Yearly Archives: 2013

Report Suggests NSA Engaged In Bank Account Manipulation

"Governments should not use their offensive cyber capabilities to change the amounts held in financial accounts or otherwise manipulate the financial system.' While there have been plenty of reports about the US running hundreds of offensive cyberattacks on others, outside of things like Stuxnet, not many have been directly identified. And I'm unaware of any claims suggesting attempts to 'manipulate the financial system' of any particular country and/or to 'change the amounts held in financial accounts.' It seems a bit odd to come out of the blue like that, and certainly suggests that this particular bullet point likely came as a result of a rather specific thing that came up during the task force's review. " Continue reading →

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Bill Bonner: The Fed’s Big Lie

"Whatever may be said about today’s cockeyed economies, there is nothing 'normal' about them. What’s normal about a government that runs up as much debt as it had in World War II – with no war… no national emergency… and no way to pay the money back? What’s normal about an economy that depends on the lowest interest rates in three generations… and a central bank that holds them down like a crooked butcher with his finger on the meat scale? And what’s normal about an advanced capitalist country where the typical man earns less than he did 43 years ago?" Continue reading →

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Chinese Bitcoin crackdown sparks revenge cyber-attack

"China’s central bank is thought to have been targeted in a revenge cyber-attack by investors infuriated at government attempts to destroy the local Bitcoin market. As the yuan-denominated value of Bitcoins collapsed today, the website and official, Twitter-style weibo account of the People’s Bank of China suffered a series of crashes believed to have been caused by hackers. Although the attacks were not claimed by any group, they followed a decision by Beijing earlier this week that will effectively shut down Bitcoin trading on China’s online exchanges. Bitcoins have proved exceptionally popular in China." Continue reading →

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Bitcoin Value Sinks After Chinese Exchange Blocked

"China’s biggest Bitcoin exchange was forced to stop accepting deposits in the Chinese currency on Wednesday, sending the price of the virtual money tumbling in one of its biggest markets globally. The development comes less than two weeks after China’s central bank and four other government agencies that regulate finance and technology issued a joint announcement banning Chinese financial institutions from dealing in the virtual currency. By Wednesday evening, the Shanghai-based BTC was quoting Bitcoins at about 2,300 renminbi, or about $380, apiece. That was nearly 40 percent lower than where they had traded on Tuesday." Continue reading →

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U.S. Treasury cautions Bitcoin businesses on legal duties

"Treasury's Financial Crimes Enforcement Network (FinCEN) has sent 'industry outreach' letters to about a dozen firms, regarding potential anti-money laundering compliance obligations related to Bitcoin businesses, FinCEN spokesman Steve Hudak told Thomson Reuters' regulatory information service Compliance Complete. The letters have had a 'chilling effect' on Bitcoin businesses, which are intimidated by the threat of civil and criminal sanctions for non-compliance, said Jon Matonis, executive director of the Bitcoin Foundation, an advocacy group. The firms, he said, may effectively be 'put out of business in an extrajudicial manner.'" Continue reading →

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The best car ad of all time

Via KFI Los Angeles From the ad on Craigslist: There is luxury in a Bentley, speed in a Ferrari, comfort in Bugatti. For everything else, there’s this 1996 Nissan Maxima; aged 17 years. Appropriately named, never before in history has a car had the words “time-tested” engraved into its lone spirit. Being offered up for […]

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Denmark’s Authorities: Bitcoin is Not Regulated Here

"Denmark’s Financial Supervisory Authority (FSA) today issued an official statement on the use of virtual currency in the country – and surprisingly, it’s not all bad news. The statement highlights that virtual currency isn’t covered by Denmark’s existing regulatory framework. Thus, cryptocurrencies cannot be subjected to the country’s standard financial regulation. According to the FSA, doing business with bitcoin and other cryptocurrencies does not qualify as issuance of electronic money, currency exchanges, brokerages or deposit services. As a result, bitcoin entrepreneurs who want to build businesses and establish exchanges in the country will not need government approval." Continue reading →

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How to Build a Huge Bonus in Your Portfolio

"Some commentators are betting that the Fed will begin to taper now, though the big money says tapering will start in March. Tapering, whenever it happens, is not tightening. Tightening is pulling money out of the system. Tapering is simply slowing an out-of-control train to 135 miles per hour from 150. There’s a pileup in the offing either way. No matter what comes of tapering talk this week, one fact will remain unchanged: The Fed will maintain interest rates at or near 0%. And even if tapering does happen this week, the Fed will accompany the move with commentary promising to extend the period in which rates remain excessively low." Continue reading →

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Bill Bonner: The Real Numbers Behind America’s Phony Recovery

"What kind of economy is it that reduces a man’s wages over a 43-year period? We don’t know. But it’s not likely to win any prizes. But why, with so many strikes against it, does the US economy still have the bat in its hands? It’s partly because the Fed has pumped up stock, bond and house prices – not to mention net corporate profit margins and consumer spending . So, the averages look pretty good… and they mask the ugliness beneath them. The bottom 90% of the population – people in 9 houses out of 10 – have 10% less income than they had 10 years ago. This is not a success story. It’s a disaster. And not one that tempts us into an overvalued US stock market." Continue reading →

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