Network Archives

Federal Reserve Economist On Bitcoin: ‘Small Phenomenon But Growing’

"It’s a big moment for Bitcoin. The digital currency has gotten an official nod from the overseer of U.S. currency in the form of a primer out of the Federal Reserve Bank of Chicago. Senior economist François R. Velde wrote an elegant critique of the four-year-old currency, explaining its mechanics, limitations, and prospects for success, ultimately deeming it a 'remarkable conceptual and technical achievement, which may well be used by existing financial institutions.' If this were Economic Mean Girls, this is the part of the movie where Lindsay ‘Bitcoin’ Lohan gets friended by the powerful, popular crowd." Continue reading →

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JPMorgan’s $13B Penalty Helps IRS Deal A Huge Blow to Homeowners

"Here’s an illustrative example. Say an individual Detroit homeowner earning $40,000 a year gets a principal reduction of $100,000, roughly the average principal reduction in the National Mortgage Settlement, a previous deal that offered consumer mortgage relief as part of a penalty for bank misdeeds. In the tax year 2014, that homeowner would record an income of $140,000, and their resulting tax bill, according to this calculator, would be $29,693, or nearly three-quarters of the homeowner’s annual income. Homeowners struggling to stay in their homes typically do not carry large amounts of cash reserves to pay off tax bills; they wouldn’t be desperate for mortgage debt relief if they did." Continue reading →

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ObamaLoans Up by Almost 3 to 1

"The official goal of the Health Care and Education Reconciliation Act was to make college more affordable. How? By making loans to students. The effect has been to lure millions of students into long-term debt for the purchase of liberal arts degrees that do not lead to high-income jobs. ObamaLoans took loan-making decisions away from banks and placed this into the hands of federal employees at the Department of Education — bureaucrats with job tenure. The amount of student debt owed to the U.S. government in 2009 was $120 billion. Today, it is $675 billion. In July 2010, ObamaCare was passed. That’s when the loans began to multiply." Continue reading →

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Convenient Illusions: The 12 Regional Federal Reserve Banks

"What is the function of the regional Federal Reserve banks? They are primarily political. They were specifically set up to provide the illusion of regional control, when in fact the Federal Reserve System is a true central bank, with the powers associated with all national central banks. The central bank creates the monetary base on which commercial banks make loans. The regional Federal Reserve banks do not do this. The regional Federal Reserve banks are now, and have always been, a convenient illusion for misleading taxpayers and voters into believing that the Federal Reserve System is not a central bank, with all of the authority, power, and cartel control of all other central banks." Continue reading →

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ECB cuts rates to new low of 0.25%, euro sinks

"The European Central Bank (ECB) cuts its main interest rate to 0.25 percent from 0.50 percent on Thursday, sending the euro sharply lower. The announcement - unexpected by many - was followed by a press conference with ECB President Mario Draghi, who insisted the rate cut was in line with previous forward guidance." Continue reading →

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Small businesses want Canadians to ditch credit cards every Friday

"The Canadian Federal of Independent Businesses, which represents almost 110,000 small- and medium-sized concerns, teamed up with financial commentator Gail Vaz-Oxlade today to launch a campaign for 'Credit Free Friday.' 'Very few consumers know than $5-7-billion each year in credit card processing fees is embedded in the cost of everything they buy, and with ever-higher tiers of premium cards hitting the market, that cost is only going up,' CFIB president Dan Kelly said as he launched the campaign. 'As consumers are often unaware that the merchant loses between 2-3.5 per cent of a credit card sale, Credit Free Fridays can be a great way to support small firms.'" Continue reading →

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Premeditation of Currency Wars

"The BRICs system of finance is entirely Western, starting with its central banking and continuing via its banking interests that are inevitably part of the larger fabric of Anglosphere finance. If those in charge of Western finance really did not want the BRICs – including China – to create an alternative to the dollar, it likely wouldn't happen. But it is happening. The dollar has been destabilized and the BRICs and China offer alternative currencies that are supposedly seen as 'stronger.' Jim Rogers, for instance – a respected voice in commodities and a commentator we've often interviewed – believes the yuan could appreciate 500 percent against the dollar in the next few years." Continue reading →

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Smart Meter Opt-Out: Are We There Yet?

Janice Cookston WeTexans.com Archives originally http://wetexans.com/smart-meter-opt-out-are-we-there-yet/ =================================================================== UPDATE: While both pieces of opt-out legislation failed this past legislative session, the PUC has since created a rule that allows electric customers in areas with retail competition to choose a non-standard meter as long as the customer pays for all costs associated with non-standard meter use. Charges will include a one-time fee and a recurring monthly fee. Customers who want to comment on the proposed charges (which are different for each Transmission and Distribution … Continue reading →

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Standing For Liberty a great success!

Standing For Liberty Tulsa November 3 This past Sunday afternoon I had the pleasure of attending the “Standing For Liberty” event in Tulsa and then that evening a fundraising dinner for Liberty candidates.  The headline speaker was Oliver North the former marine and Reagan Administration official famous for the Iran-Contra ‘scandal’. First I have to […]

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