Currency Wars: The Making of the Next Global Crisis

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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.


Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries’ stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.

Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.

As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.

Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.

While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

TFS-ICAP’s former Global Head of Emerging Markets broking argues against CFTC complaint

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The letter also explains that during a telephone conference on April 5, 2019, counsel for the CFTC focused particularly on a pair of allegations in the CFTC’s lawsuit against Mr. Woolfenden. These allegations, as stated by the defense counsel, are insufficient.
The CFTC relies upon the fact that Mr. Woolfenden registered as an Associated Individual with the CFTC. However, this argument is played down from the shield. They claim the CFTC cites no need to support the proposal that CFTC registrants are subject to personal empowerment.
In addition, the safety notes the inspection of Mr. Woolfenden’so behavior is appropriately being done by the UK Financial Conduct Authority, whose investigation remains ongoing.
The CFTC, the defense counselor notes, cites no case law.

The situation continues at the New York Southern District Court.
Soon after Jeremy Woolfenden, former Global Head of Emerging Markets broking in TFS-ICAP, made clear his aims to proceed to dismiss the case against him due to the United States Commodity Futures Trading Commission (CFTC), the defendant has submitted a lien using the New York Southern District Court detailing his arguments on the case against him must be nixed for lack of personal jurisdiction.

“Mr. Woolfenden is not TFS-ICAP, and his involvement in treating many others at the U.K. as a part of TFS-ICAP doesn’t transmogrify his job in the United Kingdom into personal authority in the United States”, the defense asserts.

The article TFS-ICAP’s former Global Head of Emerging Markets broking claims against CFTC complaint appeared first on FinanceFeeds.
FinanceFeeds –
The CFTC alleges that, at 2015, on at least one event, Woolfenden explicitly led a TFS-ICAP broker to ‘never admit that speeds have flown. ’ That allegation, according to the shield, is conspicuously silent as to whether the alleged flying had anything to do with the usa or whether Mr. Woolfenden’s statement was led to america. Additionally, even if the statement were somehow joined to the United States, a singular act like that would not be sufficient – even in combination with another generalized allegations – to warrant personal jurisdiction over Mr. Woolfenden.

Let’s remember that, as stated by the CFTC, the New York Southern District Court has jurisdiction over Mr Woolfenden because the underlying misconduct was caused by his actions at issue flying & print transactions. TFS-ICAP brokers made misrepresentations to US-based customers since they were educated and encouraged to do this by Mr Woolfenden. Even though Mr. Woolfenden lived in London, as the Global Head of Emerging Markets FX Options he immediately supervised and managed these US- and – London-based agents through at least mid-August 2015. Moreover, he enrolled with the CFTC as an associated person of 2 CFTC-registered entities at the United State.

In the latest filing with the New York Southern District Court, the defense counsel for Mr Woolfenden claims it is unfair and unreasonable to induce Mr. Woolfenden, who’s from work in the uk, to undergo years of expensive and baffling overseas litigation in the United States – an forum where he’s virtually no ties.

US Govt pushes for $1.8m bond for binary options fraudster who wants off electronic monitoring

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Even the United States of America has submitted its answer to the motion of Uzan to alter her conditions of release — she is requesting to become freed from digital monitoring. The Government notes that the suspect is a foreign national who was convicted of conspiracy to commit wire fraud on entry of her plea of guilty on December 21, 2018 and is pending sentencing. America continues to consider that this defendant poses a risk of flight.
Even the US Government has filed its response to the defendant’s petition before this week.
FinanceFeeds –

Then the United States would need to initiate the extradition procedure so as to return her into the United States In case Uzan had been to flee. The extradition process from Israel between Israeli citizens, is extremely lengthy and the delay would deprive the people and victims of this conspiracy a just and timely resolution to the case.

  • I) Restricting Uzan to house confinement, except for activities linked to the practice of her faith, to include religious services and the performance of principles;
  • ii) Growing the existing property bond into $1,819,595, procured by either residence or the defendant’s partner’s company.

When the Court grants Uzan’s petition to eliminate the electronic tracking apparatus pending sentencing, the Government requests that the Court enforce extra release conditions to ensure the defendant’s return to court, by way of example, restricting her to full house confinement, except to attend religious services, and raising the current bond to an amount greater or equivalent to the reduction amount directly caused by the defendant.

She’s now a convicted felon, confronting an advisory sentencing guideline range of imprisonment with all the means return to Israel and to flee the United States, for 46-57 months.
Permit ’s recall that, from January 2015 to September 2016, Uzan worked as a sales representative for BinaryBook and BigOption. This had been the purpose of Uzan and representatives of Yukom, BigOption, BinaryBook and other things, to obtain maximum deposit from investors and also to take action to make certain that investors lost money in their accounts — thereby making money for their own and their trade in the procedure. The misrepresentations created by Uzan and another co-conspirators included, inter alia, false statements concerning investors’ ability to draw their money, as well as”bonuses” and”protected transactions”.

The latest developments across the US legal proceeding against binary options fraudsters linked to Yukom Communications, an Israel-based company that provided investor retention solutions to manufacturers such as BinaryBook and BigOption are beginning to resemble the scheme of a crime book.
Accordingly, the US Government asks that when the Court grants Uzan’s motion to discharge her from observation, the Court impose the additional conditions of release:

The article US Govt pushes for $1.8m bond for binary choices fraudster who desires off electronic observation appeared initially on FinanceFeeds.

U.S. Probation and Pretrial Services for the District of Maryland also reports it will not be shifting its recommendation on pre-sentencing discharge states for Uzan at the moment.

Uzan attempts to be released from monitoring so that she may have the ability without damaging the electronic tracking equipment to immerse in a tub in line with her spiritual practices. Even the US Government notes that it doesn’t seek to infringe upon the defendant’s free exercise of her faith, but it should be noted her need to dip into the mikveh tub was not raised with the United States nor the Court, even when the first release conditions were fashioned.

UBS tries to escape US jurisdiction in Sterling LIBOR manipulation case

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Finally, UBS notes , because the Court acknowledgedthe simple fact that UBS has a United States presence is insufficient to confer jurisdiction, unless plaintiffs could make out a prima facie case which the existence, causation or intention to manipulate Sterling LIBOR on the portion of UBS had its’nucleus’ or’focal point’ at the United States. Not one of UBS’s assumed points of”presence” in the United States are regarding the alleged conspiracy and are so irrelevant, the suspect bank says.

In its latest Court filings, UBS attempts to provide discussions why the Court has to reconsider its earlier ruling and that the New York Southern District Court doesn’t have jurisdiction over the bank in this case.

As stated by the plaintiffs, the defendants sought”to generate illicit profits for themselves and their co-conspirators on their Sterling LIBOR-based derivatives positions.”

Moreover, according to UBS, even if the Stamford conduct had been speaking to Sterling LIBOR, it might still fail to help the plaintiff as it doesn’t have anything to do with a conspiracy. The assumed actions in Stamford called out from the plaintiff all concerned UBS’s unilateral conduct. By way of example, the segments of this CFTC Order at issue refer to UBS’s supposed homing motive to lower LIBOR admissions to”shield UBS’s reputation and to avoid what it perceived as unjust and inaccurate negative press speculation regarding UBS’s fundraising ability and creditworthiness.” This inner reputational motive, UBS stresses, is irrelevant to the alleged profit-based conspiracy that’s the cornerstone of the instantaneous case.

UBS notes which the plaintiff’s effort to establish authority over UBS is,”at bottom, an attempt to muddy the waters of UBS’s regulatory settlements”. Specifically, the defendant and the plaintiff clash over a part in the CFTC Order concerning the activities of a senior Group Treasury manager in Stamford, Connecticut. Here’s the text:
Let us remember that, in February 2016, the plaintiffs — FrontPoint, Sonterra Capital Master Fund, Ltd., and Richard Dennis filed their Consolidated Amended Complaint against a Range of defendant banks, including UBS AG.

UBS AG continues its struggle in a Libor manipulation suit  filed at the New York Southern District Court. Less than a month later that the plaintiffs in the case attempted to convince the Court that it should not reconsider its prior judgment from the bank, UBS responded to the plaintiffs’ claims.
“On April 22, 2008, also a senior Group Treasury director (“Group Treasury Senior Manager”) at Stamford, Connecticut, decided UBS’s LIBOR submissions were “lagging that the panel as well as peer reviewed banks” and consequently made a decision to adjust UBS’s submissions up towards its CP/CD issuance degrees. The Group Treasury Senior Manager allegedly thought, erroneously, which LIBOR served as a “ad ” of the speed that UBS would pay for funds, rather than the rate at that UBS could borrow money from the London interbank market. Because of this, he was supposedly concerned that UBS’s LIBOR submissions were not aggressive and must more closely reflect the bank’s issuance prices for CP/CDs to entice prospective clients”.
UBS asserts that CFTC Order does not automatically prove that the Stamford manager directed the exploitation of Sterling LIBOR specifically. Since UBS has pointed outthe Stamford-related conduct cited in the relevant section of this CFTC Order associated with U.S. Dollar LIBOR, not Sterling.

The article UBS attempts to escape US jurisdiction in Sterling LIBOR manipulation case appeared initially on FinanceFeeds.
FinanceFeeds –

Goodbye Dodd-Frank, Hello Foreign Exchange Brokers

Goodbye Dodd-Frank, Hello Foreign Exchange Brokers

Retail currency brokers are considering operating in the United States after a nearly seven-year absence, if President Donald Trump is able to carry through on his pledge to deregulate financial markets. The prospect of lighter regulations has revived interest in the country among foreign exchange brokers such as UFX and Alpari, which cater to small and individual investors. It has also brightened the outlook for an industry that has struggled and lost market share to places with looser regulations in Asia and Europe. A return to the United States could mean physically setting up an office in the country as a U.S. entity, or in some cases maintaining an overseas headquarters while soliciting business in the United States. At the heart of the forex brokers’ optimism is the possible repeal of the Dodd-Frank Act.


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