money

US State Representative adopts Bitcoin donation system

"US State Representative Mark Warden has added a Bitcoin donation system to his campaign Website, marking the first use of the decentralised virtual currency system by a sitting incumbent politician. He says Bitcoin will allow online transactions that are not 'subject to the inflationary whims of the Federal Reserve or other central banks'. 'This is a cutting-edge technology that is market based, voluntary, and extremely innovative,' counters Warden. 'I have constituents and vendors who prefer this medium of exchange, so it's natural to want to respond to the marketplace.'" Continue reading →

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Central Bank Snuffs Out Vietnam’s Thriving Gold Market

"There is such a demand to hold gold in Vietnam that the public is now holding some 300 to 500 tons of gold, totaling U.S $30 billion. Recently, however, the Vietnamese central bank disallowed loans in gold. Now, it is preventing banks from paying interest to customers on their gold. Instead, it is forcing banks to charge customer to store their gold, and requiring banks to regularly report on their transactions with account holders. What’s happening is that the government wants to prevent citizens from using alternatives to its own quickly devaluing currency. This, way, the government can continue to steal purchasing power from its citizens through inflation." Continue reading →

Continue ReadingCentral Bank Snuffs Out Vietnam’s Thriving Gold Market

Japan’s economic minister wants Nikkei to surge 17% to 13,000 by March

"Economic and fiscal policy minister Akira Amari said Saturday the government will step up economic recovery efforts so that the benchmark Nikkei index jumps an additional 17 percent to 13,000 points by the end of March. 'We want to continue taking (new) steps to help stock prices rise' further, Amari stressed, referring to the core policies of the Liberal Democratic Party administration — the promotion of bold monetary easing, fiscal spending and greater private sector investment." Continue reading →

Continue ReadingJapan’s economic minister wants Nikkei to surge 17% to 13,000 by March

U.S. gold bars and coins find new home overseas on Asian demand

"Booming demand for gold as a store of wealth among Asian investors is driving physical gold bars and coins out of the United States and into Asia. A growing number of gold vaults for affluent Asians and new precious metals investment products, particularly exchange-traded funds, have led to an exodus of gold owned privately from the United States into emerging economic powers such as China. On Friday, Commerce Department data showed U.S. exports of nonmonetary gold, which excludes central bank transactions, soared by 43 percent to $4 billion in December from the previous month." Continue reading →

Continue ReadingU.S. gold bars and coins find new home overseas on Asian demand

Tax Haven Reputation Plagues Planned EU Bailout of Cyprus

"The euro rescuers face a dilemma. On the one hand, they want to prevent the country from going bankrupt. On the other hand, they lack the support of a majority of member states for an aid program that would mostly benefit rich Russian tax fugitives. The tricky situation is prompting European leaders to do what they always do when a crisis comes to a head: play for time. Until now, someone who wanted a safe haven for his money could simply take a plane to Nicosia, because the country is an EU member and yet is lax when it comes to financial regulation, say German investigators." Continue reading →

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The Fed’s Bailout Of Europe Continues With Record $237 Billion Injected Into Foreign Banks In Past Month

"In the past 4 weeks, the Fed has injected a record $237 billion of cash into foreign banks with access to the Fed's excess reserves: a number greater than both the cash influx surge seen after the Lehman collapse, and faster and more acute than the massive build up of cash during the spring and summer of 2011 when all the Fed's brand new QE2 cash was once again, solely used to overfund European bank cash." Continue reading →

Continue ReadingThe Fed’s Bailout Of Europe Continues With Record $237 Billion Injected Into Foreign Banks In Past Month

Venezuelan devaluation sparks panic buying

"Panic buyers thronged Venezuelan shops over the carnival weekend after the government of Hugo Chavez announced a surprise devaluation. Domestic appliances such as fridges and cookers were in particularly high demand as Venezuelans snapped up goods imported at the now-defunct exchange rate of 4.3 bolívars per dollar. From now on they will be imported at 6.3 bolívars per dollar. Opposition politicians seized on what is Venezuela's fifth devaluation since strict currency controls were introduced in 2003, criticising the socialist government for quietly announcing it on Friday while people headed for the beach over the holiday." Continue reading →

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