Daily Archives: September 9, 2013

Record 90.5 Million Out Of Labor Force; Half A Million Drop Out In One Month

"While the Establishment survey data was ugly due to both the miss and the prior downward revisions in the NFP print, the real action was in the Household survey, where we find that the number of people not in the labor force rose by a whopping 516,000 in one month, which in turn increased the total number of people outside the labor force to a record 90.5 million Americans. And what is even worse, the Labor Force Participation Rate declined from 63.4% to 63.2%: the is the lowest print since August 1978! Whether or not this means the Fed will continue QE at this point is largely irrelevant: what is more relevant is that the Fed so far has failed miserably at its core mandate." Continue reading →

Continue ReadingRecord 90.5 Million Out Of Labor Force; Half A Million Drop Out In One Month

Personal Retirement Accounts Are Great only if You Can Stop Confiscation

"Most Western nations have huge long-run fiscal problems because of unfavorable demographics and misguided entitlement programs. That’s the bad news. The good news is that dozens of nations have fully or partially shifted to mandatory private savings as a pro-growth way of modernizing bankrupt tax-and-transfer Social Security systems. But good news in the short run doesn’t mean good news in the long run if greedy politicians decide to loot the wealth accumulated in personal retirement accounts. That’s already happened in Argentina and Hungary, and now it’s happened in Poland." Continue reading →

Continue ReadingPersonal Retirement Accounts Are Great only if You Can Stop Confiscation

What do influential people think about bitcoin?

"Just like any other movement, bitcoin needs people who can be symbolic leaders. Specific examples are people like Gavin Andresen, bitcoin’s chief scientist, who works as the lead developer on the Bitcoin protocol. Another one is Patrick Murck, the Bitcoin Foundation’s general counsel, who has been busy helping to forge a path forward for regulatory compliance. These are people that are well qualified for their specific duties. Yet bitcoin needs influencers beyond that. It needs global leaders outside of cryptocurrency circles and people of some renown to speak out about it. So who has done this? Let’s take a look." Continue reading →

Continue ReadingWhat do influential people think about bitcoin?

Vancouver to see first Bitcoin ATMs installed

"According to The Canadian Press, Vancouver-based Bitcoiniacs is one of the first to pre-order five US$20,000 RoboCoin Bitcoin ATMs. The ATMs work by asking the user for a Bitcoin wallet identifier, usually in the form of a QR barcode. Money is then deposited into the machine, and after deducting a nominal transaction fee, the wallet is credited in Bitcoin. Bitcoiniacs' brick-and-mortar shop already deals with cash to Bitcoin transfers, but so far requires appointments to be booked to conduct such transactions. RoboCoin is competing directly with New Hampshire entrepreneurs Zach Harvey and Matt Whitlock, who are already accepting pre-orders for their own $5,000 Bitcoin ATM." Continue reading →

Continue ReadingVancouver to see first Bitcoin ATMs installed

Vancouver to see first Bitcoin ATMs installed

"According to The Canadian Press, Vancouver-based Bitcoiniacs is one of the first to pre-order five US$20,000 RoboCoin Bitcoin ATMs. The ATMs work by asking the user for a Bitcoin wallet identifier, usually in the form of a QR barcode. Money is then deposited into the machine, and after deducting a nominal transaction fee, the wallet is credited in Bitcoin. Bitcoiniacs' brick-and-mortar shop already deals with cash to Bitcoin transfers, but so far requires appointments to be booked to conduct such transactions. RoboCoin is competing directly with New Hampshire entrepreneurs Zach Harvey and Matt Whitlock, who are already accepting pre-orders for their own $5,000 Bitcoin ATM." Continue reading →

Continue ReadingVancouver to see first Bitcoin ATMs installed

Satoshi Forest, Nine-Acre Sanctuary for the Homeless

"The location at 1999 Massachusetts Ave, Pensacola, FL encompasses nine acres of wooded land that will now become, as Jason King describes it, 'a homeless sanctuary, a place where the downtrodden can find respite from the ‘crime’ of being simply being poor.' The property cost $89,000 to purchase, which, King writes, 'for acreage within the developed part of greater Pensacola, is dirt cheap.' The mortgage on the property, valued at $600 per month, will be paid entirely in Bitcoin. Once housing construction is well underway, they also intend to add a large kitchen for preparing food, and then begin organic farming operations which he later intends to expand to aquaculture." Continue reading →

Continue ReadingSatoshi Forest, Nine-Acre Sanctuary for the Homeless

Satoshi Forest, Nine-Acre Sanctuary for the Homeless

"The location at 1999 Massachusetts Ave, Pensacola, FL encompasses nine acres of wooded land that will now become, as Jason King describes it, 'a homeless sanctuary, a place where the downtrodden can find respite from the ‘crime’ of being simply being poor.' The property cost $89,000 to purchase, which, King writes, 'for acreage within the developed part of greater Pensacola, is dirt cheap.' The mortgage on the property, valued at $600 per month, will be paid entirely in Bitcoin. Once housing construction is well underway, they also intend to add a large kitchen for preparing food, and then begin organic farming operations which he later intends to expand to aquaculture." Continue reading →

Continue ReadingSatoshi Forest, Nine-Acre Sanctuary for the Homeless

Poland Confiscates Half Of Private Pensions To “Cut” Sovereign Debt Load

"Well, once you nationalize private assets, the public debt will lindeed appear lower than it was before confiscation: we give them that much. End result: 'The Polish pension funds' organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.... 'This may lead to the private pension systems shutting down,' said Rafal Benecki of ING Bank Slaski.' But best of all, in the aftermath of Cyprus, we now know what the two most recent European blueprints for preserving the myth of solvency are: bail-ins, which confiscate deposits, and pension fund 'overhauls', which confiscate, well, pension funds." Continue reading →

Continue ReadingPoland Confiscates Half Of Private Pensions To “Cut” Sovereign Debt Load

Rebalance To Buffer Crises?

"Sovereigns may save themselves at the expense of citizens. Poland has withdrawn $37 billion in government holdings from national pension funds to pay down sovereign debt. Its markets dropped 4.8% the day the news hit. Given relative GDP size, a similar take here would be north of $1 trillion and laws have been prepared to bail-in major banks. Many cities already are bankrupt and pension funds are at risk as pensioneers and bond holders battle over the remains. Those who buy the official narrative are riding in a ticker-tape parade on which Central Banks are showering confetti. When the dreamers awake, they will be looking at a demonic jack-o-lantern." Continue reading →

Continue ReadingRebalance To Buffer Crises?