Economics and Investing:

The IMF has given the go-ahead to the Chinese renminbi to be used as one of the worlds Main Currencies. The Euro and the British pound take the brunt of the move while the U.S. dollar remains steady at 42%. However, the move has deeper political ramifications. As the author of the piece states:

“As the renminbi becomes more deeply woven into the global economy, it undermines the ability of the West to impose financial sanctions on countries accused of human rights abuses and other violations, like Sudan and North Korea. Such countries can increasingly carry out transactions in renminbi.”

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Why I’m Closing My Bank Accounts While I Still Can – D.S.

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Items from Professor Preponomics:

Stress Test Pressure May See UK Banks Cut Dividends (Wall Street Journal)

Brazil’s Economic Tailspin (Reuters)

Finland’s Problem Isn’t the Euro (Wall Street Journal) Commentary: Well…the problem isn’t “entirely” the Euro.

Erdogan Busted! The ISIS Oil Pipeline Through Ceyhan (Contra Corner)

Iran’s Mines Could Bring In More Cash than Crude (Bloomberg)

Investors are Terrified by the “3rd Wave” of the Financial Crisis (Business Insider)

Fate of Obamacare Co-ops in Question After Half Collapse (Fox News)

Huge Economic Warning Sign from the Midwest (Business Insider)

Chicago PMI Suggests US Manufacturing is Still Gloomy (Market Watch)

Hillary Clinton’s Proposals Total $1B in New Government Spending (Washington Free Beacon)