Senators Re-introduce Bill With Glass-Steagall Protections
Sens. Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.) and Angus King (I-Maine) have re-introduced what they call the “21st Century Glass-Steagall Act,” a bill that would reintroduce the separation between commercial and investment banking.
The bill is aimed at “reduc[ing] risks to the financial system by limiting banks’ ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.”
The bill would prohibit institutions insured by the Federal Deposit Insurance Corp. (FDIC) from being or becoming affiliated with, or having a common ownership or control with, any insurance company, securities entity or swaps entity. The institutions would also be prohibited from engaging in any activity that would cause it to qualify as an insurance company, securities entity or swaps entity.
Individuals who are officers, directors, partners or employees of any insurance company, securities entity or swaps entity would be prohibited from simultaneously serving as officers, directors, employee or any other institutions-affiliated party of any insured depository institution.
Jim Rogers Russia , China , Brazil
Russia has little debt, ample resources and its currency freely floats and he speculates at some point a challenge to the US dollar will take place, he says
Jim Rogers thinks the US is a “flawed currency” that should be replaced and he thinks the BRICs nations can do it, minus India. Jim Rogers: Brazil wants to compete with the US dollar
Discussing the recent BRICs conference, Jim Rogers noted the steady drumbeat to displace the US as the world’s reserve currency of choice. “Brazil wants to compete with the IMF, the World Bank and the US dollar,” as do all participants in the BRICs conference, Rogers said when speaking on an RT interview.
“Brazil, China and Russia could easily put something together to compete with the US dollar,” Rogers said, leaving out one component of the BRICs alliance. “The US dollar is a terribly flawed currency. I’m an American. I hate to say that. But the US has serious problems, the world has serious problems. We need something else” and potentially a competing world currency could be developed. If this were to occur, the US and its economy might be put in a straight jacket as the ability to engage in large deficit spending could be curtailed. Jim Rogers: BRICs developing an alternative banking system
To put together a competing world reserve currency and develop an alternative banking system, the BRICs might consider throwing India out of the equation, Jim Rogers said. India has been said to be the stumbling block in establishing the new world bank. “India and Brazil have big (national) debts. Russia is not a big debtor and has big international reserves,” Rogers noted, pivoting to Russian advantages in the interview. “Russia has a freely convertible currency and none of the others have a freely convertible currency.”
Jim Rogers thinks Russia should spend its time courting suitors in its own neighborhood, however. “If I were Russia I would be more interested in selling to Asia than South America.”
As reported two days ago in ValueWalk, the leaders of
Russia, India, Brazil, China and South Africa are in meetings
ending July 17 to bring together plans to create a $100 billion
bank to compete with the World Bank and International
Monetary Fund. The planed bank is a piece in a larger puzzle
to provide a global alternative to Western dominance of the
financial system. This has been a stated goal of Russia and
China, both of whom have engaged in trade deals that
eschew the use of the US dollar.markets
Russia, India, Brazil, China and South Africa are in meetings
ending July 17 to bring together plans to create a $100 billion
bank to compete with the World Bank and International
Monetary Fund. The planed bank is a piece in a larger puzzle
to provide a global alternative to Western dominance of the
financial system. This has been a stated goal of Russia and
China, both of whom have engaged in trade deals that
eschew the use of the US dollar.markets
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.
8 - Overvalued US market In the US, Professor Robert Shiller’s cyclically adjusted price earnings ratio – or Shiller CAPE – for the S&P 500 stands at 27.2, some 64pc above its historic average of 16.6. On only three occasions since 1882 has it been higher – in 1929, 2000 and 2007.
In terms of overnight action, China’s equity market eked out a positive gain amid a stabilizing yuan, further aided by the Chinese market regulator essentially inferring it would prop up the equity market for years to come. I wonder what we’ll think in 30 years’ time when we look back at the market intervention we have seen across the globe in the last half a decade or so. Hum dee dum.
Their successes challenge many of our common notions about the resilience of the human mind. While some people understandably crumble after extraordinarily harrowing events, others, like Eugenie have an extraordinary capacity to rebound and survive. Understanding why could lead us to help many more recover and grow after their experiences.
Europe In Crisis:
Everyone from Putin to ordinary savers is stockpiling gold
The World Gold Council (WGC) said demand in Europe for the precious metal rose sharply in the three months to June compared with the same quarter last year amid rapid buying of bullion, even as global demand fell by 12pc to a six-year low of 915 tonnes.
The increase in Europe was led by Germany, where sales of bars and coins rose 24pc to 24.1 tonnes in the second quarter. Demand in Austria and Switzerland also rose sharply, according to the WGC's quarterly trends report.
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Larry Page
Larry Page is another example of a businessperson who can persevere any challenge. Larry and his company have faced much criticism and received ample praise over the years for his company’s actions. But in the midst of the storm, he has never let what others think sway him from pursuing the course for his company that he considers the best.
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