of economic savvy would immediately realize that you don’t stimulate an economy with a tax – any tax.


However, taxing capital is arguably the most-destructive form of taxation which could ever be devised. It is even more destructive than the intellectually bankrupt concept of “income taxation”. The full, destructive force of a tax on capital can once again be summarized with one word: D-E-N-M-A-R-K.


Denmark was the first regime in the Corrupt West to go fully “negative” with its criminalized interest rates. It has the most-negative rates in the world. And the destructive impact of this policy of taxing capital could not be more obvious. We see this simply by looking at the reaction of Denmark’s corporate community to this overt, monetary criminality – bankers stealing their operating capital via the tax of negative interest rates.


In response to having their operating capital stolen by the Big Banks, Danish corporations began to pre-pay their (official) taxes, in ever-increasing amounts. No, this is not a misprint. Denmark’s corporations began pre-paying their taxes at such an extraordinary rate that Denmark’s government was forced to pass a law limiting the pre-payment of corporate taxes. Insanity piled atop more insanity.


Negative interest rates punish-and-destroy economies in two ways – directly and indirectly. Directly, it obviously does not “stimulate” an economy to allow bankers to steal the operating capital of businesses. Indirectly, the more taxes that Denmark’s corporations pre-pay (or hide in other manners) in order to avoid the theft of their operating capital, the less operating capital which remains to build Denmark’s economy.


Taxing capital does not stimulate an economy. Obviously, allowing the Big Banks to steal the operating capital of businesses could never stimulate an economy any more than allowing the Big Banks to steal the savings of ordinary people could stimulate an economy. Simultaneously, businesses and savers are then also subjected to the second form of banker theft: theft-via-inflation.


Let’s pretend that the banking Crime Syndicate and the puppet politicians beneath them actually did want to stimulate our economies. What would they do? First they would eliminate the overt criminality of our interest rates. No more “negative” rates. No more “0% interest”. Interest rates would be restored to being legitimate, positive numbers.


Savers would once again be paid by their bank, in exchange for bestowing the bank with the privilege of using their capital. Lenders would once again be paid by borrowers in exchange for the use of their capital. Monetary legitimacy and monetary sanity would be restored. No more “taxation” (i.e. theft) in the form of criminalized interest rates.


Secondly, the bankers and puppet politicians would put an end to the banking crime syndicate’s game of theft-by-inflation: taxing (and pocketing) all of our wealth via the monetary fraud of their excessive money-printing. Obviously all of our economies would receive a massive jolt of stimulus if the bankers were prevented from stealing all of the wealth of citizens and businesses at the rate of 10+% per year.


Legitimate interest rates foster sustainable economic growth and development. The obvious sanity and justice of positive interest rates is fully supported by economic fundamentals. The monetary voodoo imposed upon us by criminal central banks, and rubber-stamped by puppet politicians is the ultimate extreme in financial corruption. The inevitable result of this systemic criminality can only be the complete economic destruction of the Western world.

 

 

 

Please email with any questions about this article or precious metals HERE

 

 

Negative Interest Rates: The Tax On Capital

Written by Jeff Nielson


First published here: http://j.mp/2ccj1ei
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Carly Rae Jepsens Store Is The New Queen Of Memes

8/31/2016

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The queen that keeps on giving

Last week, Carly Rae Jepsen released the B-sides to her 2015 album “Emotion”.

instagram.com

One of the tracks included is called "Store." It's pretty much just a song about going to the store.

embed.spotify.com

vine.co

And

vine.co

View Entire List ›


First published here: http://j.mp/2bCEPkR
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This Chart Predicts $4000 to $8500 Gold! What Happens If The Current Gold Bull Market Performs Like Previous Ones

8/31/2016

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1

The current gold bull market is just over 6 months old, and while it has not been a gentle ride, it is very much expected considering the volatility of previous bull markets. That being said, we are just getting started. Using a sports analogy, according to our estimates we are not even halfway through the second inning using the average duration of the previous three bull markets.

Here is what the current gold bull market could look like if we used previous gains as a proxy:

2

Historically, the longer the preceding bear market, the longer the bull market that followed. When the bear market ended in December 2015, it marked the end to the longest gold bear market in centuries. We predict the current market will match the 2001-2008 bull and then some, and gold will break $5,000 an ounce when it’s all said and done.

On a sidenote, we are now into the fifth week of our silver giveaway. Sign up a free report on silver investing and a chance to win actual silver!

http://j.mp/2b4AZzq


First published here: http://j.mp/2c4Gkre
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Discarded airline bosses are walking away with eye-watering payouts

8/31/2016

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AS PRESIDENT of US Airways, Scott Kirby (pictured) cut costs by eliminating free non-alcoholic drinks for coach passengers. This week, he was probably popping the cork on something fizzy. On Tuesday, American Airlines, which took over US Airways in 2013, announced that Mr Kirby is out of his job—and filings show that he is walking away with $13m and lifetime flying privileges.

For passengers who have felt the pinch of every airline cost-saving manoeuvre, the discrepancy will feel cruel. So-called golden parachutes are standard practice in the corporate world, and Mr Kirby’s is peanuts compared with, say, Steve Wynn, a casino mogul who negotiated a $358m exit deal. But at least he got peanuts. Airline passengers have found themselves denied even salty snacks in recent years. Employees, meanwhile, have complained of a lack of investment in basic infrastructure.

So they would be forgiven for asking where, exactly, all this money came from. Mr Kirby will receive $3.85m in cash, accelerated vesting of more than 250,000 stock shares (worth nearly $10m),...Continue reading


First published here: http://j.mp/2c4Icjy
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Veritaseum Valuation Knowledge Module Proven Correct: Adidas Stock Drops 5%

8/31/2016

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Veritaseum Valuation Course

The Veritaseum Introduction to Stock Valuation course has hit a homerun in walking novices investing through building an investment valuation model for althletic apparel companies, from scratch. The course compared the fundamentals of Adidas, Nike, Puma, etc. and found Adidas to be materially overvalued. This was a snapshot of the stocks at the launch of the education module.

adidas v nke

This is a snapshot of the same set of comparables today, compared to the date of the course availability...

Veritaseum Valuation Course stock results

Yes, fundamentals still matter - even in a world of centrally planned market manipulation. A short position on this stock would have grossed nearly 10% in that short period of time. Those interested in taking the course and/or tweaking their own version of the model should click here to join. It was purposely priced at a mere $50 to eliminate any barriers to anyone interested in learning real world stock valuation. 

Conversations in our novice discussion group (Veritaseum University: Using Comparative Analysis to Value Apparel Stocks) and below will ensue as to how far Adidas has to drop before being realistically valued.


First published here: http://j.mp/2cqSLRH
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Massive Debt Bubble in Ireland and Globally Sees Wealthy Diversify Into Gold

8/31/2016

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Mark O'Byrne, Research Director of GoldCore, was interviewed by Max Keiser about the arrival of negative interest rates in Ireland and Germany, the risk of bail-ins, the return of a rental and property bubble in Dublin, the Irish and global debt bubble and why wealthy individuals and institutions are diversifying into gold.

markobyrneMark O’Byrne interviewed by Max Keiser - Starts 12:24 - Watch here 

Key points in the interview are:

- Groupthink in Ireland and internationally with few questioning the "recovery narrative"

- Irish government, like the U.S. and most western countries, is technically insolvent but this is masked by "statistical manipulation"

- Ireland 's national debt is €185 billion - down to 91% of GNP - this sounds good but totally bogus as excludes all future pensions liabilities - state and private

- Irish state pensions not included and they alone add another €100 billion - pushes debt to GNP ratio over 150%

- Non state, private pension liabilities in Ireland are estimated to be roughly another €80 billion

- Irish banks weakest in EU as seen in stress tests. Therefore real risk of deposit bail-ins

- Real risk of another global financial crisis given "astronomical" debt levels throughout the western world

- Wealthiest investors and largest institutions in the world, including Lord Rothchilds and insurance company Munich Re, are diversifying into gold

Interview with Mark O'Byrne starts at 12.24 and can be watched here:

 

 

Gold and Silver Bullion - News and Commentary

Gold Heads for Monthly Decline as Fed Rate Fears Damp Its Appeal (Bloomberg)

Gold ends at 2-month low as Fed comments fuel dollar’s climb (MarketWatch)

Russian bank Otkritie starts gold bars sales on Shanghai Exchange (Reuters)

Euro zone economic confidence worsens more than predicted (Reuters)

Irish government faces threat of split after EU’s Apple ruling (IrishTimes)

Here’s how the Fed and others will drive gold to $1,700 (MarketWatch)

Gold may be worth more than the spot price (BusinessInsider)

Dutch central bank hides gold bar list to conceal leasing - Suckecki (GoldChat)

Why Britain's pension crisis will wreck your investments (Telegraph)

Central bankers to governments: Time to spend, spend, spend (MoneyWeek)

7RealRisksBlogBanner

Gold Prices (LBMA AM)

31Aug: USD 1,314.45, GBP 1,000.30 & EUR 1,179.19 per ounce
30Aug: USD 1,318.85, GBP 1,008.39 & EUR 1,180.90 per ounce
26Aug: USD 1,324.90, GBP 1,002.95 & EUR 1,173.33 per ounce
25Aug: USD 1,324.50, GBP 1,001.06 & EUR 1,172.98 per ounce
24Aug: USD 1,337.30, GBP 1,010.73 & EUR 1,185.38 per ounce
23Aug: USD 1,338.50, GBP 1,015.25 & EUR 1,181.09 per ounce
22Aug: USD 1,334.30, GBP 1,018.20 & EUR 1,181.26 per ounce

Silver Prices (LBMA)

31Aug: USD 18.74, GBP 14.27 & EUR 16.82 per ounce
30Aug: USD 18.78, GBP 14.35 & EUR 16.82 per ounce
26Aug: USD 18.67, GBP 14.15 & EUR 16.54 per ounce
25Aug: USD 18.50, GBP 14.02 & EUR 16.39 per ounce
24Aug: USD 18.84, GBP 14.23 & EUR 16.70 per ounce
23Aug: USD 18.98, GBP 14.40 & EUR 16.75 per ounce
22Aug: USD 18.91, GBP 14.45 & EUR 16.74 per ounce


Recent Market Updates

- “Why Case Against Gold Is Wrong” – James Rickards
- Obama To Leave $20 Trillion Debt Crisis For Clinton Or Trump
- Gold Bullion Averages Biggest Seasonal Gains in September Over Past 20 Years
- Gold Futures See Massive $1.5 Billion “Non Profit” Liquidation In “One Minute”
- Jim Grant Is “Very Bullish On Gold”
- Germans Warned To ‘Stockpile’ Cash In Case Of ‘War’
- Ireland’s Biggest Bank Charging Depositors – Negative Interest Rate Madness
- Rothchilds Buying Gold On “Greatest Experiment” With Money In “History of the World”
- Gold – “Mother of All Bull Markets Has Only Just Begun” – Grandich
- 45th Anniversary Of Nixon Ending The Gold Standard
- Gold In UK Pounds Collapses 38% Versus Gold and 56% Versus Silver Year To Date
- Will Ireland Be First Country In World To See Bail-in Regime?
- Money "Madness" Negative Interest Rates Sees Gold Buying Surge


First published here: http://j.mp/2cqSKwV
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Ireland's forbidden fruit

8/31/2016

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First published here: http://j.mp/2bBikfR
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