Iceland can be viewed as a successful example of a country that is breaking away from global financial capitalism, a system designed to drive countries forever into debt, Rodney Shakespeare, Professor of Binary Economics told RT.
A political party styling itself as the “new radical force on the left” has launched in the UK. The Left Unity seeks to revive the working class ideal of the Labour party which, it claims, is failing Britain’s poorest communities in the “class war”.
Black Friday, 2008: The Fed started pumping billions of dollars into financial markets. The benefits, however, failed to reach Main Street, instead being guzzled by Wall Street, ex-Fed exec Andrew Huszar exclusively told RT.
Despite oil remaining above $110, the ruble has dipped to its lowest level since 2009. Experts say a lack of trust in Russian banks, hit by a wave of license withdrawals, coupled with repeated gloomy economic forecasts, has weighed on the currency.
The eight biggest US banks, including JPMorgan and Bank of America may need to spend an extra $104 billion to settle mortgage-related issues. That’s two thirds of $154.9 billion banks’ reserves that they accumulated to stand the potential legal costs.
The most immediate threat to the global economy is coming from the US and its debt ceiling, warns the Organization for Economic Cooperation and Development (OECD), marking a major shift in concern from the eurozone to the world’s biggest economy.
JPMorgan Chase & Co. has agreed to the details of a $13 billion settlement for selling "bad loans" before the US financial crisis. The mortgage fraud probe by the US Justice Department has produced the biggest penalty of a financial firm in US history.
Having run out of traditional tools to boost economic growth and push inflation towards the 2 percent target, the European Central Bank is considering to introduce a negative interest rate or purchase assets from the banks.