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Another Warning Sign – NY Times Columnist Favors Capital Controls

“Krugman doesn’t see irresponsible government spending and the resulting debt as the core cause of recent crises in Europe and around the world. Instead, he blames inflows of money by undefined foreigners. He even says that the US, too, is victimized by inflows of foreign money when he claims, ‘It’s not just Europe. In the last decade America, too, experienced a huge housing bubble fed by foreign money.’ According to Krugman, it’s not the fault of the Federal Reserve’s artificially low interest rates for blowing up the housing bubble, nor the proliferate spending habits of European welfare states for causing the debt crisis.” Continue reading →

Americans fall out of favour with Swiss banks

“Already battle-scarred from the hard lessons of recent years, Swiss banks are taking a very cautious approach when it comes to the introduction of FATCA. The US law requires banks around the world to report information on American account holders to Uncle Sam. There are also concerns that FATCA’s collateral damage could extend beyond the home front into the business world. If an American owns more than 10 percent of a company, it is reportable to the IRS. The worry is that this rule may make it harder for US entrepreneurs to find business and banking partners, shutting them out of attractive investment opportunities.” Continue reading →

Bank of Cyprus savers could lose up to 60%

“Big savers in Cyprus’s largest bank face losses of up to 60 percent, far greater than originally feared under the island’s controversial EU-led bailout plan, officials said on Saturday. Cyprus meanwhile launched an investigation into a list published in Greek newspapers of Cypriot politicians who allegedly had loans written off by two banks at the heart of the financial meltdown. Officials said Bank of Cyprus savers will see at least 37.5 percent of funds over 100,000 euros ($128,000) turned into shares, but a further 22.5 percent will be held until authorities know they can satisfy the terms of the bailout.” Continue reading →

Jeffrey Tucker: Bitcoin’s Moment

“The Cyprus disaster sets in place an incredible precedent: Bank deposits will hereafter be treated as government property first and belong to the depositors only at the discretion of the masters of the money. It’s no wonder that Bitcoins are being brought from locales all over Europe, including Spain, Greece, Italy, and beyond. This also accounts for why mainstream news outlets are starting to write about Bitcoin as if it were the real thing, something serious, something that really matters on the world stage. Meanwhile, Bitcoin applications are flourishing all over the Web.” Continue reading →

Iranian dairy company unveils five-ton ice cream tub to break world record

“An Iranian dairy company unveiled a five-ton tub of chocolate ice cream in Tehran on Monday in a bid to make it into the Guinness Book of World Records. The company, Choopan, put the giant tub, which is more than two metres (6.5 feet) wide and 1.60 metres (5.2 feet) tall on display at a ski resort in the foothills of Tochal, just north of the capital, where over 10,000 people came to see it. Representatives of the Guinness Book of World Records did witness the record attempt in Tehran, but could not speak to the media for ‘security reasons,’ the company’s CEO said. The current record is held by American ice cream chain Baskin-Robbins.” Continue reading →

Gold trade booms in war-torn Syria

“In Syria’s northern metropolis, as across the Middle East, those who can afford to have traditionally invested in jewellery for their womenfolk, especially gold, to ward against a rainy day. As daily clashes between troops and rebels fighting to oust President Bashar al-Assad have brought a devastating halt to all normal economic activity, the trade in precious metals has boomed as people struggle to make ends meet. Two years of devastating conflict have sent the Syrian pound into freefall and, for those with any money, gold is a popular refuge to maintain the value of their savings.” Continue reading →

U.S. will ‘respond’ to North Korea’s provocations, says Chuck Hagel

“Defense Secretary Chuck Hagel said Thursday that the United States was ‘prepared to deal with any eventuality’ from North Korea and warned that danger from Pyongyang was on the rise. ‘We will unequivocally defend — we are unequivocally committed — to that alliance with South Korea as well as our other allies in that region of the world,’ Hagel told reporters. ‘We will be prepared…to deal with any eventuality,’ Hagel said after the United States flew two nuclear-capable B-2 stealth bombers on a mission over South Korea. ‘We must make clear that these provocations by the North are taken by us very seriously and we’ll respond to that,’ Hagel said. Continue reading →

No proof that helmets prevent concussion: experts

“Helmets and mouthguards can prevent serious head and facial injuries, but there is no evidence they specifically stave off concussion, top authorities in sports medicine say. Paradoxically, wearing this protection may lead to injuries because a player is tempted to take greater risks, they say. ‘Biomechanical studies have shown a reduction in impact forces to the brain with the use of head gear and helmets, but these findings have not been translated to show a reduction in concussion incidence.’ There can also be a ‘paradoxical increase in injury rates’ when players, kitted out in protective gear, adopt more dangerous tactics.” Continue reading →