Greeks have to declare all their wealth

From January 2017, 8.5 million Greek citizens have to file a declaration of their belongings. The government is on the hunt for real estate, jewellery, art and even cash – outside the banking system.

Before government implements new tax, a directory of the soon-taxed wealth has to be prepared. Today Greece is required to auction public riches to service their debt. The debt which is impossible to be repaid even if all priceless monuments are sold. What is worse is a conflict between the IMF and the German government. A compromise between those two has not materialised yet, making Hellenic country afraid of every round of financial help negotiations. This time, the Greek government has to hedge against another crisis on the horizon – lack of liquidity – and money will be taken from those who still have some savings in one form or another.

Banking crisis in Portugal: Part 2

After the bankruptcy of Espirito Santo group, the number of non-performing loans (NPL) in Portugal rose from 10% to 15% only in the last two years. A similar event started political turmoil in Italy. Italian banks having 17% of bad credits are not alone in Europe. For anyone who understands reasons behind problems in the European banking sector, it shouldn't be a surprise. Not a single issue leading to 2008 crisis has been solved. Not learning from the past destines one to repeat the same mistakes. Today’s most probable solution – an inflationary reduction of debts (i.e. inflationary tax) with toxic derivatives pushed onto the back of an average taxpayer thanks to the ECB monetary intervention.

Barack Obama is leaving office after 8 years of his presidency. We can say openly now that this period is far from being the best in the American history. In just a few years US public debt doubled and the economy is beaten to a pulp. After adding trillions in debt we see the situation in Ukraine and the Middle East destabilised. What future policy of the superpower will be in the future? We may know more in November when Americans will vote. Most definitely the White House will be presided by either Democrat candidate Hillary Clinton or Republican nominee Donal Trump.

NATO general pushed for war with Russia

Philip Breedlove, who served as the Supreme Allied Commander of NATO Allied Command Operations tried to escalate Ukrainian conflict in 2014. His aim was to make the US Army intervene but Barack Obama did not consent to that.

Last year Chinese Yuan (currency of 2nd biggest economy in the world) was formally added to the SDR basket – an international currency issued by the IMF. The set time of 12 months was agreed upon and time flies quickly, and on 30th September Yuan will be officially part of SDR.

In emails I received and discussions I saw and experienced there is a strong belief that independent measures of inflation (e.g., the Chapwood Index) are false and not trustworthy. I wanted to address this issue and show you how the rate of inflation is measured today - the CPI relied on by the most important institutions all over the world – historical background of it. Finally, I will compare different methods to find out which one is closer to the truth.

You should know the title as it comes from Nathaniel Rothschild, the father of central banking. It is true, that during turmoil most investors are scared for their assets and many assets plunge to very attractive levels.

The biggest central banks in the world are competing for being the best in destroying their respective currencies by printing. The process spans from Japan to Europe but in the US there is no official QE. Many observers talk about a very high possibility of returning to the printing press and this makes investors attracted to tangible assets. It is a very good option considering how low the price of most metals is today. Today we are at the level of 2009 bottom.