Jamie Dimon Knows What You Don’t Need to Know About U.S. Default
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Art Cashin: Danger For The US & Strange Happenings In Gold
"While I am far from being a conspiracy theorist, I could see where some of the people involved in that asset class would be concerned because we’ve had several incidences of very large sales. And they all seem to come at approximately the same time in the relatively early morning in New York, usually before the stock market has opened. The question there is, why would you suddenly dump a large amount of gold? Why wouldn’t you try to piecemeal it out over the (course of the) day? So, if that happens once it could be an accident of technology, or it could be a simple error. But when it happens 5 times over a period of months, it does raise questions." Continue reading →
Venezuelan Inflation Rate Tops 49 Percent
"Venezuela's Central Bank says prices have risen nearly 50 percent since last September as the country struggles to rein in a quickening rate of inflation and widespread shortages. The country's leftist government has spent heavily on social programs, rapidly increasing the amount of currency in circulation. It also tries to control prices while restricting access to bolivars at the official rate of exchange of 6.3 per dollar. That leads many to pay seven times as much for dollars on the black market. Officials say speculators are to blame for soaring prices and shortages. The inflation rate for 2012 was 20.1 percent." Continue reading →
Vault of Satoshi expands Canadian bitcoin exchange market
"A new Canadian exchange launched this week, offering cheaper rates than the incumbent, and touting an advanced API. [..] The firm sent in two requests to FINTRAC, the financial services regulator in Canada, asking for a money services business (MSB) license, but the regulator’s current position is that no such license is currently needed for bitcoin. The company was refused, says Curry. However, this puts exchanges in a precarious position, because while the regulator may not have concerns, some banks do. Royal Bank of Canada closed Virtex’s account early this year because it didn’t have a license, and Curry had the same problem." Continue reading →
David Stockman Explains The Keynesian State-Wreck Ahead
"'What has been growing is the wealth of the rich, the remit of the state, the girth of Wall Street, the debt burden of the people, the prosperity of the beltway and the sway of the three great branches of government - that is, the warfare state, the welfare state and the central bank... What is flailing is the vast expanse of the Main Street economy where the great majority have experienced stagnant living standards, rising job insecurity, failure to accumulate material savings, rapidly approach old age and the certainty of a Hobbesian future where, inexorably, taxes will rise and social benefits will be cut...' He calls this condition 'Sundown in America'." Continue reading →
Caribbean and Central America Close Tax Loopholes
"In Panama, owners of bearer shares no longer have their anonymity ensured. In the Cayman Islands, tax information will soon be shared under the US Foreign Account Tax Compliance Act (FATCA). These are just two striking examples of how jurisdictions in Central America and the Caribbean are cracking down on tax cheats. For decades, Switzerland prided itself as a haven for the world’s most affluent, with strict provisions for privacy. But now the former advantages of isolation and non-compliance are becoming a liability due to the limitations they place on access to the global financial system." Continue reading →
IMF Discusses A Super Tax Of 10% On All Savings In Eurozone
"One of the latest reports from the IMF discusses a super taxation of 10% on savings in the Eurozone. That would solve the debt problem in most sovereign countries. It would be an alternative of higher taxes or spending cuts. The economists who wrote the paper hasten to say that it is a theoretical proposal. Still, it appears to be 'an efficient solution' for the debt problem. For a group of 15 European countries such a measure would bring the debt ratio to 'acceptable' levels, i.e. comparable to levels before the 2008 crisis. One of the graphs (page 14) is also noteworthy: 'Relative to previous projections, fiscal deficits are somewhat larger in most countries, reflecting a weaker economic environment.'" Continue reading →
Surging Bitcoin Downloads in India
"Fears that the Federal Reserve will scale back its easy-money policies sent India’s rupee tumbling to record lows against the U.S. dollar this summer. And more recently, Moody’s warned that when the Fed does actually begin tapering its $85 billion in monthly bond purchases, countries with large current-account balances, like India and Brazil, will see even greater capital outflows. The outflows, in turn, will put their currencies and debt ratings further under pressure. In 2013 so far, India’s current-account deficit has grown to a record 4.9% of GDP. That loss of confidence in the rupee has translated into an opportunity for bitcoin." Continue reading →
Dwolla shuts doors to bitcoin companies and virtual currency exchanges
"Dwolla has announced it can no longer work with virtual currency exchanges and other bitcoin-related services. The online payment system provider emailed its customers who operate companies related to bitcoin and other virtual currencies to inform them it is withdrawing its services as of 28th October at 16:00 CT. This move comes shortly after Capital One closed the bank account of a company after it started selling purely commemorative silver and copper bitcoin coins. According to Mulligan Mint’s CEO Rob Gray, the bank hadn’t bothered to do their research properly, as merchant services said the account was cancelled because the company was selling bitcoin." Continue reading →
Bitcoins: Too Big to Derail?
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