Treasury Department

These Countries Have Nearly "Eliminated Cash From Circulation"

If you have any misguided notion that a cashless society is not coming, just keep telling yourself that every time you use a debit card, credit card or your phone for your next purchase. With the elimination of cash we effectively hand over our individual human sovereignty to the banks and the government.

Steven Mnuchin Roils Bond Markets With Suggestion Of 100 Year Treasury Bond

Barely having confirmed he will be Donald Trump's nominee for Treasury Secretary, Steven Mnuchin proceeded to roil the bond market when the former Goldman banker told CNBC he would look at extending the maturity of future Treasury issuance, hinting at 50 and 100 Year bonds, which promptly sent long-term US bond yields surging by the most since the turmoil following Trump’s election victory.

Mnuchin, Ross Confirm Trump Nominations On CNBC

Following yesterday's press reports that Steve Mnuchin and Wilbur Ross would be selected for two of the top economic posts in Donald Trump's administration, earlier today the two confirmed their nominations to lead the U.S. Treasury and Commerce Department, respectively. Mnuchin and Ross spoke on CNBC's "Squawk Box."

Key Events In The "OPEC Is Optimistic About A Deal" Week

The key economic releases this week are consumer confidence on Tuesday, ISM manufacturing on Thursday, and the employment report on Friday. There are a few scheduled speaking engagements from Fed officials this week. The Beige Book for the December FOMC period will be released on Wednesday.

Venezuelan President Threatens Legal Action Over JPMorgan's "Campaign Of Terror"

...the payments were "in effect, sent to Citibank and then JPMorgan comes out with that totally false information this afternoon." Del Pino raged that Citibank deliberately delayed payments from PDVSA as part of a “campaign of terror” against the company and Venezuelan President Maduro is looking into legal action against JPMorgan over their report.

What Will Trump Do About The Fed, The Debt Ceiling, And Trade: His Key Economic Advisor Explains

David Malpass, Donald Trump's economic adviser who has been tasked with overseeing the transition for the Treasury Department and economic policy, addressed a group of economists and reporters in Washington discussing everything from the Fed, to the debt ceiling, to infrastructure spending, to NAFTA and Dodd-Frank, providing an insight in Trump's thinking on these key items. This is what he said.

Waking Up In Hillary Clinton's America

With less than two weeks to go before E-day -- despite the Trumptilian upheaval of the last year -- the high probability of a Clinton win means the establishment remains intact. When we awaken on November 9th, it will undoubtedly be dawn in Hillary Clinton’s America and that potentially means four years of an economic dystopia that will (as would Donald Trump’s version of the same) leave many Americans rightfully anxious about their economic futures.

The Boredom Before The Storm

With all the surprising and/or disturbing things going on – Brexit, China’s soaring debt, US/Russia/China saber rattling, the, um, unique US presidential race, the cyber attack that shut down big parts of the US Internet – you’d think that an unsettled world would be reflected in skittish financial markets. Instead we’re getting the opposite...

Never Before Seen Secret Memo On AIG Bailout From Fed's Tarullo To Obama Revealed In Podesta Emails

"...we surely do not want to unnerve markets by saying anything that would suggest your Treasury Department would undo this modification after January 20.  However, the combination of the questionable terms of the original Fed lending and failure to increase the effective stake of taxpayers as part of this deal means that we should avoid saying anything that would identify us with this move."