Central banks around the world have been building up their gold stockpiles to make sure they are stored on soil they can trust. The National Bank of Hungary (MNB) says it is bringing back three tons of the country’s gold reserves stored at the Bank of England in London, Gold Seek reported. The move to repatriate 130 million dollars’ worth of gold from Budapest previously stored on British soil... 

Another economic crisis like the Great Recession is inevitable, according to JPMorgan Chase CEO Jamie Dimon, who heads the bank that recently imposed capital controls and limits on cash withdrawals. “Some things never change, there will be another crisis, and its impact will be felt by the financial markets,” he wrote in his annual letter to shareholders. “The trigger to the next crisis will... 

The escalation of the economic crisis in Argentina has forced the government to take drastic actions that had been rejected in the past, due to the impact they could have on the people. This time the Central Bank raised the interest rates by 3%. While the Argentine economy faces a complicated and serious agenda to solve, The problem is intensified by destabilizing moves of foreign firms, such as the... 

A Siemens employee works on a rotor of a gas turbine in a plant in Berlin The German powerhouse in electronics and electrical engineering, Siemens AG, is planning to axe 15,000 jobs over the next year as the economic crisis in Europe continues to worsen. “The ongoing and planned workforce adjustments in the context of Siemens 2014 are about 15,000 positions worldwide, of which about 5,000 are in... 

Portuguese people protesting against austerity measures The economic crisis in Portugal is forcing an increasing number of people in the recession-mired eurozone country to turn to food banks for help. “We have more people asking for our help every year, the list is growing so fast that we had to do something that isn’t our policy: create a waiting list,” said Rogerio Figueira, a volunteer with... 

Swiss banking giant UBS has announced plans to slash some 10,000 jobs worldwide. The largest bank in Switzerland, UBS AG, has announced plans to cut about 10,000 jobs worldwide, as the economic crisis in the European country continues to worsen. “This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural... 

A financial analyst says the eurozone bankers and policy makers are responsible for the bloc’s deepening economic crisis, Press TV reports. “The eurozone is really not in the bad shape that the policy makers tell us it is in. They are basically extorting us into accepting things like transforming the European stability mechanism, the new financing fund into a bank which allows them to get ten... 

EU countries have agreed that border control in the Schengen zone can be restored temporarily under “exceptional circumstances.” The measure is moved by the uncontrolled flow of migrants into the EU in the wake of the economic crisis. Under the proposal, which was approved at a meeting of EU home affairs ministers in Luxembourg, the control of national borders the Schengen Area would be... 

Two policemen have been injured as hundreds of protesters hurled red paint and eggs at officers guarding Equitalia, Italy’s tax collection office, in Naples following the suicide of yet another debt-ridden Italian citizen. Demonstrators lobbed rocks and bottles at policemen clad in riot gear as the building was quickly closed to the public. The protesters claimed to have attacked the tax office... 

Pointed: The Prime Minister said 'unsustainable levels of public spending and immigration' were among the problems inherited by the Coalition. David Cameron today identified immigration as being partly responsible for the economic crisis gripping the country. The Prime Minister said ‘unsustainable levels of public spending and immigration’ were among the problems inherited by the... 

Grim economic warnings are being sounded from the United States today after one of their top market forecasters and social theorists named Robert Prechter advised everyone to abandon the stock markets over what he says will be one of the largest financial crashes (of “staggering proportions”) to occur in over 300 years rivaling the Great Depression, the Panic of 1873, and the collapse of the... 

Russian gamblers are placing their final bets before casinos close down for good in Moscow and other big cities. A new law that comes into effect Wednesday says gambling must now be confined to four far-flung special zones. Casinos and slot machines will now be allowed to operate only in Kaliningrad on the Baltic Sea, the Primorsky region on the Pacific coast, the Altai region in Siberia and near the... 

America must work on starting a new economy and not restarting the old one or it will resemble the former Soviet Union, says author and blogger Dmitry Orlov.  Read More »