In Greece’s ongoing collapse into utter farce, The Greek finance ministry confirmed some more details of the long-planned registration of all kinds of private wealth that will go into effect in February 2017. As KeepTalkingGreece reports, more than 8,500,000 tax payers registered in Greece will be called to declare all moveable and immovable assets, their total “wealth”, and even cash they possess even if it is below 100 euro. Furthermore, the taxpayers will have to register changes in their assets when they occur and not annually.
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Time For Truth: (Zero Hedge) – Wealth Tax Looms As Greeks Forced To Declare All 'Assets' To Tax Authority (08-2016)
RARELY do people compare the British pound to the Nigerian naira, Azerbaijani manat or Malawian kwacha. But these are special times. Following the Brexit vote, investors dumped sterling. Some are worried about the possibility of a “hard” Brexit. Others are simply baffled by the government’s xenophobic and divisive rhetoric.
Deep in the Swiss Alps, next to an old airstrip suitable for landing Gulfstream and Falcon jets, is a vast bunker that holds what may be one of the world’s largest stashes of gold. The entrance, protected by a guard in a bulletproof vest, is a small metal door set into a granite mountain face at the end of a narrow country lane.
Behind two farther doors sits a 3.5-ton metal portal that opens only after a code is entered and an iris scan and a facial-recognition screen are performed. A maze of tunnels once used by Swiss armed forces lies within.
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Time For Truth: (Bloomberg) – Secret Alpine Gold Vaults Are the New Swiss Bank Accounts
Cash levels are rising, the latest sign that investors aren’t wildly enthusiastic about stocks after a rally since mid-February.
Average cash balances rose to 5.4% from 5.1% in March, just below the 15-year high of 5.6% hit in February, according to Bank of America Merrill Lynch’s fund-manager survey for April. While a cash balance rising above 4.5% is typically a contrarian signal to buy stocks, the bank’s strategists note that it is only “superficially bullish” this time around. The combination of elevated cash levels and high valuations likely mean stocks and other risk assets will remain in a trading range, the analysts add.
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Time For Truth: (Wall Street Journal) – Investors Stockpile Cash, In Latest Hint that All’s Not Well for Stocks
The S&P 500 posted steep losses on Monday, marking it the worst start to a new year in more than a decade.
Investors dumped risky assets such as equities and piled into havens, bidding up prices of gold and Treasurys following a rout in Chinese shares overnight as well as heightened tensions between Iran and Saudi Arabia that sparked a global equity selloff.