Bankocracy

The head of the IMF says bitcoin is ‘too expensive for me at the moment’

"Bitcoin is too expensive for one of the most powerful women in finance. Christine Lagarde, the head of the International Monetary Fund, on Friday told CNBC's Sara Eisen that bitcoin is 'too expensive for me at the moment' when asked if she would ever buy into the red-hot digital currency. Lagarde last month gave a soft defense of the cryptocurrency during a speech in London. She said cryptocurrencies such as bitcoin could 'give existing currencies and monetary policy a run for their money.'"

Continue ReadingThe head of the IMF says bitcoin is ‘too expensive for me at the moment’

India Central Bank Governor Warned Against Cash Ban Before Resigning

"Raghuram Rajan left the central bank last September after unnerving political leaders with his outspoken nature. Several months later, Modi blindsided the nation by scrapping 86 percent of currency in circulation, saying the move was essential to unearth unaccounted wealth and fight graft. Since then, speculation has raged over who thought up the policy, with the debate getting more divisive last week as a slew of data showed demonetization contributed to a growth slump without meeting its targets."

Continue ReadingIndia Central Bank Governor Warned Against Cash Ban Before Resigning

India Demonetization Loses Credibility; 99% of Banned Notes Returned

"Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth. The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half."

Continue ReadingIndia Demonetization Loses Credibility; 99% of Banned Notes Returned

European Central Bank Criticizes Estonian National Cryptocurrency Plans

"Despite the dismissive statements from the European Central Bank’s president, Estonia may still be able to conduct a launch of a national cryptocurrency if it is to do so through a private-public partnership. The head of Estonia’s E-residency scheme’s public relations department, Arnaud Castaignet, has expressed that the republic plans to move forward with the project – however, made no reference to the potential ramifications of EU obligations with regard to the national cryptocurrency."

Continue ReadingEuropean Central Bank Criticizes Estonian National Cryptocurrency Plans

IMF Head Foresees the End of Banking, Triumph of Cryptocurrency

"In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies. Christine Lagarde–a Paris native who has held her position at the IMF since 2011–says the only substantial problems with existing cryptocurrency are fixable over time."

Continue ReadingIMF Head Foresees the End of Banking, Triumph of Cryptocurrency

Treasury Caught Illegally Spying On Americans’ Financial Records

"The intelligence division at the Treasury Department has repeatedly and systematically violated domestic surveillance laws by snooping on the private financial records of US citizens and companies, according to government sources. Over the past year, at least a dozen employees in another branch of the Treasury Department, the Financial Crimes Enforcement Network, have warned officials and Congress that US citizens’ and residents’ banking and financial data has been illegally searched and stored. And the breach, some sources said, extended to other intelligence agencies, such as the National Security Agency, whose officers used the Treasury’s intelligence division as an illegal back door to gain access to American citizens’ financial records."

Continue ReadingTreasury Caught Illegally Spying On Americans’ Financial Records

Japanese debt-slavery: more dropping dead from overwork

"Japanese employees work significantly longer hours than their counterparts in the US, Britain and other developed countries. Japan’s employees used, on average, only 8.8 days of their annual leave in 2015, less than half their allowance, according to the health ministry. That compares with 100% in Hong Kong and 78% in Singapore."

Continue ReadingJapanese debt-slavery: more dropping dead from overwork

Equifax data leak exposes 143 million driver’s licenses, SSN, credit card numbers

"The information came mostly from US residents, but a percentage also involved UK and Canadian citizens and the company is working with authorities from these countries. Equifax reports that it discovered the leak on July 29th and took steps to stop the intrusion. It then hired a cybersecurity firm to determine the extent of the intrusion and what damage was done. The company reports that it has involved law enforcement, but it’s not clear at this point how the intruders entered the system or exactly what they took."

Continue ReadingEquifax data leak exposes 143 million driver’s licenses, SSN, credit card numbers