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Oct 11, 2014

FDIC Press Release: Joint Release of The Board of Governors of the Federal Reserve System and The Federal Deposit Insurance - Corporation October 11, 2014: Federalñ Reserve Board and FDIC Welcome ISDA Announcement.

Press Release

Joint ReleaseBoard of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
For Immediate ReleaseOctober 11, 2014

Federal Reserve Board and FDIC Welcome ISDA Announcement

The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation welcome the announcement today by the International Swaps and Derivatives Association (ISDA) of the agreement of a new resolution stay protocol.
A significant portion of bilateral, over-the-counter (OTC) derivatives transactions with large banking organizations permit counterparties to liquidate, terminate, or accelerate the contract upon the banking organization's failure. Following the recent financial crisis, global financial regulators have focused on the potential for such contractual rights to disrupt the execution of an orderly resolution of a major global banking firm.
This initiative is an important step toward mitigating the financial stability risks associated with the early termination of bilateral, OTC derivatives contracts triggered by the failure of a global banking firm with significant cross-border derivatives activities. Initially, 18 large banking organizations have agreed to sign onto the protocol. The protocol provides for temporary stays on certain default and early termination rights within standard ISDA derivatives contracts in the event one of the large banking organizations is subject to an insolvency or resolution proceeding in its home jurisdiction.
The resolution stay amendments of the protocol are intended to facilitate an orderly resolution of a major global banking firm and reduce the potential negative impact of the resolution on financial stability by giving the bankruptcy court or resolution authority the ability to prevent early termination of financial contracts of the firm's global subsidiaries. The Federal Reserve and the FDIC are encouraged by this effort and look forward to the continuation of this important work.
# # #
Media Contacts:
Federal ReserveBarbara Hagenbaugh202-452-2955
FDICDavid Barr202-898-6992
FDIC: PR-83-2014

U.S. Department of The Treasury - October 11, 2014: Statement of Secretary Lew for the Development Committee

U.S. Department of the Treasury Logo

WASHINGTON - Seventy years since the first meeting at Bretton Woods, the World Bank remains the premier global development institution, tackling poverty directly, driving growth through its lending and knowledge activities, and setting standards for other development institutions.

President Kim’s reform agenda rightly prioritizes the World Bank’s ability to continue contributing solutions to the world’s development challenges.  In our fast-changing and complex times, we welcome both the constancy of the World Bank’s global leadership and the dynamism of its thought leadership.

A key test of the World Bank’s effectiveness as it evolves will be its response to pressing near-term crises while still making progress on long-term goals like expanding infrastructure financing, addressing state fragility, taking action on climate change and food security, and creating opportunities for all.

World Bank Role in Current Crises

Ongoing crises around the globe underscore the continued value and relevance of the Bank, and the importance of having a trusted and broadly-owned multilateral institution at the service of the world’s countries.

For example, the World Bank is playing a crucial role in containing Ebola in West Africa, which threatens economic, social, and governance gains in some of Africa’s most fragile economies.  The World Bank’s leadership in responding to the Ebola outbreak has galvanized others to act and set the bar for the urgency and creative thinking that the crisis requires in both the short and long term.  The World Bank has already committed $400 million to provide essential health services and supplies, bolster the region’s capacity to identify and respond to future outbreaks, and counter macroeconomic shocks.

In Ukraine, where violent conflict has killed thousands and pushed the economy into severe crisis, the World Bank has committed over $2 billion to cushion the impact while supporting needed reforms and infrastructure investments.

 In the Northern Triangle of Central America, growth has not been strong enough to provide quality jobs, and insecurity drives emigration and discourages investment.  The World Bank has redoubled its work with other development partners and the private sector to build on the governments’ ownership of reforms.

Infrastructure Financing

The lack of infrastructure poses a major obstacle to growth, and we welcome the World Bank’s attention to this issue, including through the creation of a Global Infrastructure Facility (GIF).  We fully endorse the GIF’s mission to bring well-structured and bankable projects to the market by providing support at the design and preparation stage.  We also welcome the plan for a second phase for the GIF to directly participate in project financing, using innovative instruments to overcome risk perceptions and crowd in private sector financiers.  The GIF’s partnership platform model promises to bring the know-how and resources from private and public sector actors together in an effective way.

We also welcome the World Bank’s support for President Obama’s Power Africa initiative, which seeks to increase sub-Saharan Africa’s generation capacity by 30,000 MW over the next four years, and has the potential to greatly improve the standard of living for millions across the continent.

We especially value the role of the World Bank in infrastructure financing because of the high standards that it develops and implements.  Nowhere is this more central than with the Bank’s policies on (1) procurement and (2) environmental and social impacts.  The reviews of both of these policies must strengthen their effectiveness and incorporate best practices.  In the case of procurement, we are pleased to see the World Bank adopt a “value-for-money” approach that will allow for a more comprehensive costing over the entire project lifecycle.  In the case of environmental and social impacts, we welcome the release of a new draft safeguards framework and its focus on monitoring and managing environmental and social impacts over the lifetime of projects.  We expect the World Bank to continue to conduct robust consultations, including with project-affected peoples, to better inform the final safeguards policy.

Fragile States

Eliminating extreme poverty by 2030 is a bold objective, especially in fragile and conflict-affected states, where poverty reduction goals have proven especially difficult.  The International Development Association (IDA) is taking the lead in addressing the needs of these countries, exploring ways to respond more quickly as conflicts emerge or opportunities to promote peace arise.  IDA is also developing a tighter focus on real-time monitoring of results, speeding the World Bank’s ability to adjust its approach in fragile states.  We see great potential for the International Finance Corporation (IFC) to deepen its engagement in fragile and conflict-affected states and call upon the IFC to redouble its efforts in these countries and seek out investments with the greatest levels of development impact, even if this requires taking more financial risk.

Action on Climate Change and Food Security is Imperative 

Climate change threatens to affect the poor disproportionately, setting back progress on both eliminating extreme poverty and increasing shared prosperity.  Therefore, investments that boost countries’ resilience to climate change and help them shift away from carbon-intensive economies are essential.  The World Bank has emerged as a vital partner and leader in supporting developing countries to use existing resources more efficiently and move to cleaner energy sources.  We urge the World Bank to include climate change resilience as a fundamental aspect of the design and preparation of every project, as well as to incorporate climate risks into country partnership frameworks.  This is particularly important with the increased focus on infrastructure investment and the introduction of the GIF.

Climate change also poses a severe risk to food security, and the World Bank must continue to be a leader in addressing this cross-cutting challenge.  We welcome the World Bank’s ongoing support of the Global Agriculture and Food Security Program.  Given that the majority of the world’s poor rely on agriculture for their livelihoods, investing in sustainable agriculture will remain one of the most effective ways to reduce poverty.

Creating Opportunities for All

To be successful in battling extreme poverty, the World Bank must also address the challenges of inequality.  Social inclusion is the basis for shared prosperity, as marginalized groups often account for a disproportionate share of the bottom 40 percent of income earners in developing countries.  In showing how countries can improve their overall economic prospects by creating opportunities for all members of society, the World Bank can facilitate a shift in the treatment of women and minority groups.

To maximize social inclusion through the World Bank’s activities, it must invest sufficient budget and staff resources into developing better data and analysis on the demographics of poverty and project beneficiaries.  The Gender Cross-Cutting Solutions Area will have a strong role in mainstreaming gender objectives into all types of projects and all country partnership frameworks, while strengthening the focus on implementation and results.  We also look forward to the designation of focal points for LGBTI inclusion within the Global Practices and Cross-Cutting Solutions Areas.  These focal points will help identify risks and opportunities across the entire World Bank project portfolio and support deeper knowledge and understanding of the intersection of LGBTI inclusion and reducing poverty and inequality.

With the World Bank’s firm commitment to social inclusion already in place, now is the time for the World Bank to also meet its own longstanding, but never achieved, institutional diversity goals.  A newly established Talent Desk is helping to build a stronger pipeline of diverse talent, but it is up to managers across the World Bank to embrace this resource.  Better data on institutional diversity can also help in monitoring progress in key areas of human resources management.

Reform of the World Bank

Careful and efficient implementation of the reform process is necessary to support the ambitious agenda for achieving the World Bank’s corporate goals.  An effective budget process must provide appropriate incentives and optimize the use of scarce resources.  As the reorganization works to more effectively tap into the best global knowledge, the World Bank must simultaneously reinforce that client countries remain at the heart of all its efforts by retaining strong regional relationships and deepening its understanding of local contexts.  We are confident that the World Bank will emerge from this process better positioned to serve its client countries and respond to global challenges.  President Kim has our strong support as he continues to implement these important reforms. 

Keiser Report With Russell Brand + Alec Baldwin - October 11, 2014.

KeiserReport: With Russell Brand + Alec Baldwin (11Oct14)

Published on Oct 11, 2014
Double episode of the Keiser Report with special guests Russell Brand and Alec Baldwin with Max Keiser and Stacy Herbert, talking on economics and politics, and people power (or lack of).

Recorded from RT HD, Keiser Report, 11 October 2014.

GATA | THE GATA DISPATCH - October 11, 2014: China's Zhou says some countries already use yuan in reserves | China now takes nearly all world gold production, Shanghai exchange chief confirms

China's Zhou says some countries already use yuan in reserves

Submitted by cpowell on,October 11, 2014. Section: Daily Dispatches
By Belinda Cao
Bloomberg News
Saturday, October 11, 2014
WASHINGTON -- Some countries are already using the Chinese yuan in their foreign-currency reserves without announcing it, China central bank governor Zhou Xiaochuan said.
While China's yuan has begun to be used as a reserve currency for several years, some countries "may not be willing to say so," Zhou told Bloomberg on the sidelines of the International Monetary Fund meetings in Washington.
China has stepped up efforts to promote the yuan's use overseas since the global financial crisis, as expansion in the world's second-largest economy provides more clout while Europe has yet to fully recover. The European Central Bank will discuss next week whether to begin laying the groundwork to add the Chinese yuan to its foreign-currency reserves, Bloomberg reported yesterday.
"It's good that more countries are willing to adopt the renminbi as a reserve currency as our economy grows and our financial reforms continue," said Zhou, responding to ECB's consideration of adding yuan to its reserves. Renminbi is the official name of the yuan. ...
... For the remainder of the report:

VOA Video Published on October 11, 2014 an Interview to U.S. Secretary of State John Kerry (October 10, 2014).

Interview with U.S. Secretary of State John Kerry, Oct. 10, 2014

Published on Oct 11, 2014
VOA's Afghan Service Chief, Masood Farivar, interviews U.S. Secretary of State John Kerry, Oct. 10, 2014. They discuss the future of the unity government in Afghanistan as well as this year's Nobel Peace Prize winners: children's rights advocates Malala Yousafzai of Pakistan and Kailash Satyarthi of India. (Full interview)
Originally published at -

RT America Videos - October 11, 2014: Obama’s witch hunt against NY Times journalist James Risen

Obama’s witch hunt against NY Times journalist James Risen

Published on Oct 11, 2014
New York Times journalist James Risen is a top target of American political elites, including President Barack Obama, author and activist Norman Solomon told RT’s Manila Chan. Although first targeted by President Bush’s White House for his reporting, even Obama has continued the government’s persecution of Risen despite the administration’s supposed support for government transparency and accountability. Facing years in prison if he does not reveal his sources, Risen continues to face an uncertain future for his work as an award-winning journalist.

NYT Today's Headlines October 11, 2014: Two Champions of Children Are Given Nobel Peace Prize

The New York TimesMost Popular | Video | Subscribe: Digital / Home Delivery

Today's Headlines

Saturday, October 11, 2014

Top News
Malala Yousafzai, 17, said she was honored to be the youngest person to receive the award. She dedicated it to the
Two Champions of Children Are Given Nobel Peace Prize


Malala Yousafzai, a Pakistani advocate of girls' education, and Kailash Satyarthi, an Indian who has rescued trafficked children from slavery, shared the prize.
Officials Admit a 'Defeat' by Ebola in Sierra Leone


The decision to help families treat patients at home signifies a significant shift in the struggle against the rampaging disease.
A 2011 protest outside a resort in Palm Springs, Calif., against Charles G. and David H. Koch.
Secret Money Fueling a Flood of Political Ads


More than half of the general election advertising aired by outside groups in the battle for control of Congress has come from organizations that disclose little or nothing about their donors.
For more top news, go to »

Editors' Picks


Video VIDEO: What 'We the People' Want
With less than a month until the midterm elections, polls show that Americans are deeply dissatisfied with their elected officials. The Times drove from Washington to St. Louis to ask why.
. Related Article


What I Saw as an N.F.L. Ball Boy


Games spent gathering helmet fragments and supplying smelling salts.


"We are killing them, and they keep coming."
TIMUR DEMIRBOGA, a Kurdish fighter in Kobani, a Syrian city besieged by Islamic State forces.
Today's Video
Video VIDEO: The Rise of Anonymous Political Giving
Inside the growing influence of completely anonymous campaign contributions and the impact on the 2014 election.
. Related Article
Video VIDEO: League of Legends' Profitable World
For Riot Games, the creator of the wildly popular League of Legends game, fan experience comes before profits - and that might be key to its success.
. Related Article
Video VIDEO: Small Plates
For the magazine's fall Food issue, we treated six second graders from P.S. 295 in Brooklyn to dinner at Daniel, where the seven-course tasting menu goes for $220 a person.
. Related Article
For more video, go to »
Kuzya, a Siberian tiger, in May. President Vladimir V. Putin had a personal hand in reintroducing him to the wild.
'Putin's Tiger,' in a Territory Grab All His Own, Swims to China


A Siberian tiger released into the wild in Russia in the spring crossed a river this week into China, where wildlife officials are tracking his whereabouts.
Turkish army tank units watched Kobani, a city across the border in Syria that is being attacked by the Islamic State from multiple directions.
ISIS Intensifies Siege of Kurdish Enclave in Syria


The Islamic State is pouring reinforcements into the besieged Syrian city of Kobani, a Kurdish enclave, despite heavy attacks from American-led aircraft.


Chinese Writer, Tackling Tiananmen, Wields 'Power to Offend'


Publishers in China would not touch Sheng Keyi's "Death Fugue," which fashions the Tiananmen crackdown into a stomach-churning, exuberantly written allegory.
For more world news, go to »
As Apprentices in Classroom, Teachers Learn What Works


Three residents in a teacher training program known for its practical approach were followed through a year of setbacks and successes in California classrooms.
Demonstrators on Friday in St. Louis County began a weekend of protest over the shooting of a black teenager in Ferguson, Mo.
Protests Begin Over Ferguson Shooting Amid Dismay in St. Louis Case


A "Weekend of Resistance" over the death of Michael Brown gets underway with attention to the shooting of another black teenager, Vonderrit Myers Jr.
Thomas Duncan in 2011.
Ebola Patient Sent Home Despite Fever, Records Show


Medical records of Thomas Eric Duncan, the Liberian who died this week in Dallas, contradict earlier statements from the hospital that treated him.
For more U.S. news, go to »
Leon E. Panetta with Hillary Rodham Clinton in 2009. The two have had a long, complicated relationship, but his new memoir deals with her more gently than it does with President Obama.


Recent White House Memoirs Target Lame Duck Over a Potential Successor


In the growing crop of tell-alls by former Obama officials, Hillary Rodham Clinton has emerged largely unscathed - proof that it is easier to kick a sitting second-term president than a potential future one.
Cylvia Hayes, fiancée of Gov. John Kitzhaber of Oregon, at a news conference in Portland on Thursday, where she talked about a former marriage.
Oregon First Lady's Ex-Marriage Spills Into Race for Governor


Cylvia Hayes, the wife of Gov. John Kitzhaber, said she married her third husband, an Ethiopian immigrant, for money in a sham marriage in 1997.
The Supreme Court's decision on Thursday to stop a Wisconsin voter ID law from taking effect was seen as a setback for the campaign of Gov. Scott Walker, a Republican.
Maneuvering Persists After Courts Block New Voter Conditions


Voter ID requirements were delayed in Wisconsin and Texas, though officials continued to look for ways around the decisions ahead of next month's elections.
For more political news, go to »
A view of an oil refinery in Los Angeles. Oil prices closed the week at a four-year low, which should prove welcome news for American consumers.


Wall Street's Whipsaw Week Shows Global Economy's Flaws


With markets priced for expectations of a steadily improving global economy, troubling signs that growth may have stalled.
TV Ratings by Nielsen Had Errors for Months


The mistake raises questions about the company's increasingly criticized system for measuring TV audiences.
Harvoni may shorten  treatment for hepatitis C.
Harvoni, a Hepatitis C Drug From Gilead, Wins F.D.A. Approval


The drug is the first complete treatment for the disease that requires a single daily pill.
For more business news, go to »
The Summoner's Cup awaited the top team at the League of Legends World Championships, which are being held this month before cheering crowds in Busan, South Korea.


Behind League of Legends, E-Sports's Main Attraction


Riot Games, creator of the wildly popular League of Legends, says it puts players' enjoyment above the need to produce profits. And that may be the key to the game's success.
.   Interactive: 10,000 League of Legends Games in 30 Seconds
. Video  Video: League of Legends' Profitable World
People on the anonymous online messaging forum 4chan claim to have accessed the cloud storage servers of a third-party application that lets Snapchat users save images.


Links to Photos Said to Be Stolen From Snapchat Users Flood Message Boards


Just weeks after a celebrity hacking scandal, members of an anonymous online message board claimed to have accessed hundreds of thousands of photographs of noncelebrities.
Lei Jun, the chief executive of Xiaomi, has drawn comparisons to Steve Jobs for his onstage presentation style.


Apple's Jony Ive Has Harsh Words for Xiaomi


In a rare public appearance, Apple's head of design talked about Apple's design process and remarked bluntly in response to a question involving the Chinese smartphone maker Xiaomi.
For more technology news, go to »
A sign showed support for the Florida State Seminoles football team in Tallahassee this month.
At Florida State, Football Clouds Justice


Police and court records and interviews with witnesses show that the Tallahassee police on numerous occasions have soft-pedaled allegations of wrongdoing by Seminoles football players.
The Royals' Alex Gordon hit a broken-bat double to drive in three runs in the third inning of Game 1 of the A.L.C.S. He also homered in the 10th.


Royals Keep Magic Alive, Beating Orioles With Homers in the 10th


The Royals won Game 1 of the A.L.C.S. against the Orioles with more heroics in extra inn