Investment/Trends

World’s Largest Bitcoin Exchange Out $10 Million

"Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents earlier this year, says that it’s out another $5.3 million. At the end of February, Mt. Gox chose CoinLab as its North American agent. The idea was that customers in the U.S. and Canada would be able to use CoinLab as a gateway to the Mt. Gox exchange. But the relationship didn’t last long. By April, it had devolved into a messy $75 million lawsuit. According to Mt. Gox, its customers deposited about $12,800,000 into CoinLab bank accounts, and while CoinLab has handed over most of that money, it’s still sitting on $5.3 million." Continue reading →

Continue ReadingWorld’s Largest Bitcoin Exchange Out $10 Million

Winklevoss twins: Bitcoins better than gold

"'It's gold 2.0,' he said in a presentation at the Value Investing Conference in New York Tuesday. Tyler and his brother Cameron, who shared the stage, outlined the bull case for bitcoins. They have been investors and are aspiring Bitcoin entrepreneurs. The twins recently filed paperwork with the SEC for a Bitcoin exchanged traded fund. Like gold, the virtual currency retains its value regardless of what central bankers do to the money supply. But unlike gold, bitcoins are easier and cheaper to store. Cameron Winklevoss said that another sovereign debt crisis could be a catalyst for a sharp move higher." Continue reading →

Continue ReadingWinklevoss twins: Bitcoins better than gold

Bitcoin gaining market-based legitimacy as XBT

"Punctual trams run quietly along the street out front. It looks like any other office building in Zürich. But inside the nondescript building of SIX Interbank Clearing, a small unit of professionals maintains the list of the world’s currency codes. Last week in that very same building, I had the honor of presenting the bitcoin cryptocurrency to a gathered audience of various bank officials at an e-commerce conference. And I mentioned that the individual, or committee, that endorses and finalizes XBT as the ISO currency code for bitcoin will earn their spot in history next to Satoshi Nakamoto." Continue reading →

Continue ReadingBitcoin gaining market-based legitimacy as XBT

All Hail Rick Perry!

"It’s always a good thing for society, but bad for our rulers, when at least one of them decides it’s a good idea to compete by lowering taxes. (Maryland state government recently imposed a 'rain tax' based on the size of the roof on one’s business establishment under the crackpot theory that rain running off your roof will pollute the Chesapeake Bay.). Cory A. writes that he moved to Austin, Texas last year to take a great new job with Paypal/Ebay which he says is 'expanding dramatically.' As is a new Apple facility in Austin, along with Visa, with 800 new jobs. These are all well-paying jobs, he says. In addition, Austin has become 'the' place to go if you want a career in the music industry." Continue reading →

Continue ReadingAll Hail Rick Perry!

Texas Gov. Rick Perry takes aim at Maryland to lure businesses

"Texas Gov. Rick Perry took a swipe at Gov. Martin O'Malley and Maryland's business climate in radio ads aimed at luring companies and residents to the Lone Star state. 'When you grow tired of Maryland taxes squeezing every dime out of your business, think Texas,' Perry said in the radio advertisement, set to air in the Baltimore-D.C. market this week and provided to the The Baltimore Sun by WTOP. Perry has launched similar advertisements in Missouri, California, Chicago and New York since April. Earlier this year, Perry invited Beretta and other Maryland gun manufacturers to move to Texas after the General Assembly passed new gun laws here." Continue reading →

Continue ReadingTexas Gov. Rick Perry takes aim at Maryland to lure businesses

FATCA: The end of financial privacy

"Financial privacy isn’t typically considered as sexy as other forms of privacy, like our right to private beliefs, health care, property, and communications. Infringement of financial privacy doesn’t evoke the kind of outrage as other violations, because most overlook the vital role it plays in preserving human rights and protecting individuals from governmental abuse. Just as supporters of the police and surveillance state argue that individuals with nothing to hide should be willing to forfeit their right to privacy, those obsessed with collecting taxes think that the vast majority of Americans who do not engage in evasion should be willing to relinquish their financial privacy rights." Continue reading →

Continue ReadingFATCA: The end of financial privacy

Elizabeth Warren says Janet Yellen a ‘terrific’ choice to succeed Bernanke

"Rebel Democrats on Monday threw their weight behind a growing campaign for Janet Yellen to take over the US Federal Reserve, as their successful revolt against White House pick Larry Summers emboldened those calling for tougher policy toward Wall Street. Investors were betting that Yellen would look more favorably on the continuation of the Fed’s massive financial stimulus programme, known as quantitative easing (QE). Yellen has backed Bernanke in his plans to extend the $85bn-a-month bond-buying programme that is aimed at stimulating the economy and keeping interest rates down. Summers had been perceived as being more critical." Continue reading →

Continue ReadingElizabeth Warren says Janet Yellen a ‘terrific’ choice to succeed Bernanke

Bill Bonner: Ike’s Warning

"In a modern context, America’s wars seem silly, stupid and counterproductive. But they are as popular as the Super Bowl. Both of those explanations have merit. But Ike understood it differently. He saw how powerful internal forces drive a military machine to become an empire… and to make war. An educator will try to aggrandize himself by insisting on more education. A butcher will want more meat on the menu. And a man with a gun in his hands will declare – with a straight face and in solemn sincerity – that we need to kill someone in Syria to protect our manhood!" Continue reading →

Continue ReadingBill Bonner: Ike’s Warning

Al-Qaeda chief Ayman al-Zawahiri calls for U.S. attacks and economic boycott

"'We should bleed America economically by provoking it to continue in its massive expenditure on its security, for the weak point of America is its economy, which has already begun to stagger due to the military and security expenditure,' Zawahiri said according to the SITE translation. 'And keeping America in tension and anticipation only costs a few disparate attacks here and there, meaning as we defeated it in the gang warfare in Somalia, Yemen, Iraq and Afghanistan, so we should follow it with that war on its own land,' he added." Continue reading →

Continue ReadingAl-Qaeda chief Ayman al-Zawahiri calls for U.S. attacks and economic boycott

It’s official. America’s Suez moment has arrived

"Britain had once been the dominant power in the world. But years of unsustainable finances and economic decline changed all of that. By the end of World War II, Britain was nearly bankrupt. But reality hadn’t set in yet. They still saw themselves as a superpower. British policymakers were still at the peace table. They helped set up the UN, divide up Germany, and even influence the new global financial system at Bretton Woods. Reality finally hit during the Suez Crisis. It became clear that the UK no longer had the economic fortitude or international standing to do as it pleased. And with the US opposed to the invasion of Egypt, the British government had no choice but to withdraw." Continue reading →

Continue ReadingIt’s official. America’s Suez moment has arrived