Yearly Archives: 2013

Now China … Reasons for Printing Money Abound

"The tightening talk we're listening to is just for public consumption. The whole system of recovery is based on equity appreciation stimulating employment (which it does ineffectively at best). The big central banks around the world are all pumping money in unison. We will always be told that bankers are concernedly moderating money flows. But then, at the first sign of trouble, the taps are turned back on. In fact, they are never REALLY turned off. And there will always be a reason to push the volume of money even higher. They are planning a big Wall Street Party. The top men always seem to find reasons to print more. Until the world is swimming in currency." Continue reading →

Continue ReadingNow China … Reasons for Printing Money Abound

Bitcoin exchanges shut shop in India

"BuySellBitCo.in CEO Mahin Gupta refused to comment on what would happen to the investment that went into BuySellBitCo.in. However, the exchange’s website pointed out that it was suspending operations until a clearer operating framework could be found. 'Post the RBI circular, we are suspending buy and sell operations. This is being done to protect the interests of our customers and in no way is a reflection of Bitcoin’s true potential or price,' the trading platform said. Another trading platform, INBRTC, claimed that the 'only option now was to suspend services until further arrangements could be made.'" Continue reading →

Continue ReadingBitcoin exchanges shut shop in India

Reserve Bank of India Issues Virtual Currency Warning

"There are a few exchanges and trading platforms in India and most of them were launched earlier this year. Although they tend to allow users to purchase bitcoin in rupees, none of them appear to have regulatory approval to do so. However, since India does not have digital currency legislation, it is impossible to get such approval, unless Indian regulators decide to apply existing foreign exchange regulations to bitcoin. For now though, India does not have bitcoin regulation and it is unclear whether the RBI’s statement will change anything moving forward." Continue reading →

Continue ReadingReserve Bank of India Issues Virtual Currency Warning

Nobel Winner: “No Reason To Fear Deflation”

"'Historically, there is no reason to fear deflation,' Nobel Laureate Thomas Sargent explains to Germany's Wiwo.de, 'we all benefit from lower prices.' That central banks pursue an inflation rate of around 2%, Sargent blasts, is because they consider it their job to 'make bad debt good debt,' adding that inflation is 'a major redistribution machine - reducing the real debt burden for the benefit of creditors and devaluing the assets of the creditors.' A return to a gold standard,he concludes, to prevent governments and central banks from limitless money-printing 'would not be foolish.'" Continue reading →

Continue ReadingNobel Winner: “No Reason To Fear Deflation”

Economist Mag Defends Fed With an Ode to the Dead

"Today, powerful people situated strategically around the Fed are protecting that institution and its members. But times are not what they were. There is the Internet to contend with and a mood of informed populism in the US that does not bode well for a continued Fed coverup. Thus, the Fed faces an institutional conundrum. The public pressure on the Fed in the long run will surely not let up. In fact, it may subside a little as the Fed tends to this latest stock market bubble, what we have called a 'Wall Street Party.' But when the party is ending and insiders (and hopefully you, dear reader) have drunk their fill of the bubbly and retired, there will be Hell to pay." Continue reading →

Continue ReadingEconomist Mag Defends Fed With an Ode to the Dead

India Central Bank warns against Bitcoin use

"The Reserve Bank of India, on Tuesday, warned the public against the use of virtual currencies such as Bitcoin, pointing out that users expose themselves to potential financial, legal and security related risks. The public advisory comes after the borderless digital currency has begun to gain widespread acceptance in India, despite poor Internet penetration and a natural scepticism to assets not backed by tangible entities such as land. In its list of potential risks, the apex bank highlights problems such as losses arising out of hacking, no sources of customer recourse and the general financial volatility surrounding Bitcoins." Continue reading →

Continue ReadingIndia Central Bank warns against Bitcoin use

Paul Craig Roberts: Manipulations Rule The Markets

"Until a whistleblower speaks, we cannot know for certain, but my conclusion is that the Fed understands that it must protect the dollar from being driven down by QE and that the orchestrated takedowns of gold are part of protecting the dollar’s value, and perhaps also the cutback in QE is a part of the protection by signaling an end of money creation. The Fed also understands that it cannot forever drive down the gold price and that it cannot forever pour liquidity into stock and bond markets. To retreat from this policy without crashing the edifice requires successful orchestrations. Therefore, we are likely to experience more of them in the days to come." Continue reading →

Continue ReadingPaul Craig Roberts: Manipulations Rule The Markets

Even more smuggled gold enters India

"In the biggest ever catch at the Hyderabad airport, customs officials have seized 18 kilograms of gold and arrested three people. The trio had arrived from Singapore and were hiding the gold bars in their trousers and shoes. In another incident, officials of the customs department recovered gold hidden in dates from a man who landed at the Pune International Airport. Investigation revealed that the seeds of these dates had been replaced with gold beads wrapped in black packets. Gold seizures have almost doubled for the period 2013-2014. Whistleblowers who help bust illegal gold shipments can get a bigger reward in India than those who help catch cocaine and heroin smugglers." Continue reading →

Continue ReadingEven more smuggled gold enters India

Belgian card payment network crashes two days after record usage

"Belgium’s card payment network failed on Monday night, leaving millions of Belgians unable to pay at stores or to withdraw cash from ATMs and self-service terminals inside banks. Atos subsidiary Worldline, operator of Belgium’s Bancontact-Mister Cash payment network, reported on its website that it was difficult for cardholders throughout the country to make payments or withdrawals from around 4 p.m. local time on Monday. Local media reported long lines to make cardless withdrawals at bank counters. Worldline put its business continuity plan into effect, and payment traffic began to recover from 5.15 p.m., returning to near-normal levels from 6.30 p.m., the company said in a statement." Continue reading →

Continue ReadingBelgian card payment network crashes two days after record usage

Belgian card payment network crashes two days after record usage

"Belgium’s card payment network failed on Monday night, leaving millions of Belgians unable to pay at stores or to withdraw cash from ATMs and self-service terminals inside banks. Atos subsidiary Worldline, operator of Belgium’s Bancontact-Mister Cash payment network, reported on its website that it was difficult for cardholders throughout the country to make payments or withdrawals from around 4 p.m. local time on Monday. Local media reported long lines to make cardless withdrawals at bank counters. Worldline put its business continuity plan into effect, and payment traffic began to recover from 5.15 p.m., returning to near-normal levels from 6.30 p.m., the company said in a statement." Continue reading →

Continue ReadingBelgian card payment network crashes two days after record usage