Keyword: currency

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  • The Return of King Dollar: Are the markets anticipating a GOP November sweep?

    09/20/2014 6:15:31 PM PDT · by SeekAndFind · 24 replies
    National Review ^ | 09/20/2014 | Larry Kudlow and Stephen Moore
    Maybe the U.S. economy, a weakling for the last six years, is finally starting to flex some muscle. We’re referring to the return of King Dollar. For those who haven’t been paying attention, the greenback is in the midst of a rally not seen since the 1990s. It’s racing past the euro, the yen, and other currencies. Investors worldwide are buying the equivalent of stock in America, Inc. If the rise in the dollar’s valuation is sustainable, it’s welcome news for the stock market, for fighting inflation, and for U.S. growth prospects. Ronald Reagan said it best: A strong dollar...
  • Moscow warns against panic as ruble plunges to historic lows

    09/16/2014 12:16:28 PM PDT · by Tailgunner Joe · 23 replies
    AFP ^ | September 16, 2014 | Anna Smolchenko
    Russian authorities told people not to panic on Tuesday as the battered ruble plunged to record lows, floored by tensions with the West over Ukraine, new sanctions and falling oil prices. The national currency fell to 38.82 rubles per dollar after weakening on Monday to below 38 against the dollar for the first time. It also broke through the symbolic level of 50 rubles per euro for the first time in several months. The ruble has slumped as investors fret about the impact of ever more stringent Western sanctions on the economy, which is already teetering on the verge of...
  • Elections in Sweden Could Destroy 20 Years of Progress

    09/10/2014 2:28:12 PM PDT · by SovereignSociety · 20 replies
    The Sovereign Investor ^ | September 9th, 2014 | Jeff Opdyke
    I’m sure you’re familiar with the famous quip, erroneously attributed to Einstein: Insanity is repeating the same mistakes and expecting different results. Well, this Sunday, Swedish voters have the chance to go insane — or to prove that they learned their lesson the first time around.Swedes are going to the polls on Sunday to elect a new government. And there is a very real chance — let’s call it what it is: a very real risk — that the country’s former government, the Social Democrats, will reclaim ultimate power in the Nordic nation.If so, the change in leadership would...
  • Crackdown on US dollar money laundering boosts Chinese renminbi bid to replace dollar

    09/03/2014 4:59:59 AM PDT · by rjbemsha · 15 replies
    Banking Technology ^ | 3 September 2014 | Banking Tech
    Money launderers will increasingly move away from the US dollar to the renminbi as US authorities continue to crack down on international banks’ AML systems [says] Freddie McMahon, director of strategy & innovation at Anomaly42, a specialist in AML and terrorist financing. “The dollar is becoming increasingly high risk and it’s a level of risk money launderers are proving less willing to take...the renminbi is off the beaten track and affords a new level of camouflage for criminal transactions." “The irony is that proactively countering the money launderers represents an unprecedented opportunity for the Chinese authorities to make the renminbi...
  • The Morning After: What Happens When A Government Destroys Its Currency

    09/04/2014 4:16:23 PM PDT · by dontreadthis · 28 replies
    zerohedge.com ^ | 09/02/2014 | Tyler Durden
    Imagine this scene: “Everyone in the country was in shock. People’s net worth had devalued more than 53% overnight.” “The value in savings accounts dropped in half and neither merchants nor consumers knew how to react because they had never been through something like it before…” This is how an American business executive described living through Mexico’s devaluation of the peso exactly 38 years ago on September 1, 1976. Looking back, it was so obvious. Mexico had a mounting debt, destructive policies, and a woefully unsustainable fixed exchange rate with the US dollar. All the writing was on the wall....
  • Europe could have a new problem on its hands: Pro

    09/05/2014 5:49:01 PM PDT · by Lorianne · 6 replies
    CNBC ^ | 04 September 2014 | Europe could have a new problem on its hands: Pro
    On Thursday morning, the European Central Bank surprised markets with a raft of stimulative measures including cuts in interest rates and the commencement of asset purchases. The news sent the euro currency much lower, but currency expert Boris Schlossberg of BK Asset Management identifies another reason why the euro could call even further: fresh concerns over a European Union breakup. ECB president Mario Draghi, in announcing the measures, mentioned that the vote was not unanimous. The strongest economy in the eurozone, Germany, is widely expected to have dissented. "It's a very, very tenuous union in many ways, and we see...
  • As Argentina Peso Plummets To Record, BofA Warns Of Looming Economic Crisis

    08/26/2014 10:03:45 AM PDT · by blam · 6 replies
    Zero Hedge ^ | 8-26-2014 | Tyler Durden
    Tyler Durden 08/26/2014 After spending time in Argentina, BofA's Marcos Buscaglia is concerned... The perception of many locals is that the risks of an economic/currency crisis before year-end have increased significantly. This compares to a view they had before of a muddle-through till the 2015 presidential elections. Policy decision-making is ever more concentrated, and the administration has radicalized, but the severe economic downturn will change political incentives in 2015, in BofA's view. With the official peso rate at record lows once again, the black-market Dolar-Blue tumbled to over 14/USD - a record low indicating dramatic devaluation ahead (which of course,...
  • Ukrainian Hryvnia Sinks To Record Lows Against US Dollar

    08/13/2014 11:38:30 AM PDT · by tcrlaf · 25 replies
    BI ^ | 8-12-2014 | Myles Udland
    The Ukrainian hryvnia just made a new low against the U.S. dollar. On Tuesday, one dollar bought 13.4 hyrvnias, with the hryvnia losing more than 4% against the dollar just today. The latest drop in the currency comes amid reports that Russia is sending a convoy of 280 humanitarian aid trucks into Ukraine, according to Reuters.
  • Mexican Peso to be backed With Silver: “Would Unleash a Global Power Shift”

    07/11/2014 6:28:49 PM PDT · by 2ndDivisionVet · 65 replies
    Freedom Outpost ^ | July 11, 2014 | Mac Slavo
    For many Americans the country of Mexico conjures up images of a third world nation. The poverty, lack of basic services, and extreme violence has left the populace so desperate that thousands of people on a daily basis head to the United States for a better life. But according to Future Money Trends, all that could change in the near future as key Mexican financial leaders and politicians have been working to institute sweeping monetary change that, if implemented, could unleash a global power shift of epic proportions. “Take just three or four men out of the ‘anti’ group,” says...
  • Mike Maloney: The Dollar As We Know It Will Be Gone Within 6 Years

    07/06/2014 8:14:24 PM PDT · by blam · 58 replies
    Zero Hedge ^ | 7-6-2014 | Mike Mahoney - Tyler Durden
    Tyler Durden 07/06/2014 Submitted by Adam Taggart via Peak Prosperity, This week's podcast sees the return of Mike Maloney, monetary historian and founder of precious metals broker GoldSilver.com. Based on historical patterns and the alarming state of our current monetary system, Mike believes the fiat US dollar is in its last years as a viable currency. He sees its replacement as inevitable in the near term -- as in by or before the end of the decade: All of this is converging with the crazy experiments the Federal Reserve has done. I absolutely believe that there are economic consequences to...
  • Richard Branson Is About to Destroy the Final Edge Bitcoin Has

    06/10/2014 12:42:23 PM PDT · by PoloSec · 9 replies
    Economic Policy Journal ^ | June 10 2014 | Economic Policy Journal RW
    Bitcoin fanboys have long cheered the fact that Bitcoin global transfer capabilities at cheap prices make using Bitcoin, as a method of global money transfer, superior to any other transfer system, on the basis of cost. Enter Richard Branson. Sir Richard Branson is providing funding for London-based money transfer start-up TransferWise, reports FT. It has raised $25m to expand its marketing efforts, with Sir Richard contributing a significant but undisclosed share of the funds. He was joined by existing shareholders including Peter Thiel, the co-founder of PayPal, venture capitalists Index Ventures and Kima Ventures, the investment group co-founded by the...
  • Why Bitcoin Matters For Bankers

    03/16/2014 11:35:27 AM PDT · by TsonicTsunami08 · 56 replies
    American Banker ^ | March 16,2014 | Marc Hochstein
    Ask Alan Lane. In October, the president and CEO of Silvergate Bank in La Jolla, Calif., was up in Sacramento for a roundtable convened by the California Bankers Association and the state's Department of Business Oversight. Reading a laundry list of about a dozen issues on the department's radar, Commissioner Jan Lynn Owen mentioned Bitcoin — the Internet currency, payment system and technology that's been grabbing headlines, igniting controversy and inspiring innovation across the globe. Lane pricked up his ears, in part because the $616 million-asset Silvergate had been in discussions about banking a Bitcoin startup.
  • The U.S. dollar will officially collapse on 1 July 2014 due to the implementation of H.R. 2847.

    04/27/2014 11:09:45 AM PDT · by tired&retired · 62 replies
    Snopes.com ^ | Snopes
    Write Down This Date: July 1st, 2014 On this date, U.S. House of Representatives Bill "H.R. 2847" goes into effect. It will usher in the true collapse of the U.S. dollar, and will make millions of Americans poorer, overnight. You now have just several months to prepare ... Snopes Opinion: Mixture of Truth & NonTruth Origins: This item about the passage of H.R. 2847 causing the U.S. dollar to collapse as of 1 July 2014 is another example financial scarelore put out in conjunction with an investment come-on, in this case an ominous sales pitch put out by the folks...
  • All the Presidents' Bankers: The Hidden Alliances that Drive American Power

    04/14/2014 8:05:08 AM PDT · by Yollopoliuhqui · 12 replies
    Amazon ^ | recent | Nomi Prins
    Who rules America? All the Presidents’ Bankers is a groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history. Culled from original presidential archival documents, All the Presidents’ Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics—or greed driving bankers. Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships...
  • RAHN: Why do we still use paper money?

    04/08/2014 6:52:04 AM PDT · by SeekAndFind · 102 replies
    Washington Times ^ | 04/08/2014 | By Richard Rahn
    Paper currency is dirty and is a major transmitter of disease as it goes from unwashed hand to unwashed hand. It is easily lost and stolen, and can be easily destroyed by getting wet or burned. It physically wears out in a short time and is costly and troublesome to replace. So why do we still use the filthy stuff in the electronic age? When given a choice, people find credit cards, debit cards and bank account electronic payments more convenient than cash. In many parts of the world, payments can be made from cellphone to cellphone, with the phone...
  • Bitcoin Price…to $1 Million?

    04/03/2014 7:20:12 PM PDT · by Errant · 56 replies
    It’s no surprise that Wences Casares, the CEO of Xapo, a bitcoin startup, is a big bull on the digital currency. His company, which specializes in insured Bitcoin vaults, just raised $20 million in a funding round led by Benchmark. But Mr. Casares belives that other bitcoin bulls, especially those in the U.S., do not fully appreciate the value of the currency, which has proved especially sticky in emerging markets prone to wild currency fluctuations, such as Mr. Casares’ home country Argentina. In a video interview with the Wall Street Journal, Mr. Casares says he’s not worried about bitcoin’s own...
  • IRS Rules Bitcoin Is Property (Not Currency)

    03/25/2014 11:49:35 AM PDT · by Errant · 37 replies
    Zero Hedge ^ | 25 March 2014 | Tyler Durden
    After less than three months consideration, the IRS has issued its statement clarifying th etax treatment of Bitcoins (and other virtual currencies) before the April 15th Deadline. The finding, summarized, is that Vitual currencies will be treated as property (not as a currency) which, as WSJ notes, means an investor who buys bitcoin would typically have a capital gain or loss when it’s sold. The price of Bitcoin is rising modestly on this news...
  • Auroracoin Airdrop: Will Iceland Embrace a National Digital Currency?

    03/24/2014 2:55:56 PM PDT · by Errant · 16 replies
    Coin Desk ^ | 24 March 2014 | Daniel Cawrey
    Auroracoin, the “cryptocurrency for Iceland”, will begin distributing auroracoins to the country’s citizens this week, starting tomorrow, 25th March. The distribution, which is being called Airdrop, will send 50% of the total auroracoins in circulation to the country’s populace. Icelandic residents that enter their permanent resident ID on auroracoin’s official website will receive 31.8 AUR (roughly $385 at press time). The fourth-place digital currency in terms of overall market cap, Auroracoin quickly rose to prominence even amongst the myriad of new digital currencies for its unique approach to community building. Further, as it climbed up the market cap leaderboard, auroracoin...
  • Deflating Russia Can Be Done

    03/23/2014 12:52:12 PM PDT · by Kaslin · 38 replies
    Townhall.com ^ | Maarch 23, 2014 | Larry Kudlow
    resident Obama has ramped up his second round of economic and financial sanctions on Russia, and on Vladimir Putin in particular. Some of this is already working. But if anybody believes it will be easy to financially deflate Russia, they better think again. Russia holds $132 billion of U.S. Treasury securities. That's a big number, and it could be sold in the event of financial warfare. That won't kill the United States. But it will undoubtedly cause interest rates to rise. Would Putin spend it all? Who knows? His central bank just spent $50 billion to defend a sinking ruble,...
  • The Euro Is Not Overvalued (Nor Is Any Other Currency)

    03/22/2014 4:24:25 PM PDT · by BfloGuy · 5 replies
    The Mises Institute ^ | 3/22/2014 | Frank Hollenbeck
    A common argument for dumping the Euro is that it is overvalued, and that the ECB (European Central Bank) is unwilling to correct this so-called “problem.” This overvaluation is regularly cited as being over 10 percent against the dollar. The Swiss central bank surrendered control of its money supply by fixing its currency at 1.2 against the Euro essentially on the notion that its currency was “overvalued.” Advocates of a Euro breakup consider that a country with its own currency can then follow an independent monetary policy ensuring a competitive exchange rate. Never mind that neither the USA nor Great...
  • US Treasury Adds Digital Currency Representative to Advisory Group

    03/18/2014 10:42:53 AM PDT · by Errant · 33 replies
    Coin Desk ^ | 18 March 2014 | Pete Rizzo
    At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet’s Matt Miller to air on Bloomberg TV. In the hour-long talk, Cohen spoke about the organisation’s role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use. Most notably,...
  • My business accepts Bitcoins

    03/17/2014 12:53:04 PM PDT · by Errant · 42 replies
    CNN Money ^ | 17 March 2014 | Parija Kavilanz
    Bitcoin is coming soon to a town near you. Or, more likely, it's already there. The five-year-old digital currency is increasingly being adopted by brick-and mortar businesses, including dentists, pet boutiques -- even a small honey business in Utah. In 2012, about 1,000 businesses used BitPay, the largest processor of Bitcoin payments. Today, more than 26,000 businesses worldwide use BitPay, said Tony Gallippi, its cofounder and CEO. The majority of those firms are small businesses -- about half are in the U.S. and the rest are international. And while a majority are online sellers, Gallippi said 20% are merchants with...
  • Cashing In

    03/15/2014 10:38:18 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | March 15, 2014 | Rich Tucker
    It was as inevitable as the sun rising in the east. The far east, in this case, over the Land of the Rising Sun. The Mt. Gox currency exchange in Tokyo, where buyers and sellers dealt in the unofficial currency Bitcoin, collapsed recently. As it disappeared, so did some $400 million. That money may have been lost, or stolen. Nobody’s sure. What many are sure of is that this collapse shows the need for more regulation. “The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me wary of its use,” Sen. Joe...
  • You Should Have 5% of Your Portfolio in Bitcoin

    03/14/2014 7:44:19 AM PDT · by Errant · 38 replies
    Bitcoin Vista ^ | 13 March 2014 | Adam Kornfield
    Remember the internet in 1996, everyone kinda knew what it was about. It was something big, new, and vast—but what exactly it did for you was unclear. Bitcoin is in a similar state: It’s fairly new, unclear, and holds enormous promise just like the early Internet. The only difference is you can actually buy a piece of the Bitcoin network. This article is for the professional that has a reasonable savings (whatever that means to you) and at least a basic understanding of investing. You may likely invest in stocks, bonds, real estate, your own business, and many other things....
  • New York Now Accepting Applications for Digital Currency Exchanges

    03/11/2014 8:14:28 PM PDT · by Errant · 10 replies
    Coin Desk ^ | 11 March 2014 | Pete Rizzo
    New York’s Superintendent of Financial Services, Benjamin M. Lawsky, has issued a public order that confirms the state is now accepting applications for digital currency exchanges. Perhaps most notably, however, was that Lawsky indicated that these businesses will be regulated under new New York regulation, which he committed to having in place by the end of the second quarter of 2014. In his remarks, Lawsky struck his usual balance of at once recognizing the promise of digital currencies and stressing that related business activities need to be conducted in a responsible and lawful manner.
  • Mt. Gox Files for Chapter 15 US Bankruptcy Protection

    03/10/2014 1:29:55 PM PDT · by Errant · 3 replies
    Coin Desk ^ | 10 March 2014 | Pete Rizzo
    Troubled Japan-based bitcoin exchange Mt. Gox has filed for Chapter 15 bankruptcy protection, an ancillary form of bankruptcy that will complement its primary Tokyo District Court claim issued on 28th February. US Chapter 15 bankruptcy provides specific protections in cases of cross-border insolvency, and is based on UN model law. Both Japan and the US have adopted Chapter 15 bankruptcy in an effort to better protect the interests of shareholders and maximize the value of debtor assets in cross-border bankruptcies.
  • The Fed Is Not Printing Money, It's Doing Something Much Worse

    03/10/2014 7:03:39 AM PDT · by SeekAndFind · 18 replies
    Forbes ^ | 03/09/2014 | John Tamny
    The Federal Reserve’s seemingly endless program of quantitative easing (QE) begun under Ben Bernanke, and continuing at a slightly slower pace under Janet Yellen, has some of the punditry and much of the electorate up in arms. With good reason. Implicit in quantitative easing is the horribly obtuse notion that central banks can produce real economic growth through their monetary machinations. If only life were so simple. Back in the world of the reasonable, the sole purpose of money is as a stable measure of value that facilitates the exchange of goods and investment. Quantitative easing, by its very name,...
  • Bitcoin refuses to flip: Virtual currency stays strong despite bankruptcies, gyrating rates

    03/09/2014 2:03:34 PM PDT · by Errant · 21 replies
    The Washington Post ^ | 8 March 2014 | Craig Timberg
    Future generations of Bitcoin billionaires may someday look back on 2014 with knowing smiles. Here was a year when thefts spread, exchanges collapsed, rates gyrated like a teenager’s moods. And yet the buying of bitcoins showed no signs of abating. The past week was particularly extreme. The apparent suicide of an American business executive in Singapore was investigated for possible ties to her Bitcoin investments. A California man fingered as the currency’s mysterious inventor reacted to his sudden fame by asking that journalists buy him lunch. After finishing his meal at a sushi restaurant, he went on to deny any...
  • The Bitcoin Debacle Shatters the Myth of Virtual Money

    03/09/2014 11:21:43 AM PDT · by SeekAndFind · 70 replies
    Townhall ^ | 03/05/2014 | Peter Morici
    Bitcoin believers were shaken to their digital souls when Mt. Gox, the world’s largest exchange, defaulted on $470 million worth of deposits and closed. The virtual currency was supposed to provide a safer, more private and less costly alternative to money issued by governments, but lacking the imprimatur of a sovereign is failing. Fundamentally, money provides a secure place to keep your wealth—you can store your savings for later use at a government guaranteed bank. And it eliminates the inconvenience of barter—a necessity for even the most rudimentary market economy. Money permits a nightclub singer to buy bread from a...
  • Kick Andrew Jackson Off the $20 Bill!

    03/05/2014 4:40:55 AM PST · by C19fan · 80 replies
    Slate ^ | March 3, 2014 | Jillian Keenan
    My public high school wasn’t the best, but we did have an amazing history teacher. Mr. L, as we called him, brought our country’s story to life. So when he taught us about the Indian Removal Act and the Trail of Tears, Andrew Jackson’s campaigns to force at least 46,000 Cherokees, Choctaws, Muscogee-Creeks, Chickasaws, and Seminoles off their ancestral lands, my classmates and I were stricken. ....................................................... But then it was lunchtime, and we pulled out our wallets in the cafeteria. Andrew Jackson was there, staring out from every $20 bill. We had been carrying around portraits of a mass...
  • Second BitCoin exchange (FlexCoin) wiped out by theft

    03/04/2014 8:42:51 AM PST · by Izzy Dunne · 90 replies
    FlexCoin ^ | Mar 4, 2014 | FlexCoin
    On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses: 1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6 As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately. Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity. Once identified, cold storage coins will be transferred out free of charge. Cold storage coins were held offline and not within reach of the attacker. All other users will...
  • Bitcoin Is Not Real Money

    03/01/2014 7:33:41 AM PST · by Kaslin · 123 replies
    Townhall.com ^ | March 1, 2014 | Larry Kudlow
    Just before the bankruptcy of the Mt. Gox bitcoin digital-money (or virtual-currency) exchange, Japanese finance minister Taro Aso predicted the inevitable failure. “No one recognizes them as a real currency,” he told reporters. “I expected such a thing to collapse.” I totally agree with Mr. Aso. For weeks and weeks I have been tweeting and broadcasting that bitcoin is not real money. It is not a reliable medium of exchange, nor is it a reliable store of value. It has no central-bank regulation, network operations, or even centralized issuance. And because of its wild price fluctuations, bitcoin can never...
  • Tokyo bitcoin exchange files for bankruptcy

    02/28/2014 9:21:04 AM PST · by xzins · 58 replies
    Investors.com ^ | 28 Feb 14 | YURI KAGEYAMA
    The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for. The exchange's CEO Mark Karpeles appeared before Japanese TV news cameras, bowing deeply. He said a weakness in the exchange's systems was behind a massive loss of the virtual currency involving 750,000 bitcoins from users and 100,000 of the company's own bitcoins. That would amount to about $425 million at recent prices. The online exchange's unplugging earlier this week and accusations it had suffered a catastrophic theft have drawn renewed regulatory attention to...
  • Bitcoin owners find safe place for digital currency: on paper

    02/28/2014 7:10:00 AM PST · by Errant · 19 replies
    CNBC ^ | 27 February 2014
    Some savvy bitcoin investors have a solution to cyberthieves and instability shaking online exchanges: They print out their virtual savings and hide them in the real world. The shuttering this week of bitcoin exchange Mt.Gox and fears that hundreds of millions of dollars worth of the virtual currency have been lost or stolen are pushing investors to tighten their security. Touted by advocates as a new, digital type of money that could one day replace real-world cash, bitcoins can also be stored like traditional currencies, locked up in a safe, or hidden in a shoe box. Enthusiasts around the world...
  • Fed Doesn't Have Authority to Regulate Bitcoin, Yellen Says

    02/27/2014 5:05:15 PM PST · by 2ndDivisionVet · 16 replies
    National Journal ^ | February 27, 2013 | Catherine Hollander
    The Federal Reserve Board doesn't have the authority to regulate bitcoin, Fed Chair Janet Yellen said Thursday. "To the best of my knowledge, there's no intersection at all in any way between bitcoin and banks the Federal Reserve has the ability to supervise or regulate," Yellen told members of the Senate Banking Committee. "The Federal Reserve simply does not have authority to supervise or regulate bitcoin in any way." Yellen was responding to questioning from Sen. Joe Manchin, D-W.Va., who sent the Fed and other banking regulators a letter on Wednesday calling on them to ban—or at least curb—the decentralized,...
  • Sen. Manchin demands complete US ban on Bitcoin

    02/26/2014 6:19:20 PM PST · by mmichaels1970 · 38 replies
    cnet.com ^ | 2/26/2014 | Declan McCullagh
    A US senator is asking the federal government to take this remarkable step: completely ban Bitcoin. Joe Manchin, a Democratic senator representing West Virginia, sent a letter Wednesday to the Treasury Department, the Federal Reserve, and other regulators characterizing the virtual currency as encouraging "illicit activity" as well as being "highly unstable and disruptive to our economy."
  • Mt. Gox on verge of collapse, Bitcoin plunges: Is this the end for the virtual currency?

    02/25/2014 8:06:41 AM PST · by SeekAndFind · 42 replies
    Yahoo Finance ^ | 02/25/2014
    Check out Mt. Gox, the site of what was the largest bitcoin exchange at one point, and you'll find a blank page. The site is now unavailable, and the exchange appears to be on the verge of collapse -- a number of Bitcoin companies announced Mt. Gox was planning to file for bankruptcy after technical problems and an apparent major theft. Customers have been unable to withdraw their money since Feb. 7. An alleged Mt. Gox document circulating on the Internet that can't be confirmed said the company had lost more than 744,00 Bitcoins in a theft that had gone unnoticed...
  • Is China using gold to internationalize the yuan?

    02/13/2014 7:05:29 AM PST · by Rusty0604 · 6 replies
    CNBC ^ | 02/12/2014 | Dhara Ranasinghe
    Concerns about high debt and an overvalued currency are sucking gold imports into China, according to a new report from Lombard Street Research. It adds that the authorities may possibly be moving in the direction of using gold in a plan to make the yuan an international currency. China's official reserves of gold stand at 1,054 metric tons, that's worth about $45 billion. This figure has not been updated since 2009 and Lombard says the number may not be accurate because since that last update imports of gold and domestic production amount to over 4,500 metric tons.
  • Help! Once again, please . . .

    02/10/2014 5:07:32 PM PST · by righttackle44 · 26 replies
    The internet | February 10, 2014 | Righttackle44
    I had come to you once before, my Free Republic good guy friends, for advice on what penny stocks are all about. In doing further research, I keep running across the concept of bitcoin. Somehow, I cannot find a place to start about learning what bitcoin is. It used to be simple. You read the cereal box where is said, "Send three Cornies Box Tops with check, cash, or money order for $2.95 to order your own see-into-the-future goggles. Be sure to specify whether you want the red or blue model." There's no such place on the internet. If you...
  • The Greater the Turmoil, the Stronger the US Dollar. Again.

    02/10/2014 8:30:23 AM PST · by SeekAndFind · 6 replies
    New York Times ^ | 02/10/2014 | Jeff Sommer
    Chronic problems have been flaring up in financial markets lately, and some of them may emanate from the United States. Yet none of these issues have seriously damaged the exalted status of what Washington Irving once called “the almighty dollar.” In fact, a familiar pattern has been emerging: When the world’s financial system runs into trouble, the position of the dollar as the world’s crucial currency becomes more formidable. Eswar S. Prasad, a Cornell economics professor and senior fellow at the Brookings Institution, has written a thoughtful new book that clarifies this counterintuitive phenomenon. Its title is “The Dollar Trap:...
  • Who Owns The Federal Reserve?

    02/09/2014 7:58:51 AM PST · by Errant · 77 replies
    Market Oracle, UK ^ | 9 February 2014 | Ellen_Brown
    The Federal Reserve (or Fed) has assumed sweeping new powers in the last year. In an unprecedented move in March 2008, the New York Fed advanced the funds for JPMorgan Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. The deal was particularly controversial because Jamie Dimon, CEO of JPMorgan, sits on the board of the New York Fed and participated in the secret weekend negotiations.1 In September 2008, the Federal Reserve did something even more unprecedented, when it bought the world’s largest insurance company. The Fed announced on September 16 that it was giving an...
  • SocGen: An Economic 'Perfect Storm' Is Brewing

    02/02/2014 7:15:51 PM PST · by blam · 12 replies
    BI ^ | 2-2-2014 | Rob Wile
    SocGen: An Economic 'Perfect Storm' Is Brewing Rob WileFeb. 2, 2014, 8:46 PM    Last weekend at Davos, Nouriel Roubini told BI's Joe Weisenthal that it seemed markets had sailing into a perfect storm, resulting in lots of volatility. "...Between Chinese PMI of 50, Argentina letting its currency go, noises coming politically from Ukraine, Turkey, and Thailand … [the] contagion is not just within emerging markets but also affects advanced economies' equity markets. This evening Société Générale says, that, indeed it sure looks like we have. In a note to clients titled "Perfect Storm Brewing As Policy Turns,"...
  • Flooding The World With New Currency Is Getting Old

    02/01/2014 7:41:36 PM PST · by Tolerance Sucks Rocks · 2 replies
    Political Outcast ^ | February 1, 2014 | Mark Horne
    A person begins heavy drinking in order to get drunk and stay drunk. Eventually, unless he stops and deals with reality, he drinks just to stay sane—until his health collapses. Likewise, a person may get high from heroin but later need the drug just to stay functional. Creating continual flows of new currency “stimulus” works in a similar fashion on the economy. Thus far, the Fed’s (now slightly reduced) monetary stimulus has kept the stock market rising. But there are signs that the drug may no longer work to get Wall Street high. According to the Financial Times, “Stocks suffer...
  • Celente Warns Of Coming Riots: “The Collapse Is Engulfing The World”

    01/31/2014 4:24:17 PM PST · by Kartographer · 78 replies
    SHTF Plan ^ | 1/31/14 | Mac Slavo
    Celente isn’t suggesting that a massive collapse is going to happen in the future. He says we’re already in it – and it’s taking hold right before our eyes across the entirety of the globe:
  • Venezuela And Argentina: The Party Is Over

    Venezuela And Argentina: The Party Is Over Latin America’s weakest economies are reaching breaking-pointThe Economist Feb 1st 2014 WHEN the euro crisis was at its height it became commonplace for struggling European economies to insist that they were not outliers like Greece. Whatever their woes, they declared, Greece’s were in a class of their own. In Latin America, by contrast, the unwanted title of outlier has two contenders: Argentina and Venezuela. Both have been living high on the hog for years, blithely dishing out the proceeds of an unrepeatable commodities boom (oil in Venezuela; soya in Argentina). Both have been...
  • FinCEN Declares Bitcoin Miners, Investors Aren’t Money Transmitters

    01/30/2014 7:40:45 PM PST · by Errant · 4 replies
    Coin Desk ^ | 30 January 2014 | Pete Rizzo
    The US Financial Crimes Enforcement Network (FinCEN) published two new rulings on 30th January that aim to bring clarity as to which players in the virtual currency space will fall under the Bank Secrecy Act’s (BSA) definition of a money transmitter. FinCEN said that miners who mine virtual currency for their own use, as well as companies that purchase and sell convertible virtual currency solely as an investment aren’t subject to this law.
  • New York lawmakers bite hard on Bitcoin: why that's good for investors (+video)

    01/30/2014 8:30:27 AM PST · by Errant · 1 replies
    Christian Science Monitor ^ | 29 January 2014 | Gloria Goodale
    As two days of hearings on the future of digital currencies – think Bitcoin – wrapped up Wednesday in the New York State Legislature, fans of the cyber-cash were getting both bad and good news. Supporters who are drawn to Bitcoin because it largely functions outside governmental control may have been dismayed at the attempt to corral the currency inside state guidelines for the handling of money. But, at the same time, say experts, the simple act of enacting regulations bestows the legitimacy the digital currency needs to become widely used. “Most of the folks in this market who are...
  • There's a new US $100 bill in circulation.

    01/29/2014 12:39:10 PM PST · by OldNavyVet · 31 replies
    Internet search ^ | 29 January 2014 | OldNavyVet
    I ran into this new $100 bill in Las Vegas.
  • Turkish central bank makes massive rate hike to stem lira fall

    01/28/2014 3:00:52 PM PST · by Red in Blue PA · 6 replies
    ISTANBUL (Reuters) - Turkey's central bank hiked all of its main interest rates in dramatic fashion at an emergency policy meeting, ignoring opposition from Prime Minister Tayyip Erdogan as it battles to defend a crumbling lira. The bank raised its overnight lending rate to 12 percent from 7.75 percent, its one-week repo rate to 10 percent from 4.5, and its overnight borrowing rate to 8 percent from 3.5, much sharper moves than economists had forecast. The lira strengthened to 2.18 against the dollar after the decision from 2.25 late on Tuesday, having hit a record low of 2.3900 early on...
  • Everything You Need to Know About Today’s New York Hearing on Bitcoin [Day 2]

    01/29/2014 7:36:19 AM PST · by Errant · 31 replies
    Coin Desk ^ | 29 January 2014 | Emily Spaven
    UPDATE (29th January, 13:14 GMT): Read CoinDesk’s report on yesterday’s hearing here. You can watch the full video here. Stay tuned to CoinDesk for more updates on today’s hearing, and be sure to follow us on Twitter for live tweets on the proceedings.