money

The Trillion Dollar Coin Is a Great Idea!

"Today, unlike in the past, over 150 central banks print money recklessly. The Federal Reserve is surely the worst offender because of the dollar's reserve status. Because nations need dollars to buy oil, officials around the world need to hold dollars. The US can print massively without feeling the immediate result from price inflation. Of course, price inflation happens – and is happening. More is yet to come because US officials have been so reckless. That's why I think the trillion dollar coin idea is a good one. It illustrates the insanity of the modern money system where people accept bits of paper as money simply because they've been printed by the government." Continue reading →

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India’s Gold Mania

"Less than 1% of the world’s gold is mined in India. The rest comes from somewhere else. Still, India can’t get enough. It is the largest consumer of gold in the world, buying nearly a third of production in recent years. Some estimates say that 10% of all gold is held in India. Indians save roughly 30% of their income, as opposed Americans, who save 5%. Plus, Indians are getting richer all the time. Once a very poor country, the rich and middle classes now outnumber the poor in this nation of 1.2 billion. The country has the sixth-largest economy in the world." Continue reading →

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Switzerland and Britain are now at currency war

"'Everybody is trying to weaken their currency at the same time. The Swiss have got away with it and now the Japanese want to try. The Sandinavians are pulling their hair out. The Turks are cutting rates even though the economy is overheating, and putting in credit controls instead because they don’t want the currency to rise. Policymakers are doing things that if you had suggested four years ago they would have put you in a straitjacket and thrown you in a cell. I don’t rule out anything any longer in this market. Desperate times lead to desperate acts,' said David Bloom, currency chief at HSBC." Continue reading →

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Turkish gold exports rise 800 pct on demand from Iran

"Turkey is Iran's biggest natural gas customer but Western sanctions prevent it from paying Tehran in dollars or euros. Iran is instead paid in Turkish lira - of limited value on international markets but ideal for buying gold in Turkey. Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped to Iran, industry sources with knowledge of the business told Reuters last year. New sanctions are due to take effect in February and could include measures to try to curb the trade." Continue reading →

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Now Greece Bans Cash – Again

"Greece is going to ban most cash transactions. As of last year, cash transactions over 1500 euros were banned. This moves the ban down by 1,000 euros. In fact, the Greek Parliament is voting today on a new tax bill that broadens the tax base to raise another 2.5 billion euros, and also introduces new annual income thresholds for salaried taxpayers. It does away with tax breaks for the self-employed. Entrepreneurs have emerged as the latest 'bandits' in Greece's ongoing efforts to bleed the wretched Greek carcass of its last available drop of revenue. Government benefits have been slashed, taxes raised and Greeks are being pursued with maniacal determination." Continue reading →

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Jim Grant Exposes “The Bureau Of Money Materialization” And A Submerging America

"Jim Grant spends exactly the correct amount of time (zero) discussing the 'urban myth' of the trillion dollar coin in this brief interview on CNBC; instead deciding to try and strike up some intelligent understanding of the dire situation we face. By providing context for our massive 16 trillion dollar debt (360 million pounds of $100 bills), and explaining how exponential the idiocy has become, Grant brings us full circle." Continue reading →

Continue ReadingJim Grant Exposes “The Bureau Of Money Materialization” And A Submerging America

Peter Schiff Doubles Down on Inflation Prediction

"Schiff looked at Bureau of Labor Statistics price changes for 20 goods and services between 1970 to 1980 and again between 2002 and 2012, decades that Schiff says were both periods of large deficits and loose monetary policy. Schiff found that his basket of goods increased 61% faster than CPI for the period between 2002 and 2012. In contrast, his basket rose just 5% faster than CPI from 1970 to 1980. 'How can you believe these statistics when the numbers are so flawed?' Schiff asks in response to his research on CPI." Continue reading →

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Obama mocks Lew’s loopy signature: Don’t devalue the dollar with illegible writing

"President Barack Obama jokingly joined in criticism of Jack Lew’s signature on Thursday, urging his Treasury nominee to change it before it appears on the greenback and risks devaluing the dollar. Lew’s doodle-like eight-loop signature — a cute but utterly undecipherable scrawl described as an 'unraveled slinky' by one graphologist — has quickly drawn more media buzz than the budget guru’s politics." Continue reading →

Continue ReadingObama mocks Lew’s loopy signature: Don’t devalue the dollar with illegible writing

How The Swiss National Bank Went “All In”, Three Times And Counting

"The nation's central bank is printing and selling as many Swiss francs as needed to keep its currency from climbing against the euro, wagering an amount approaching Switzerland's total national output, and, in the process, turning from button-down conservative to the globe's biggest risk-taker. Switzerland's virtue is the root of its problem: broad confidence in the Swiss currency and economy has investors hungry for francs to escape euros, the currency of its shaky European neighbors." Continue reading →

Continue ReadingHow The Swiss National Bank Went “All In”, Three Times And Counting