Economy

“The troublesome legislation does not end with a government registry and yet another extraction of resources from the citizens. Businesses must now in many cases also violate the privacy of its customers. According to the law, businesses or their employees must obtain detailed knowledge about its customers and also ask for their identification. Any suspicious activity should be reported to the financial police. Funnily enough businesses does not have to obtain knowledge about their customers if they are dealing with Swedish authorities or with banks and insurance companies. Article 2 section 5 of the law states that these are exempt.” Continue reading

Amateur fetish porn is jumping into the Bitcoin game

“It’s a bit like Facebook for fetishes. Through March 1, Master Fet and Gimp Man are allowing performers to collect on 100 percent of the site’s revenue. ‘We believe bitcoins, and digital currency in general, holds great promise to innovate not only the adult industry, but perhaps the way the world understands and uses currency as a whole,’ he said, adding that certain niches like erotic hypnosis and sleeping fetish are currently outlawed by Visa and Mastercard.” Continue reading

“Overstock.com Inc., an online discount retailer, is preparing to accept the virtual currency bitcoin as payment in the second half of 2014, according to Chief Executive and Chairman Patrick Byrne. The news was first reported by the website newsBTC, and confirmed in a Thursday morning phone interview with Byrne. The project is in an early stage, with no decision yet on whether Overstock.com would work with bitcoin companies to allow bitcoin payments or create its own system. A team of six to 12 people is expected to work on bitcoin payments at the company, said Byrne.” Continue reading

“The idea once was that powerful central bankers would work behind the scenes to make sure that various markets were stable and fair. Nowadays, central bankers work to ensure that markets – especially stock markets – are propped up so that the appearance of an improving economy can be maintained. And far from working in secret, this generation of bankers is desperate to reassure investors that optimal conditions for continued equity gains will be continued. This is, in fact, what the Bloomberg article is telling us. The Fed’s magic elixir is simply the ability to assure top investors that they can continue to shovel money into the stock market without undue risk of reversals.” Continue reading

“The Kidnapper wears Prada: Why the rich are getting much, much richer, why the Fed is in a corner and what it means for you! As the Federal Reserve gets a new chair and decides what to do next, whether to print $85 billion a month more or not, we examine the heist, who gets all the loot, why today’s kidnappers wear Prada. Wake up. See what happens when financial kidnappers dress up as loyal patriots and extort money in the name of the common good.” Continue reading

“Yesterday, the Fed announced that the scam would continue. In a typical sleight of hand, it took its monthly asset buying down from $85 billion to $75 billion… but also told us that zero-bound interest would keep flowing for even longer than expected. As a card-carrying, asset-owning and secret-handshake-giving member of the 1%, we’re delighted to know that the filthy lucre will continue coming our way. But as a financial philosopher we find the whole show rather shabby and tawdry. Not only does the program shift income from the public to the insiders, it also masks the real problems in the economy and stifles real corrections.” Continue reading

“Central bank money is disseminated through the banking system. And the banking system over years funnels it into investable facilities like the stock market. It is a criminal system, predicated on rigorous control of money stock. If bankers really wanted to benefit the middle class, they’d pump it directly into bank accounts. But they won’t, for that would reveal the essential phoniness of the system and it would also generate vast price inflation. But price inflation they will have nonetheless. By the time bubbles are visible, as they are, it is way too late for the economy to contain the damage. And thus they pretend to cut. Or trim the advance. But markets, especially stock markets, will continue to rise.” Continue reading

“Outgoing Fed Chairman Ben Bernanke sounded a much more confident tone on the economy in his post-meeting press conference. And he indicated that the incoming chairman, Janet Yellen, fully supported the day’s action. Furthermore, he said that barring some economic catastrophe, the $10 billion reduction in the QE program we’ll get in January is just the first of many steps. It should be followed by cuts of roughly an equivalent size — or more — at every single meeting in 2014. That, in turn, sets the stage for the next major surprise. (At least to the Wall Street crowd.) I’m talking about the first actual short-term interest-rate hike in 2014.” Continue reading