Archive - Jun 7, 2015 - Story

In yet another sign that Russia and China are set to work together to extricate themselves from a dependence on the dollar specifically and on Western financial institutions more generally, Russia’s largest bank has, for the first time, extended yuan-denominated letters of credit in concert with the Chinese Export-Import bank.

Some events make us question in which of the two we might actually be living in: what if it was some version of Bizarro?

Earlier today, Barack Obama, together with 6 of the world's most powerful leaders (but certainly not Vladimir Putin) congregated in the Bavarian town of Krun where they will for the next two days hunker down at the luxurious Scholss Elmau for the latest G-7 meeting, covering an agenda dealing with climate change, global extremism, and of course, solving the Ukraine crisis (with or without instructions from George Soros on how to proceed). Serious stuff. Obama, however, decided to keep it "folksy" and the lame duck president, content with the direction the world is going, pulled a page right out of National Lampoons European vacation and kicked it back.

"Anshu Jain and Jürgen Fitschen, the embattled co-chief executives of Deutsche Bank AG, plan to announce their resignations, according to people familiar with the matter, an abrupt move that throws into question the future direction of one of the world’s largest banks," WSJ reports. John Cryan, former UBS CFO, is reportedly in line to take the helm.