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Taxes: Another Weapon of Globalist Destruction?

"In France, there has been a great deal of pushback to additional – punitive – taxation. But that was merely the opening shot in a war against the upper classes that will soon take aim at the real target: Western middle classes. But in the era of central banking, taxes are increasingly unnecessary. Their aggressive expansion is thus something of a dominant social theme. There is almost nothing taxes provide that cannot be done better at less cost by the private sector. And as we pointed out above, as there is no way to control government spending, governments can and will spend all the revenue they receive, up to and including the entire gross national product." Continue reading →

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‘I can’t look at myself in the mirror’: Hendry reveals he has turned bullish

"Eclectica hedge fund manager Hugh Hendry has said he has been forced to leave his bearish outlook behind as he faces up to a market 'which only makes sense through the prism of trends'. Hendry said he is no longer fighting the 'two-way feedback loop' which is continuing to boost risk assets. That centres on the currency war being played out between the US and China, in which US QE prompts dollar-denominated investment to head to China, and China fights the resulting upwards pressure on its currency by manufacturing an investment boom - leading to falling US inflation expectations, which in turn prompts the Federal Reserve to loosen policy once again." Continue reading →

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Bankers Balking at Bitcoin in U.S. as Real-World Obstacles Mount

"'Banks are scared to deal with Bitcoin companies, even if they really want to,' said Stephen Pair, co-founder and chief technical officer of BitPay Inc., an Atlanta-based company that processes payments for merchants in Bitcoin. Pair said BitPay has relationships with banks in the U.S., Canada and Europe; he declined to name them at the banks’ request. Because of regulatory pressure in the U.S., much of the exchange business has moved to Britain, Japan and China, Jered Kenna, founder of Tradehill, the Bitcoin exchange that lost its bank, said in an interview. LightSpeed Venture Partners announced on Nov. 18 that it would invest $5 million in BTC China." Continue reading →

Continue ReadingBankers Balking at Bitcoin in U.S. as Real-World Obstacles Mount

Bitcoin: China’s New Special Economic Zone

"With the People’s Bank of China’s announcement, the establishment of Bitcoin as yet another one of these areas – the first ever that only exists in cyberspace, has essentially become official. The announcement specifically forbade the existing Chinese banking system from interacting with the Bitcoin economy, but otherwise created an environment for the Bitcoin economy that some have described as even more free than that of Europe. Although exchanges are required to follow know-your-customer guidelines and register with telecommunications authorities, aside from this they do not need any kind of financial license in order to operate. The Bitcoin economy will be allowed to grow." Continue reading →

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China central bank suggests faster tempo for freeing yuan

"China's central bank governor has dangled the prospect of speeding up currency reform and giving markets more room to set the yuan's exchange rate as he underlines broader plans for sweeping economic change. The central bank under Zhou Xiaochuan has consistently flagged its intention to liberalize financial markets and allow the yuan to trade more freely, even before the Communist Party's top brass unveiled late last week the boldest set of economic and social reforms in nearly three decades. Since the 60-point reform plan was released, Zhou has suggested urgency in pushing for change, although he has not provided any specific timetable." Continue reading →

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Now, in Second Place Is …

"The yuan in October emerged as the world’s second-most used currency in global trade finance. Countries generally trade through the dollar. They convert euros (or whatever the local currency happens to be) into greenbacks to buy some load of widgets from the Chinese. Then, China takes those dollars and converts them into yuans. But now countries are increasingly bypassing the buck and just dealing directly in the yuan. Yes, the dollar still plays a role in 81% of world trade, and the yuan is only at 8.7%. But all big trends start off small – the yuan was less than 2% of trade as recently as January 2012 – and this, mark my words, is part of a much bigger trend. And it will impact your life." Continue reading →

Continue ReadingNow, in Second Place Is …

Is Bitcoin Becoming the Anti-Dollar?

"It's not impossible to attack Bitcoin, but the effort to do so isn't trivial. Plus, there are ten thousand bright, young, adaptive people working on the technology every day, and their numbers are rising. If these people adapt and cooperate, any attacks will have temporary effects. (Even a full shut-down of the Internet wouldn't stop it for long, but I'll leave that discussion for another time.) If the Chinese, and/or Indians, and/or Russians start using Bitcoin as a way around the dollar, the world will change, and quickly. And that's looking more and more likely. These are interesting times. Those who break their stasis – who act and adapt – will not only thrive, but will find adventure and satisfaction along the way." Continue reading →

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Bitcoin Awareness Grows in South Korea After Central Bank U-turn

"Kevin Lee is a Seoul-based bitcoin entrepreneur and CEO of BitcoinKorea, South Korea’s first bitcoin business and portal. He has traveled around Asia attending bitcoin-related conferences and meetups, and wants to be instrumental in promoting its use in his native land. He thinks South Korea’s need for digital currency options are similar to China’s: a way to diversify investments and find a way around capital controls. Lee, a friend of Asia-based bitcoin missionary Roger Ver, said the pair will tour South Korea from 8th to 23rd January to spread the word – talking to major news organisations and helping to introduce Kraken, an exchange that launched in the country just last Friday." Continue reading →

Continue ReadingBitcoin Awareness Grows in South Korea After Central Bank U-turn

Bank of Korea Relaxes Negative Stance on Bitcoins

"The BOK said on December 3 that it made a report on bitcoins and is pondering a measure to open the virtual money to the public. The report however includes a negative opinion on the possibility of its use as a future currency. There are no stores in Korea that accept bitcoins except Korbit, which was established in April this year, specifically to facilitate trading in bitcoins. Bitcoins are only used for investment purposes, not for the trade of goods. Under such circumstances, a Paris Baguette in Incheon City started to accept bitcoins and developed a tablet application for bitcoin settlement." Continue reading →

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Despite panic, China’s regulation of Bitcoin leaves room for optimism

"In the aftermath of the first official statement by the Chinese government regarding Bitcoin, the entrepreneurs in China’s Bitcoin industry are optimistic. As is common in China, the actual extent of these regulations will be worked out over time as the Bitcoin industry develops, giving the government room to respond to new threats. My view is that this notice represents an expected development that encouragingly stops short of more stringent restrictions or an outright ban on Bitcoin’s use, and tomorrow China will still be the biggest potential Bitcoin market in the world." Continue reading →

Continue ReadingDespite panic, China’s regulation of Bitcoin leaves room for optimism