China has begun large-scale mining operations on its side of the disputed border with India in the Himalayas, where a huge trove of gold, silver and other precious minerals – valued at nearly US$60 billion by Chinese state geologists – has been found.
Under President Trump, it is possible, for the first time in a generation, to imagine a concerted attack on the central bank. Conceivably, the United States could repeat the story of the mid-1960s and ’70s, when a 15-year period of central-bank independence was brought to an end by presidential bullying. Back then, Lyndon B. Johnson summoned the Fed chairman, William McChesney Martin Jr., to his Texas ranch and shoved him around the living room while proclaiming that low interest rates were imperative in a time of war.
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Commodities trading guru and hedge fund manager Jim Rogers has sold his holdings in Indian companies and exited India because, he says, the National Democratic Alliance (NDA) government has failed to live up to investors’ expectations.
Welcome to Uzbekistan, a country that in recent months has been home to a drama that could have come straight from Shakespeare’s pen. Playing the leading roles are: a dictator, who has had his country under his iron grip for a quarter-century; his glamorous daughter, who he had been grooming as his successor; and his wife, who was conspiring with the head of the country’s intelligence agency against the plan. It is a drama about power, billions of dollars and corruption. There’s also a possibility of legal proceedings that could land his favorite daughter in jail for a long time to come.
Courtesy: World Gold Council
The scale of World War One was unprecedented in several ways, including the cost to finance it. In fact, several of the countries involved are still facing related debts.
Congratulations to India for appointing Raghuram Rajan as the new governor of its central bank. It would be hard to think of anybody better qualified — not even Janet Yellen. But condolences to India for the news that monetary and financial policies aren’t the main obstacles to its prosperity. The economy needs better management, all right, but not at the Reserve Bank of India.
The wreckage caused by China’s great, juddering slowdown continues to spread far beyond the country’s shores. Although most commodities enjoyed a bounce on May 3, after better-than-expected U.S. employment data, the plunge in their prices over the past few months suggests the past decade’s rally is truly broken, Ruchir Sharma argues
