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The art of borrowing money in American style
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The public debt of the United States has hit a new record once again! For the first time in history, the figure exceeded the ceiling of $20 trillion. The scale of the debt is really impressive. The Congress did not argue with the president and agreed to raise the debt ceiling, and now these circumstances do not limit the Finance Department in its scope of facilities.
Until December, the States can freely take new borrowings. However, experts and analysts have no doubt that in December the Congress will raise the limits once again. They associate it with the words ‘let’s party hard!’ However, if earlier the amount was impressive but it did not go beyond annual GDP (which is about $19 trillion), now the debt has surely exceeded this value. The US problems with the debts are an echo of the global financial crisis of 2008. Over the past few years, the US government has increased the ceiling for public debt several times, but every time it broke through a new limit. And, to all appearances, considerable changes in this plan are unlikely to happen in the near future.
Of course, it is still difficult to call the United States a bankrupt, but with every year the situation becomes more complicated. The population of the country is steadily aging and having health issues, and as a result, more money is required for medical and social care, and amounts of taxes going to the state budgets are getting smaller with every year. Plus, the unstable situation in the world economy increases the US debt obligations. Against this backdrop, Russia looks like a responsible borrower according to the assessment of the Ministry of Finance. By the end of 2017, the national debt is expected to reach 12.7 trillion rubles, 13.8 percent of the country's GDP.

Depreciation of the rouble: "black days" in the Russian economy's history
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The free exchange rate of the ruble was introduced in Russia on July 1, 1992. Immediately afterward, the Bank of Russia equalized the official exchange rate of the US dollar with the exchange one, raising it from 56 kopecks to 125 rubles, fixing the growth by 222 times. The most noticeable cases of the ruble depreciation in the history of Russia are in our photo gallery.



  • From 26 to 28 August 1992, the official ruble exchange rate fell by 22% against the dollar, from 168.1 to 205 rubles per dollar. The acting chairman of the Bank of Russia, Viktor Gerashchenko, said that it happened because the demand exceeded the supply of currency.

    In the photo: Muscovites exchange dollars to rubles in one of the local banks on "Black Tuesday" on September 22, 1992.


    • From 22 to 24 September 1993, the official exchange rate of the ruble fell by 25% against the dollar, which rose from 1,036 to 1,299 rubles. There was a booming demand for currency.

      In the photo: currency exchange office on Novy Arbat, 1993.



October 11, 1994, was another "Black Tuesday" in Russia. For one day, the dollar's rate rose by 38.6%, from 2,833 to 3,926 rubles. However, such large-scale fall of the ruble was short-lived, already on October 14, the dollar rate was 2,994 rubles.


According to the State Statistics Committee of the Russian Federation, in April 1997, the citizens of Russia purchased currencies for a total of 107.6 trillion rubles. And already on August 17, 1998, in Russia, a technical default was declared on the main types of government debt.



  • From August 18 to September 9, 1998, the dollar grew 3.2 times against the ruble, from 6.50 to 20.83 rubles, followed by a short-term strengthening to 8.67 rubles.

    In the photo: currency exchange office in one of the Arbat underground passages, Moscow, 1998.


    • The economic crisis and depreciation of the Russian currency were facilitated by the artificial overvaluation of the ruble in order to reduce inflation, the crisis in the countries of South-East Asia and the sharp drop in world energy prices. Also, the increase in the dollar and the euro was due to the policy of the Central Bank of Russia to weaken the ruble against the bi-currency basket.

      In the photo: the electronic board of the operating cash desk for the exchange of currencies in Moscow, 2012.


      On December 16, 2014, the ruble rate at the auctions fell to historical lows - 80.1 rubles per dollar and 100.74 rubles per euro - 11 rubles more than the previous closing quotes. Trading participants characterized the mood in the market as panicky. The ruble was rapidly declining despite the Central Bank's urgent overnight rise of the key rate from 10.5 to 17%.




The art of borrowing money in American style
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The public debt of the United States has hit a new record once again! For the first time in history, the figure exceeded the ceiling of $20 trillion. The scale of the debt is really impressive. The Congress did not argue with the president and agreed to raise the debt ceiling, and now these circumstances do not limit the Finance Department in its scope of facilities.
Until December, the States can freely take new borrowings. However, experts and analysts have no doubt that in December the Congress will raise the limits once again. They associate it with the words ‘let’s party hard!’ However, if earlier the amount was impressive but it did not go beyond annual GDP (which is about $19 trillion), now the debt has surely exceeded this value. The US problems with the debts are an echo of the global financial crisis of 2008. Over the past few years, the US government has increased the ceiling for public debt several times, but every time it broke through a new limit. And, to all appearances, considerable changes in this plan are unlikely to happen in the near future.
Of course, it is still difficult to call the United States a bankrupt, but with every year the situation becomes more complicated. The population of the country is steadily aging and having health issues, and as a result, more money is required for medical and social care, and amounts of taxes going to the state budgets are getting smaller with every year. Plus, the unstable situation in the world economy increases the US debt obligations. Against this backdrop, Russia looks like a responsible borrower according to the assessment of the Ministry of Finance. By the end of 2017, the national debt is expected to reach 12.7 trillion rubles, 13.8 percent of the country's GDP.

Top 5 millionaires who made their capital out of nothing
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Here there is the list of businessmen who have made a fortune practically from the air and today live like kings. They achieved the intended goal through the Internet, turning it into a trading platform, where they sold their ideas. To some of them, success came unexpectedly, others had to work hard, but in either case, the result exceeded expectations..


The first line is given to the British writer E.L. James with her novel "Fifty shades of gray", which suddenly became one of the famous, scandalous and at the same time sold. Comments of critics were far from praise, but this did not prevent the novel from reaching the top of the world book market.


The first line is given to the British writer E.L. James with her novel "Fifty shades of gray", which suddenly became one of the famous, scandalous and at the same time sold. Comments of critics were far from praise, but this did not prevent the novel from reaching the top of the world book market.


Marcus Persson, who created the game Minecraft, is the founder of Mojang, which produces video games. He opened it with Karl Manneh and Jacob Porser at the end of 2010. Last September, Markus Persson sold Mojang Corporation Microsoft for 2.5 billion dollars and left his offspring.


Scandalously famous American journalist and publicist Matt Drudge, author of the "Drudge Report". He began to create a kind of informational empire on the Internet, sending out e-mail scraps of picked up gossip. The heroes of his dubious news were mostly political figures.


The top-5 is closed by famous American businessman, investor, billionaire, the creator of PayPal Peter Til. According to the world-famous economic magazine Forbes, its capital is estimated at $1.2 billion. The same source ranked Peter to the category of the most respectable and wealthy individuals of the planet.

Italy’s industrial output ticks up by 0.1% in July
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Italy’s volume of industrial production grew by 0.1% after a 1.1% increase in June, Italy's national statistics agency Istat said.
Despite the considerable slowdown, the figure turned out to be better than expected. Analysts had projected a 0.4% decline in industrial production. From the same period in 2016, the output rose by 4.4%.
The production of consumer goods rose by 0.5% in July compared with the previous month. The output of capital goods increased by 1.6%, while the production of intermediate goods advanced by 0.3%. Meanwhile, energy production decreased by 3.6%.

Top 6 online wallets for Dash
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What wallets are preferred by the participants of the crypto-currency market and what is worth paying attention to when choosing means for storing virtual coins, we suggest learning from our article


Experts note the ever-increasing demand for reliable online wallets, especially in the crypto-currency market. They offer to pay attention to the 6 most popular wallets, supported by Dash and trustworthy users. Specialists give the first place to Trezor, an isolated means for local transactions. It is considered the most secure among other wallets.


The second place in this list goes to the hardware crypto-currency wallet KeepKey. Its only disadvantage is the high price. Users can interact with the wallet using the Google Chrome plugin. All transactions are made on a local level. Developers of this wallet also pay great attention to its security.


The third place in the list of the online wallets most suitable for crypto-currency is occupied by the cross-platform Exodus. It supports additional crypto-currencies and tokens. Exodus developers are eager to integrate their support. The wallet has a built-in exchange function, provided for all currencies it supports. Exodus is very easy to use, especially for beginners.


The fourth place in the list of best wallets is taken by UberPay Wallet, an excellent solution for Dash users. This is a multi-currency wallet that has a private key on the user's device, and not on the company's servers. When working with UberPay Wallet, it does not need to provide any personal information about yourself. The wallet masks the user's IP address when sending transactions, and also has a built-in exchange function.


The fifth place in this list is held by HolyTransaction, a wallet with a long history, supporting a multitude of currencies. Its downside is that the company has an access to the private key of the user. The benefits of HolyTransaction include checking the correctness of filling in transaction data and easiness of use. Thanks to this, all coins supported by the platform can be exchanged.


The last in the list is Coinomi, an easy wallet with an average level of anonymity. This is a powerful solution for Android-wallets, which supports a number of currencies, including Dash. Private keys are stored on the user's mobile device, and there is also a built-in exchange function. Coinomi hides the user's IP address when transferring transactions to the block chain.


ECB not ready to wind down QE
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The European Central Bank decided to abstain from any bald statements, summing up the results of its last meeting. Generally speaking, participants of the global financial markets did not expect any strong comments from the regulator. However, they hoped to hear forecasts on the future of the bond-buying program.
Analysts expected the ECB to announce approximate time of the start of program winding down. The interest rates remained unchanged: -0.4% per annum for deposits and 0.25% per annum for margin loans. In his speech, ECB President Mario Draghi gave new forecasts for the European economy. They were revised upwards to 2.2% from 1.9%. In 2018 and 2019, the region's economy is expected to slow down to 1.8% and 1.7%, respectively. "The incoming information, including our new staff projections, confirms a broadly unchanged medium-term outlook for euro area economic growth and inflation. The economic expansion, which accelerated more than expected in the first half of 2017, continues to be solid and broad-based across countries and sectors," Mario Draghi said.
Meanwhile, the actions of the ECB had the necessary effect. Extremely low inflation, which was the main problem for the regulator over the last few years, began to grow. It is still below the target of 2%, but the general upward trend remains. Now, the consumer price index is expected to reach 1.5% and 1.3% in 2017 and 2018, respectively. In general, Mario Draghi did not surprise the markets, as all actions and decisions had been expected. However, it can be a good thing since lately the markets has already suffered a lot of distress.

Top-5 undervalued cryptocurrencies
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The Global cryptocurrency market is constantly evolving. Sometimes it's hard to keep track of everything new and to consider all the advantages and disadvantages. Crypto Gawd has prepared a list of digital currencies that are still underestimated.


Crypto world is in constantly developing. It is always updated by new payment devices, including the well-known Bitcoin, Litecoin, Ethereum, and others less popular alternative coins. You can get to know them below.


According to Crypto Gawd, the cryptocurrency market have at least five crypto-currencies, which are underestimated by users and investors. According to Crypto Gawd, at the moment, Ripple is the most popular of them. It is in the five best market capitalizations list. Despite this, quite a large number of people are criticizing Ripple. They claim that Ripple is a centralized system, but it does not prevent it from expansion.


The second most undervalued cryptocurrency is Stellar Lumens (XLM). Its biggest advantage is cheapness. The experts claim that buying XLM is quite beneficial, as the buyer will not have to worry about large losses in case of XLM removal from the list, which is very unlikely. Another argument in favor of the XLM is the trades' amount. The experts also pay attention to this coin liquidity. Stellar Lumens is the undisputed leader among the alternative coin market capitalizations.


New Economy Movement (XEM) is recognized as the third in importance among the undervalued currencies. It is socially oriented cryptocurrency with its software blockchain, introduced after the cryptocurrency. It allows its users to create a large number of services ranging from online stores to financial structures on the basis of decentralization principles and multilevel protection. Using XEM users can earn tokens even only with the help of transactions between themselves. “It is a revolutionary way to taking control of future growth", says Crypto Gawd.


Digibytes (DGB) are the fourth undervalued alternative coins that have gained popularity in recent times. In addition to affordable prices, they also have many other advantages. The coin has a good sized market capitalization and is sufficiently liquid. Moreover, it is one of the fastest currency, if based on the transaction time. DGB has a special code that allows technology to double the block size every year. It is expected that by 2035 Digibytes will have been able to process more than 280,000 transactions.


Crypto Gawd put fun and quirky cryptocurrency Pepe Cash (PCSH) on the fifth place in its ranking list. This coin is based on the popularity of the Internet meme called Frog Pepe. It works in XRP, which is based on bitcoin technology. This it is not just a cryptocurrency; it is also a digital card that you can collect. The price of some of them, such as "Lord Kek", is extremely high and reaches 6,500$.

North Korea threatens US with 'pain and suffering'
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North Korea has warned the United States that it will pay a due price if sanctions against the country are agreed at a United Nations Security Council meeting on Monday.
The DPRK’s Foreign Ministry said Washington was exerting unreasonable pressure on Pyongyang to deprive the country of its sovereignty.
North Korea accused the United States of manipulating the UN Security Council over its ‘legitimate’ nuclear test to fabricate the harshest ever sanctions resolution.  
“The forthcoming measures to be taken by the DPRK will cause the US the greatest pain and suffering it has ever gone through in its entire history,” North Korea's foreign ministry said in a statement.
Earlier, the country had successfully tested a hydrogen charge, which could be used as a warhead for an intercontinental ballistic missile. On September 11, the UN Security Council is set to vote on the US-led effort to impose harsher new sanctions against North Korea.

The new calculation formula of oil tax
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The Russian Ministry of Finance proposed to change the methodology for calculating the tax on extraction of all minerals in the country


According to Ministry of Finance, such a change would make it possible to increase the RF budget by 1.6 trillion rubles in the period from 2016 to 2018, as RIA Novosti informs, referring to the agency's documents.


The essence of the innovation lies in a corrected calculation at a fixed exchange rate of the dollar for 2014, and not at the current average rate of the US currency paired with the ruble in the current tax period. As a result, a part of the oil price that is not taxed will be less in ruble terms.


Such a proposal of the RF Ministry of Finance was caused by the oil market instability, which led to dufficulties in the country's account balance.


The new tax proposal will affect the calculation method of the so-called cut-off oil price of $15 per barrel, which helps to define the oil producing companies' profit share that is free of the barrelage tax.


  • According to the released document of the Ministry of Finance, the forecasts look as follows: in 2016 the rate will be 63.5 rubles per dollar, in 2017 - 64.8 rubles and in 2018 - 65.8 rubles.

    But if considering the dollar exchange rate for 2014 and the inflation rate, the following picture emerges: 43.8 rubles per dollar in 2016, 47.1 rubles in 2017, 49.8 rubles in 2018.

    The Bloomberg news agency and the Russian media have previously raised the issue of a possible increase in taxes on oil extraction in Russia several times.




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