Yearly Archives: 2013

Bitcoins Fail Currency Test in Scandinavia’s Richest Nation

"Bitcoins were dealt a blow in Norway as the government of Scandinavia’s richest nation said the virtual currency doesn’t qualify as real money. 'Bitcoins don’t fall under the usual definition of money or currency,' Hans Christian Holte, director general of taxation in Norway, said in an interview. 'We’ve done some assessments on what’s the right and sound way to handle this in the tax system.' Norway will instead treat Bitcoins as an asset and charge a capital gains tax. While tax revenue from Bitcoins isn’t substantial, Holte at the Norwegian tax authority said he plans to work with other countries to hammer out the legal aspects of Bitcoin." Continue reading →

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Central Banks in New Zealand and Australia Issue Bitcoin Warning

"Representatives from the central banks of New Zealand and Australia have issued their own official warnings on bitcoin, terming the currency 'interesting, but risky'. John McDermott, assistant governor at the Reserve Bank of New Zealand (RBNZ), said banks and businesses should 'tread very carefully' with the digital currency, in a report by the Wall Street Journal. RBNZ Governor Graeme Wheeler cited price volatility as a cause for concern. Next door, the governor of the Reserve Bank of Australia, Glenn Stevens, said he was 'still trying to understand' the cryptocurrency during an interview with theAustralian Financial Review." Continue reading →

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Bitcoin and Intrinsic Value: a Layman’s Response to Alan Greenspan

"Once upon a time, at the end of the last millennium, I founded and led the first games company to sell virtual goods or virtual currency for real money. We sold (and still sell) ‘credits’ – virtual currency that is bought for real money, which players can use to buy other things in our games. When I first started selling credits, a lot of people, including almost everyone in the games industry who was aware of what we were doing, thought it was ridiculous. The general criticism was along the lines of: 'Why would someone pay real money for a fake sword?' 16 years later, people are still buying these credits, and they’re even used to pay other people for third-party services around our games." Continue reading →

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Obama Care is not Law, America again being snookered, just like the Patriot Act.

Scanned Retina Resource http://scannedretina.com/ Skip to content Home About ← Extortion – ObamaCare – Congress attempts to extort money from you! Illegal orders → SHOW US THE LAW! Posted on November 11, 2013by arnierosner http://tinyurl.com/kcrpdcn http://northamericanlawcenter.org/shut-federal-government-set-uphold-federal-health-care-extortion-scheme/ Download, print locally and share with your friends and neighbors Show us the law ObamaCare declared “unconstitutional” by US […]

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Bill Bonner: Don’t Invest Here in 2014…

"'Prices are very unreliable. So, we just look at what surprises might come… and what impact they will have on us. I mean, I know I will be surprised. So I want a surprise that I will like. And the way you get that is by making sure you always have more upside than downside. You look at the US stock market now and what you see is millions of people who are all sure that the market is going up… as long as the Fed continues to add money to the system. When the Fed stops, they think they are going to get out. But when everyone wants to sell, who will they sell to? So, in our view the surprise is likely to be on the downside… and it will be much more painful than a surprise to the upside.'" Continue reading →

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Jim Rickards: Decline of the Petrodollar System is Good for Gold

"The petrodollar system is collapsing for two reasons. The US has abused its privileged reserve currency position by printing trillions of dollars in an effort to create inflation. More recently, President Obama has taken steps to anoint Iran as the regional hegemon of the Middle East, and to ease the way, in stages, toward Iran's possession of nuclear weapons capability. This is viewed as a stab-in-the-back by the Saudis and the Israelis and will lead quickly to Saudi Arabia obtaining nuclear weapons from Pakistan. There is also a newly emerging alliance among Saudi Arabia, Israel, Egypt, and Russia. The new alignment will have no particular use for US dollars and no reason to support them." Continue reading →

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The Dialectical Pomposity of the Tapering Promotion

"We might taper, he tells us, if the economy seems strong. We might not if the economy seems less strong. Maybe we will, maybe we won't. And to ascertain the strength of the economy, Bullard and his noobs will parse notoriously unreliable government data. They will make decisions on how much money to print at what price. This is price fixing and price fixing never works. They will use the loony-tune statistics provided to them by the US government. Good luck. They will make determinations about the level of the price fix they shall levy based on these flawed numbers. This is YOUR economy. This is YOUR money." Continue reading →

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Don’t Let the Fed Pick Your Pocket

"If you are one of those who believe that rates will rise when Ben Bernanke leaves office in January, think again. The new Federal Reserve chief, Janet Yellen, has no intention of boosting rates. She will certainly not be a friend to savers. During Yellen’s confirmation hearings on Capitol Hill, she acknowledged that seniors are hurt by low interest rates that are a matter of policy. However, the incoming Fed chief believes the greater good — the health of the U.S. economy — takes precedence over savers. This means that if you’re still relying on CDs and interest-bearing accounts to generate income, you’ll be slaughtered." Continue reading →

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Real Reason for the US’s Global Tax Levy

"This amped-up regulatory regime is not about taxes. It's about control ... not just of Swiss banking facilities but ultimately of banks around the world, large and small. In fact, the top elites already run central banks around the world, so this merely adds another layer of control. And when it comes to running banks, the place where banks supposedly had the most freedom was Switzerland, so that region was attacked first – just to provide an object lesson. The elites do not care how many banks they 'kill' – especially smaller banks that can often prove troublesome. The modern State is more comfortable with a few large and concentrated facilities than myriad small ones." Continue reading →

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China bitcoin arbitrage ends as traders work around capital controls

"The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China's capital controls. A key driver of the price gap was China's capital controls, which make it difficult for speculators to swap yuan proceeds from the sale of high-priced Chinese bitcoins into dollars. Analysts say the price convergence also reflects the rapid evolution of the bitcoin market, which began with technology enthusiasts but quickly expanded to include those with the financial know-how to evade China's strict capital controls." Continue reading →

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