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Poll: 44% across UK oppose currency union with iScotland

Posted on 01 September 2014 by VRS  |  Email |Print

More than 40% of people from across Britain do not believe there should be a currency union if Scotland becomes independent, according to a poll. The Springboard UK poll for the Sunday Express carried out in England, Wales and Scotland found 44% of those asked the question “If Scotland votes for independence should there be a currency union?” replied with “No”.
A total of 22% welcomed sharing the pound while the remainder said they were not sure. However, the figures for Scotland revealed 60% of those polled were in support of a currency union, 21% were opposed and 19% did not know………………………………………..Full Article: Source

The dollar’s sterling work

Posted on 29 August 2014 by VRS  |  Email |Print

A forthcoming paper in the Journal of Development Economics looks at the dollar’s ascendancy to global reserve currency. Barry Eichengreen, of the University of California, Berkeley, and two economists from the ECB up-end the conventional history of when the dollar became top dog.
Economic historians have typically believed that until the second world war the British pound sterling remained the leading international currency. The system was geared in favour of sterling, the argument goes: bankers instinctively used the pound because everyone else did. Economists refer to this as inertia. An extension of this logic is that there can be only one major international reserve currency—in the same way that Blu-ray discs, not HD DVDs, came to dominate the high-definition video market. It’s easier if everyone uses the same thing………………………………………..Full Article: Source

Bitcoin Grows As New Businesses Start Accepting Currency

Posted on 29 August 2014 by VRS  |  Email |Print

Bitcoin, an alternative digital currency which is used to purchase goods and services online, is showing staying power, Reuters reported on Thursday, August 28. Though virtually unknown only a few years ago, the electronic currency is now catching on among more and more online vendors, including Expedia, America’s largest online travel agent, and Overstock, an online retailer.
Although bitcoin sales hardly ever represent more than one percent of total sales, Reuters says many of the vendors it interviewed expect that the online currency “will one day be as ubiquitous as the Internet.”……………………………………….Full Article: Source

Ukraine’s Hryvnia Currency Continues Free Fall

Posted on 28 August 2014 by VRS  |  Email |Print

Ukraine’s troubled hryvnia continued its free fall, even as the prime minister called for swift measures to stabilize the national currency. The hryvnia lost 1.7% Wednesday, trading at the weakest level ever of just below 14 against the U.S. dollar after talks between the presidents of Russia and Ukraine failed to offer significant progress on the monthslong crisis in the region.
“We need swift and effective economic steps to stabilize the situation at the foreign-exchange market,” said Prime Minister Arseniy Yatsenyuk at the cabinet meeting, adding that the national economy won’t sustain an exchange rate weaker than 12 hryvnia to the dollar………………………………………..Full Article: Source

Ethiopia considers devaluing currency

Posted on 28 August 2014 by VRS  |  Email |Print

Ethiopia says it’s considering the World Bank’s suggestion to devalue its currency, the Birr, but government says it want to minimise the impact on the wider economy. In July, the World Bank released its third economic report on Ethiopia and advised the country to devalue its currency.
The global lender argues that Ethiopia’s Birr is overvalued and that the country would benefit from making the move, but it wouldn’t be the first time for Ethiopia………………………………………..Full Article: Source

Cutting edge: Incorporating forex volatility into commodity spread option pricing

Posted on 27 August 2014 by VRS  |  Email |Print

In this article, Joseph Yechong Chen extends Kirk’s formula to spread option pricing when forex is a stochastic factor and is multiplied to one leg in the payoff formula. The article illustrates the importance of forex risk factors and the need to include them in the business strategies of asset acquisitions and divestitures
Several different forms of spread options are used in energy markets. The most popular ones are European call options on the spread of energy price pairs. If we consider energy prices in different locations and times as individual commodities, a spread option can be generally considered as the right to exchange one unit of a commodity for a certain amount of units of another commodity at given strike price………………………………………..Full Article: Source

Rising risk of currency market volatility

Posted on 27 August 2014 by VRS  |  Email |Print

The biggest threat to investors may come from the foreign exchange market rather than the stretched prices of equity and bond markets. Judging by recent policy and technical signals, the forex market may be about to exit an unusual phase of low volatility.
After a prolonged period of monetary policy alignment, advanced economies are embarking on increasingly contrasting paths. This “multi-track” world of central banks reflects notable divergence in underlying economic performance………………………………………..Full Article: Source

Opposition to currency union with Scotland is a bluff, says top economist

Posted on 26 August 2014 by VRS  |  Email |Print

Nobel prizewinner Joseph Stiglitz also accuses Scotland’s finance sector of using scare tactics over independence. Prof Joseph Stiglitz, the Nobel prize-winning economist, has accused David Cameron’s government of bluffing over its opposition to a currency union with an independent Scotland.
Stiglitz boosted Alex Salmond’s repeated insistence that a formal sterling zone was the best option by accusing the no campaign of deliberately stoking up fear and anxiety among Scottish voters as a short-term tactic in the referendum………………………………………..Full Article: Source

Investors pile up dollar, abandon gold

Posted on 25 August 2014 by VRS  |  Email |Print

Strong economic data from the US saw gold prices drop sharply last week to hit $1,281/ounce, down 1.8 per cent. The US Commerce Department said that the number of building permits issued in July increased by 8.1 per cent to 1.052 million units from 9,73,000 in June. It also said that the US housing starts soared by over 15 per cent in July, much above the market expectations of an increase of 8.6 per cent.
The FOMC minutes released on Wednesday showed that US officials were optimistic about the recovery in the job market. As this hinted at a sooner than expected increase in interest rates, gold got a thumbs-down from investors………………………………………..Full Article: Source

Independence: Lack of currency is ‘total madness’

Posted on 25 August 2014 by VRS  |  Email |Print

The eminent economist Peter Jay has claimed Alex Salmond’s plans for an independent Scotland without its own separate currency amounts to “total madness”. Speaking at an Edinburgh Business School seminar, the former non-executive director of the Bank of England argued that the whole point of being independent was to have a separate currency, so that Scotland could have greater control over economic policy.
Salmond believes that an independent Scotland should share the pound with the rest of the UK in a formal currency union that would see the Bank of England ­remain responsible for monetary policy. A currency union would also see Scotland would have the same exchange rate as the rest of the UK………………………………………..Full Article: Source

Finding An Alternative With Currency ETFs

Posted on 22 August 2014 by VRS  |  Email |Print

With the broad stock market continuing to hit new highs despite worries of a correction, investors have been getting a tad worried. That has them looking towards various alternative asset classes to help stem the volatility and diversify their portfolios. Everything from long/short strategies to commodities have become common holdings for investors.
However, one alternative asset classes remains absent from many investor’s assets. Currency trading or foreign exchange (Forex) shouldn’t be ignored by retail investors, especially now that there are a host of products that allow Regular Joes access to the once-guarded realm, such as exchange traded funds (ETFs)………………………………………..Full Article: Source

The Best Places To Exchange Currency

Posted on 22 August 2014 by VRS  |  Email |Print

There is nothing like coming home from a great trip abroad thinking you had been really savvy about sticking to your budget only to be hit with unexpected currency-exchange fees on your bank statement and credit card bill.
Almost every overseas traveler needs to exchange currency at some point during his or her trip. If you don’t know the tricks, it can be extremely expensive………………………………………..Full Article: Source

English voters don’t want currency union with Scotland

Posted on 22 August 2014 by VRS  |  Email |Print

Voters based in England do not want to enter into a currency union with the independent country if a yes vote prevails in September’s referendum, a new survey has revealed. The Future of England Survey 2014 published this week worked alongside polling agency YouGov to consult 3695 English voters on their views of Scottish independence
Individuals based in England, Wales and Northern Ireland are unable to vote in the Scottish referendum on independence even if they were born in the country. The Scottish government has set out plans for an independent Scotland to share the pound with the rest of the UK in a formal currency union but UK chancellor George Osborne has since issued a warning alongside the other main party leaders that the UK government would not enter into this type of union with the newly independent country………………………………………..Full Article: Source

Bitcoins: currency 2.0

Posted on 22 August 2014 by VRS  |  Email |Print

London is the fastest-growing hub in Europe for bitcoin users. The much-hyped virtual currency is changing hands in pubs, cafés and e-boutiques across the capital. Does it herald a cashless future or is it a no-cash flash in the pan?
There is nothing old about The Old Shoreditch Station café, a £1 coin’s throw away from Silicon Round-about, the home of East London’s Tech City. It’s about as cutting edge as a café can get. It’s not the menu — although the cappuccinos are religion-changingly good — it’s the price. They don’t charge for caffeine in silly old cash or credit cards. They take something new: bitcoins………………………………………..Full Article: Source

Salmond currency expert: UK may not share pound

Posted on 21 August 2014 by VRS  |  Email |Print

The expert behind Alex Salmond’s currency plan has admitted the UK might not agree to share the pound in a formal monetary union with an independent Scotland. Crawford Beveridge, the chairman of the expert panel which drew up currency options for an independent Scotland, said the proposed currency union remained the best option.
But he told an audience in Glasgow that the argument over the currency had become political rather than economic and the UK might not behave “rationally” in negotiations following a Yes vote………………………………………..Full Article: Source

The tax office declaring Bitcoin is not a currency should come as no surprise

Posted on 21 August 2014 by VRS  |  Email |Print

In a move that has dismayed the Australian Bitcoin community, the Australian Tax Office (ATO) has provided tax guidance declaring that the crypto-currency Bitcoin is not actually a currency at all, but an asset like shares.
This has a number of consequences for both consumers and businesses wanting to buy, sell and exchange Bitcoins in Australia, which has led some Bitcoin commentators to warn that the rules will drive Bitcoin business offshore and generally stifle the growth of its use in Australia………………………………………..Full Article: Source

It’s a good time to hedge your currency deal

Posted on 20 August 2014 by VRS  |  Email |Print

Using a forward contract to fix at the current exchange rates is worth exploring while the pound is strong against the dollar and euro. This year has proved to be a good one for sterling, with the pound hitting highs against both the dollar and euro. But what does the future hold for those needing to make currency transfers?
David Nicholls, of currency specialists UKForex, said: “The pound-euro has moved from €1.20 to €1.25 since April, a change of 4pc in only four months………………………………………..Full Article: Source

Czech virtual currency starts trading

Posted on 20 August 2014 by VRS  |  Email |Print

Czech virtual currency CzechCrownCoin (CZC) started to be traded publicly today, its first limited issue amounting to 100,000 Kč. The initial price stood at 0.25 CZC against the Czech crown at noon. By 12:30 it was already 1 Kč higher.
After each limited issue is sold, another one will follow for a period of ten days. After that, an exchange office will be opened at the www.czechcrowncoin.cz website, where the currency will be traded for the price reached during the sale of the first issue………………………………………..Full Article: Source

Scottish independence: Attacks on currency plans

Posted on 19 August 2014 by VRS  |  Email |Print

The leaders of the No campaign warned of the dangers of independence as they took to the streets of Scotland yesterday to mark the final month of the campaign. Labour shadow foreign secretary Douglas Alexander accused Alex Salmond during a campaign event in Glasgow of “burying his head in the sand” on critical issues such as the SNP’s plan to share the pound in a formal currency union with the remainder of the UK, EU membership and funding for public services.
Chief Secretary to the Treasury Danny Alexander pledged UK government funds for key industries if Scots vote No………………………………………..Full Article: Source

Bitcoin Currency: The New Frontier for the CFPB

Posted on 19 August 2014 by VRS  |  Email |Print

The Consumer Financial Protection Bureau (CFPB) has unparalleled powers over nearly every consumer financial product and service. Given that virtual currencies can serve as a form of electronic money, the CFPB has, predictably, decided to weigh in on this topic.
A CFPB statement this week warned people about the dangers of private digital currencies such as Bitcoin, XRP, and Dogecoin. It started perfectly reasonably, noting that: “In a nutshell, while virtual currencies offer the potential for innovation, a lot of big issues have yet to be resolved – some of which are critical. If you are interested in using or buying virtual currencies, you should be aware of the associated risks.”……………………………………….Full Article: Source

Are The Dollar’s Global Currency Days Numbered?

Posted on 18 August 2014 by VRS  |  Email |Print

Many countries agree that the U.S. politicizes the dollar by punishing nations who don’t abide by U.S. sanctions. With this American approach comes isolation, and the risk of the dollar being replaced as global currency.
It’s not going to happen tomorrow, in a year or even five years. But it’s conceivable, even likely, that within ten years, the U.S. dollar will cease to become the reference currency for international transactions. The reason for this is that the U.S. government and American judges have politicized the dollar to an extreme in a world where the country backing it is no longer as dominant as it once was………………………………………..Full Article: Source

5 ways to save on currency exchange

Posted on 18 August 2014 by VRS  |  Email |Print

When you’re traveling overseas, it’s easy to get hit with extra fees and expensive exchange rates in switching currencies. Some currency-exchange kiosks in airports and tourist areas offer bad rates, taking more of your money. And some credit cards and banks can add fees when you buy something with your credit card.
Your best bet is to bring a credit card that doesn’t charge currency-exchange fees, and some cash for backup. Don’t carry wads of cash. Your credit card offers protection against fraudulent charges and can be replaced if lost or stolen (unlike cash)………………………………………..Full Article: Source

Economist: SNP’s currency union plan will fail

Posted on 15 August 2014 by VRS  |  Email |Print

Alex Salmond’s Plan A for a currency union is doomed to failure and will bust up within a year costing the Scottish economy £100 billion, one of the world’s leading economists has claimed. Unemployment and a seven year slump would be the inevitable result of Mr Salmond’s plans for a formal currency union with the rest of the UK.
Professor Ronnie MacDonald, an adviser to central banks and the IMF, believes that a reliance on North Sea oil would unbalance Scotland’s economy making the non-oil sector uncompetitive………………………………………..Full Article: Source

Virtual Currency: Not Just A Phase

Posted on 15 August 2014 by VRS  |  Email |Print

Virtual currencies are definitely trending. You know that’s true when even the politicians are jumping on the bandwagon. It won’t be long until Ed and Dave are asking if they can pay for their Cornish pasties with Bitcoins.
Maybe we’re not quite there yet, but the fact that in the run-up to a general election, the Treasury is looking at measures to make the UK a centre for virtual currency trade shows how much interest there is in digital/virtual/crypto currencies………………………………………..Full Article: Source

Currency still the big independence issue

Posted on 14 August 2014 by VRS  |  Email |Print

Alex Salmond’s performance against Alistair Darling in the recent STV debate is casting a long shadow over political discourse in the run-up to next month’s referendum. The First Minister’s handling of the currency issue and his failure to give in to demands to outline his Plan B is beginning to colour every aspect of the independence issue.
The focus on currency will only intensify following the comments by Mark Carney, the Governor of the Bank of England, who yesterday suggested that uncertainty over the currency could cause financial instability………………………………………..Full Article: Source

Struggling Ukrainian Currency Left With ‘No Anchor’ Amid Insurgency

Posted on 14 August 2014 by VRS  |  Email |Print

Ukraine’s currency is sinking as the country’s economy wilts under the weight of the pro-Russian insurgency in its east. There’s little to suggest that’s going to change any time soon.
The Ukrainian hryvnia hit a record low on Tuesday at more than 13 to the dollar, as investors worried that Moscow’s humanitarian convoy to Ukraine’s east may presage a Russian invasion. The currency rebounded modestly on Wednesday, according to Ukraine’s interbank trading monitor………………………………………..Full Article: Source

Rouble leads emerging currency weakness

Posted on 14 August 2014 by VRS  |  Email |Print

The rouble fell half a percent on Tuesday, leading broad-based losses on most emerging currencies on fears that Russia’s decision to send humanitarian aid to eastern Ukraine could eventually lead to a military invasion.
President Vladimir Putin’s spokesman said Kiev had agreed to Russia sending the convoy of about 280 trucks to east Ukraine, where government forces are closing in on pro-Russian separatists in two eastern regions. But a Kiev government source, said there had been no such agreement………………………………………..Full Article: Source

Ukraine currency at record low to dollar

Posted on 13 August 2014 by VRS  |  Email |Print

Ukraine’s currency hit its weakest level against the dollar on Tuesday after Moscow said 280 Russian relief trucks would enter the country. On Monday, Kiev agreed to an international humanitarian convoy to the east of the country, but said on Tuesday that it would refuse entry to Russian trucks and consider their arrival as an act of aggression.
The hryvnia weakened by more than 4 per cent to 13.4 per dollar in afternoon trading, having previously touched its all-time weakest level of 13.7150. The rouble also weakened 0.78 per cent to touch 36.194 against the dollar………………………………..Full Article: Source

Brazil’s Real Rises as Currency Swap Rollover Offering Increased

Posted on 12 August 2014 by VRS  |  Email |Print

Brazil’s real climbed as the central bank signaled that it will sustain support for the currency when it increased the number of foreign-exchange swap contracts offered in a rollover. The real advanced 0.3 percent to 2.2755 per dollar in Sao Paulo. Swap rates, a gauge of expectations for interest-rate moves, fell seven basis points, or 0.07 percentage point, to 11.59 percent on contracts maturing in January 2017.
The central bank extended the maturity on all of the 10,000 currency swap contracts that it offered today, rolling over $494.2 million, compared with 8,000 available in prior daily auctions. The real dropped 1.1 percent last week as turmoil in Iraq sank demand for emerging-market assets……………………………………Full Article: Source

Growing Currency Mismatch

Posted on 12 August 2014 by VRS  |  Email |Print

Investors and policy makers generally seem to recognize that the prolonged period of low interest rates and low volatility provides fertile ground for its opposite. It facilitates excessive risk taking. The excessive risk taking can take on many forms and employs various vehicles.
Recently Yellen singled out a couple of sectors in the equity market that may excessive. In the past, other Fed officials have cited specific sectors of the credit market, like the high yield bond market, that did not seem sustainable……………………………………Full Article: Source

A Crypto Currency Backed By Gold? How Retail Gold Investors Can Benefit From Bitcoin’s Technology

Posted on 12 August 2014 by VRS  |  Email |Print

If you were to ask most investment professionals to explain the difference between bitcoin, lowercase, and Bitcoin, upper case, they would probably stare at you blankly.
But for Jan Skoyles, recently promoted from Head of Research to CEO at The Real Asset Company, who provide a platform for retail investors to gain access to the gold bullion markets, the distinction is the basis for a new kind of wealth-management that provides an alternative to the regulated financial services industry……………………………………Full Article: Source

Currency collapse ‘would cost Scots £30bn’

Posted on 11 August 2014 by VRS  |  Email |Print

Taxpayers in an independent Scotland would be hit with a £30 billion bill if Alex Salmond got his way on a currency union with the rest of the UK because the deal would “inevitably break up”, sending shockwaves through the economy, an economist has warned.
The first minister has been on the back foot on the currency issue since the leaders of the Westminster parties vetoed his plan for a union and he was unable to explain his “plan B” during a televised debate with Alistair Darling……………………………………..Full Article: Source

Currency union ‘not in Scotland’s interests’, says: Alistair Darling

Posted on 11 August 2014 by VRS  |  Email |Print

A formal currency union would not be in the interests of an independent Scotland, the leader of the campaign to keep the United Kingdom together has said, stepping up pressure on nationalist plans to keep the pound. With just over five weeks to go until the September 18 independence referendum, uncertainty over what currency would be used if Scotland leaves the United Kingdom remains a major campaign issue.
Britain’s three main political parties have ruled out a formal currency union, but Scottish nationalist leader Alex Salmond has said that Scotland “cannot be stopped from keeping the pound”……………………………………..Full Article: Source

Commodity dollars clash

Posted on 08 August 2014 by VRS  |  Email |Print

Many traders lump the Australian and Canadian dollars together in the broad category of so-called “commodity dollars.” In many ways, this categorization makes sense: both currencies have higher yields than many of their rivals and their economies depend on exporting commodities to one of the largest economies in the world (China in the case of Australia and the U.S. for Canada).
Though they share some similarities, the performance of the two currencies can often diverge based on idiosyncratic economic data. This week marks major clash between the two commodity dollars. Traders have/will get a look at employment data out of both Australia and Canada, as well the latest look at the RBA’s economic outlook and Canadian Building Permits and Ivey PMI data………………………………………..Full Article: Source

Scottish independence: Keeping pound without currency union ‘would see banks relocate’

Posted on 08 August 2014 by VRS  |  Email |Print

Dr Angus Armstrong says going it alone with the pound after independence would leave Scotland’s financial institutions without an effective lender of last resort. Keeping the pound without a formal currency union would force major banks to relocate from Scotland after independence, one of the country’s leading economists predicted.
Dr Angus Armstrong warned that if a separate Scotland goes it alone with the pound – so-called sterlingisation – the lack of an effective lender of last resort would see financial institutions flee south………………………………………..Full Article: Source

Brazil’s Neves to allow currency to float freely if elected

Posted on 08 August 2014 by VRS  |  Email |Print

If Aecio Neves wins the presidency this October, he would allow Brazil’s currency to float freely, leaving the market to set the exchange rate in a move that would likely help local industries struggling with a strong real.
Mansueto Almeida, a top economic adviser to the Neves campaign, told Reuters on Thursday that a free floating real will help restore balance to Brazil’s external accounts and make Brazilian manufacturers more competitive………………………………………..Full Article: Source

U.K. to Examine Virtual Currency Regulation

Posted on 07 August 2014 by VRS  |  Email |Print

The UK government will look into how virtual and digital currencies could or should be regulated, the UK Chancellor of the Exchequer said at the launch of a fintech industry body in London.
Speaking Wednesday at the launch event of Innovate Finance in Level39, Canary Wharf’s Group accelerator for fintech startups, George Osborne said the government will look at the potential virtual and digital currencies have for encouraging innovation in the UK’s financial sector, as well as the potential risks………………………………………..Full Article: Source

Alex Salmond defends Plan B currency stance after losing Scottish debate on TV

Posted on 07 August 2014 by VRS  |  Email |Print

First Minister Alex Salmond warns that without the pound an independent Scotland would refuse to take its share of UK debt and claims debate was a success for Yes camp. Alex Salmond today continued to refuse to name his Plan B currency for a separate Scotland after holding a post-mortem discussion with advisers over his surprise defeat in the independence TV debate.
The First Minister arrived an hour and a half late at a conference for businessmen who support separation this morning, his first public engagement since he lost the STV showdown with Alistair Darling………………………………………..Full Article: Source

Currency stability key in Romanian rate cut

Posted on 06 August 2014 by VRS  |  Email |Print

Negligible inflation and a desire to maintain exchange rate stability in spite of capital inflows were the key factors prompting Romania to cut interest rates to an all-time low, analysts said on Tuesday.
On August 4, the National Bank of Romania (BNR) reduced its key policy rate to 3.25 per cent from 3.50 per cent. Reuters quoted Governor Mugur Isarescu as telling reporters that more easing was possible………………………………………..Full Article: Source

Cash-strapped Cubans fret over dual currency

Posted on 06 August 2014 by VRS  |  Email |Print

“The decision to unify Cuba’s dual currency and exchange rate cannot be postponed,” says Joaquin Infante, advisor to the head of the Cuban Association of Economists. The interview with Infante touches on one of the hottest issues of concern to Cubans who have to cope with wages that have not kept up with the cost of living particularly in the last decade.
Most affected are public employees who still make up the majority of the labor force and retirees living on government pensions that are insufficient to cover even basic necessities such as food, electricity, and cooking gas, much less a new pair of shoes………………………………………..Full Article: Source

Bitcoin trades slump as cryptocurrency’s rise stalls

Posted on 06 August 2014 by VRS  |  Email |Print

Elevated Bitcoin prices have deterred new investors and seen transaction fall back to 2012 levels. The ascent of digital currency Bitcoin has been halted. Transaction levels have been crumbling this year, and priced in dollars total volumes are now back to the levels seen in 2012.
Widely touted as a rival to traditional state-issued currencies, cryptocurrencies such as Bitcoin became increasingly popular late last year………………………………………..Full Article: Source

Currency lull no fun for forex investors

Posted on 05 August 2014 by VRS  |  Email |Print

Recent months have not been much fun for foreign exchange investors. Volatility collapsed to historic lows as major currency pairs have traded in narrower ranges, with flows and risk-taking dropping sharply. Corporate treasuries might welcome the seemingly reduced need to spend money on hedges, but most will also realise their increased vulnerability to any sudden spikes.
In the minds of many market participants it is clear who is “to blame” for low volatility, namely central banks. While the official side might dispute this simplistic view, it would seem quite clear that monetary policy has at the very least contributed substantially to anaesthetised markets………………………………………..Full Article: Source

Britcoin surging: A digital currency that claims to uphold “British morals”

Posted on 05 August 2014 by VRS  |  Email |Print

Another day and another cryptocurrency is surging. However, this crypto is not one that has received the attention of Bitcoin, Darkcoin, Peercoin - and understandably so given its size and age.
This month-old crypto is none other than Britcoin, a digital currency that “upholds British morals”, according to its creator William Thomas. Quite how a decentralised peer-to-peer digital currency upholds the morals of a certain part of the planet’s surface, Thomas fails to specify………………………………………..Full Article: Source

Eventual end of US dollar and return of Commodity currency

Posted on 04 August 2014 by VRS  |  Email |Print

All modern currencies are fiat. The numeraire of the moment floats in a cesspool of policy designed for management and intervention. Money and value become hollowed out concepts. The eventual return to a sound relationship between human productivity and the value of money will be unloved, to say the least.
In the geopolitical front now we are witnessing countries move away from the U.S. Dollar, like Russia (and China more recently). But we are seeing an aggressive attempt to maintain its influence - often appearing to dovetail with other geopolitical motives………………………………………..Full Article: Source

Ghana seeks IMF help after currency falls 40%

Posted on 04 August 2014 by VRS  |  Email |Print

Ghana, the country that epitomised the ‘Africa rising’ narrative of strong economic growth and improved governance, is to seek help from the International Monetary Fund. The reversal of fortunes underlines the challenges the continent still faces. The west African nation will turn to the fund for financial assistance after its currency plunged roughly 40 per cent this year against the US dollar, making the cedi the worst performing currency in the world in 2014.
Ghana is the second sub-Saharan African country to turn to the IMF for help this year, after Zambia announced in June that it would seek talks with the Washington-based multilateral body………………………………………..Full Article: Source

Eurasian Economic Union plans to adopt common currency unit

Posted on 04 August 2014 by VRS  |  Email |Print

The Eurasian Economic Union of Russia, Belarus and Kazakhstan might adopt it’s a common currency unit, the Rossiiskaya Gazeta newspaper writes in its Monday issue. The daily cites Bembya Khulkhachiyev, director of the Eurasian Economic Union’s financial policy department, as saying that the Union was planning to make a wider use of the national currencies of the three member states with an eye to create a common payment system. If these tasks are solved successfully, the issue of a common currency unit might be raised, he said.
Currently, the Eurasian Economic Union, according to Khulkhachiyev, makes 50% of internal settlements in roubles, 40% - in U.S. dollars, eight to nine percent - in euros. The share of other currencies barely reaches one percent………………………………………..Full Article: Source

Currency Funds Slid in June on U.S. Economic Doubt, Parker Says

Posted on 01 August 2014 by VRS  |  Email |Print

Foreign-exchange funds lost 1 percent in June as reports cast doubt on the strength of the U.S. economic recovery, according to Parker Global Strategies LLC.
Of the 34 funds that reported results, 24 had losses, the company said in a statement today. Money managers’ performance ranged from losing as much as 7.1 percent to a return of 2.4 percent, the Stamford, Connecticut, company said in statement. The company’s index is down 4.4 percent for the past 12 months………………………………………..Full Article: Source

If Women Had Their Own Currency, Here’s What It Would Be Worth

Posted on 01 August 2014 by VRS  |  Email |Print

After a little girl asked President Obama why there aren’t any women on U.S. Currency, he said Wednesday that adding some female faces to our cash sounded like a “pretty good idea.” Almost immediately, all of our fantasies came alive on the web. What would, let’s say, Ruth Bader Ginsberg look like on a $20 bill? Where would we spend our Beyonce $10 dollar bill first? Will our grandmas give us a Susan B. Anthony $5 bill on our birthdays and tell us not to spend it all at once?
But then we remembered: because of the wage gap, a dollar for a woman is not the same as a dollar for a man. Although the true extent of the gender pay gap is widely disputed even among feminists, President Obama said in the 2014 State of the Union that women make only 77 cents for every dollar a man makes………………………………………..Full Article: Source

More U.S. Businesses Adopting China’s Currency

Posted on 01 August 2014 by VRS  |  Email |Print

Many U.S. businesses that sell their goods overseas have it easy. Their distant customers and suppliers are happy or at least willing to trade in U.S. dollars.
But is the dominance of the US dollar coming to an end–or fading–as the spending power of China’s growing middle class increases? And does that mean U.S. businesses will have to become more open to accepting other currencies. A recent study by HSBC raises some questions worth pondering………………………………………..Full Article: Source

World’s Worst Currency Drops as Ghana Pulls Back From IMF Aid

Posted on 31 July 2014 by VRS  |  Email |Print

Ghana’s cedi, the world’s worst-performing currency this year, weakened as the government ruled out an International Monetary Fund bailout, stoking concern it will miss targets to narrow a budget deficit.
The currency retreated for the first time in five days against the dollar, dropping as much as 6.4 percent, after Deputy Finance Minister Mona Quartey said the government of the world’s second-biggest cocoa producer plans to sell a third Eurobond next month rather than take IMF aid. Returns on Ghana’s dollar debt are the lowest in Africa this year, according to Bloomberg indexes………………………………………..Full Article: Source

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October 2014
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