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Swiss court convicts former IMF official over Czech mining scam

"De Groote, previously an administrator at the International Monetary Fund, was accused of providing a veneer of credibility, with the cash purportedly coming from investors. ATS reported that he received almost one million Swiss francs for his role in the scam. The five Czechs, including former board members, had managed to gain control of 97 percent of the company. They went on to launder more than a billion Swiss francs. The money was stashed in bank accounts in Switzerland and neighbouring Liechtenstein, in the name of more than 30 firms based in the Bahamas, the Isle of Man and other offshore havens." Continue reading →

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Farmers help bitcoin grow organically in Argentina

"Organic farmers in Argentina are finding bitcoin to be a compelling solution when selling their produce through a website called Tierra Buena. The website has been highlighted in a new short film by Jacob Hansen. The film tells the story of how Nubis Bruno (one of the people behind the exchange site, Conectabitcoin) helped local farmers by creating the website as a means to sell their produce online in exchange for bitcoin or litecoin (and Pesos). The existence of Tierra Buena doesn’t signal a pending economic revolution in Argentina, or anywhere else. However, it is a great anecdote of how digital currencies can be genuinely helpful." Continue reading →

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Bitcoin helps Iranian shoe store overcome international trade sanctions

"The business is Persian Shoes, an over 70-year-old business selling handmade footwear. It is located inIsfahan, the third-largest city in Iran. The owners are happy to ship anywhere, but paying them is a problem. The usual e-commerce channels are blocked. Trade sanctions against the entire country of Iran by the United Nations, United States, European Union and others mean Western Union and major credit card companies will not deal with Iranian businesses, even those in the fashion world. The only way to pay someone in Iran is with cash carried in your pocket – or some easily transferrable, mostly unregulated, digital currency." Continue reading →

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“The US is bankrupt…and it’s only going to get worse from here!”

"Jeff Berwick from The Dollar Vigilante chats with Vanessa Collette about the current state of the US economy and the latest news from the Bitcoin phenomenon. Taped at Cambridge House's Spokane Silver Summit 2013. Always entertaining!" Continue reading →

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Lonely Jeremiahs

"Like last time, it’s only now — after the first cracks in the market have begun to show themselves — that other prominent experts are joining his camp. Eight years ago, the epicenter of the bust was the American home market. Now, it’s every bond market on the planet. And ultimately, bonds are more vital and pivotal in the global economy than homes. Why? Because a global bond-price collapse automatically comes with a global interest-rate surge; and sharply higher interest rates directly impact every consumer, every corporation or every government that borrows money. How prominent are the voices now joining Larson’s once-lonely chorus? Judge for yourself." Continue reading →

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Bill Bonner: Apocalypse Later!

"Corporations can’t continue to borrow so much money at such low rates. But everyone is perfectly happy to postpone that apocalypse too. Stock market investors are no dopes either. They know this Fed-driven bull market must come to an end sometime. By many different measures – P/Es… swollen margin accounts… enterprise-value-to-revenue ratios… investor sentiment – the stock market is already in the danger zone. What will happen? Either the Fed will begin to taper – probably causing a crash. Or investors will get tired of investing real money in a phony trend. Either way, when the apocalypse comes… it will be later." Continue reading →

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IMF Happy Talk Cannot Obscure Japan’s Reality

"Printing a lot of money is really helping the Japanese economy, according to the International Monetary Fund. In fact, according to the IMF, there's plenty of room to do more if need be. This is part of a larger trend we've been observing of late. Whether it is Janet Yellen in the US or Mark Carney in England or the ECB or the BOJ itself, aggressive money printing is becoming a signature calling card. So what is all this money printing accomplishing? Well ... from our point of view, it's nothing more or less than a promotional exercise. It's clear to us. We couldn't figure it out at first but now we can. They're printing because there's nothing else to do." Continue reading →

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India’s third biggest gold fund reopens to investors

"India's third biggest gold fund will begin accepting fresh investments again after shutting off new buy-ins three months ago to support government efforts to curb bullion demand and control a rising trade deficit. The government and the central bank launched a series of measures this year to curb the country's appetite for gold as India battled a ballooning trade deficit and a weak currency. Gold is the biggest item on India's import bill after oil. The gold fund is part of Reliance Capital, controlled by billionaire Anil Ambani. India has imposed a 10 percent duty on imports of gold, and tied imports to exports. Imports have fallen to a mere 7 tonnes in September from a record 162 tonnes in May." Continue reading →

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