money

Russian lawmaker seeks to ban US dollar, predicts 2017 collapse

"To protect Russians against the 'collapsing US debt pyramid', a Russian legislator has filed a draft bill to ban circulation of the currency in Russia. Once a Moscow mayoral hopeful, Mikhail Degtyarev, 32, likens the US dollar to a worldwide ponzi scheme which he says is scheduled to end in 2017. The bill would impose a ban on dollars within a year of its passage, and any private citizen holding accounts in dollars would either need to spend the money or convert it to another currency. There is no proposed ban on the euro, British pound, yen, or yuan. If one doesn’t exchange or transfer dollars within a year, the dollars will be seized by officials, and reimbursed in rubles within 30 calendar days." Continue reading →

Continue ReadingRussian lawmaker seeks to ban US dollar, predicts 2017 collapse

Savers boosting bitcoin demand in China, exchange says

"A co-founder of China’s biggest bitcoin exchange on Friday said there were 'boundless opportunities' for the digital currency in the country because of the Chinese saving ethic. 'The main reason why bitcoin has become big in China is because Chinese people are savers, and more people are seeing bitcoin as a way to store and invest their money,' Linke Yang, vice-president of BTC China, told reporters on the sidelines of a conference in Singapore. 'There are boundless opportunities for BTC China and bitcoin in the next five years, you never know with the way the internet develops,' Yang said through an interpreter." Continue reading →

Continue ReadingSavers boosting bitcoin demand in China, exchange says

What Janet Yellen Will Host and Why

"During her confirmation process, Yellen will give a spirited defense not only of money printing but of her own moral probity and will be clear that she views her life as one sanctified by public service. Whether she has devoted her life to a ruinous enterprise will not be discussed. Certainly the larger game will not be revealed. But hidden behind the policy discussions and concern over employment is the surety that Yellen will start her term by continuing to print vast gouts of money. This money will find its way into the stock market just as intended, continuing to create mountainous stock market averages and then eventually an equity mania." Continue reading →

Continue ReadingWhat Janet Yellen Will Host and Why

C.I.A. Collecting Data on International Money Transfers, Officials Say

"The Central Intelligence Agency is secretly collecting bulk records of international money transfers handled by companies like Western Union — including transactions into and out of the United States — under the same law that the National Security Agency uses for its huge database of Americans’ phone records, according to current and former government officials. Several officials also said more than one other bulk collection program has yet to come to light. 'The intelligence community collects bulk data in a number of different ways under multiple authorities,' one intelligence official said. Orders for business records from the surveillance court generally prohibit recipients from talking about them." Continue reading →

Continue ReadingC.I.A. Collecting Data on International Money Transfers, Officials Say

Bitcoin Transcends Novelty Status

"We live in a world of fiat currencies subject to monetary adjustments or downright manipulations that many of us have no say in. Frequently, the decisions that are made for us negatively impact the very foundation that we've worked so hard to build. Bitcoin is a known quantity in a world full of unknowns. It travels globally without the processing fees of PayPal, Western Union or the banking industries. In fact, the current banking systems' loss of processing fees is both a boon to Bitcoin business as well as the reason for the most vocal arguments against it. After all, JP Morgan has to recoup the $8 billion they've received in regulatory fines over the last two years somehow, right?" Continue reading →

Continue ReadingBitcoin Transcends Novelty Status

American Express Ex-Chief Privacy Officer On ‘The Last Days of Cash’

"Andy Roth, a partner in Dentons' Privacy and Security Group, and Victor Boyajian, a partner in Dentons' Venture Technology Group, explore the evolution of digital payments, virtual currencies and security. The video examines: Bitcoin and other virtual currencies; Regulatory issues in connection to digital payments; The balance between privacy and technological progress; Privacy as a product or feature; and The outlook for consumer payments." Continue reading →

Continue ReadingAmerican Express Ex-Chief Privacy Officer On ‘The Last Days of Cash’

Here’s Why The Winklevoss Twins LOVE Bitcoin

"'This idea that people aren't betting when they hang on to a dollar is incorrect.' They also love the currency's transparency, explaining that 'there is nothing predictable or transparent about the US dollar. No one has any idea what the Federal Reserve's going to do, how they operate.' Bitcoin, on the other hand, is fixed at 21 million coins that will come out incrementally and predictably over time. 'Bitcoin brings the promise of email to the finance sector. Now it's instant and effectively free to send money anywhere,' the twins said." Continue reading →

Continue ReadingHere’s Why The Winklevoss Twins LOVE Bitcoin

Virtual cash is no threat to the real thing, Bank of Canada paper says

"The case of Bitcoin – a fully convertible, pure digital currency – is more problematic. Earlier this year, the U.S. Treasury department started requiring that all virtual transactions worth more than $10,000 (U.S.) be reported to authorities to prevent virtual currencies being used for money laundering and other illegal purposes. The authors don’t reach a firm conclusion on whether governments should crack down on virtual currencies, pointing out that regulation might stifle innovation. At the same time, they warn that 'multiple competing platforms creates inefficiency' that will dissuade people from embracing them." Continue reading →

Continue ReadingVirtual cash is no threat to the real thing, Bank of Canada paper says

Jeffrey Tucker: Has the Fed Met Its Match?

"'It is hard to imagine a world,' says the unimaginative study, 'where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.' Blink, blink. This is the Fed talking here. Talk about complex. When the Fed governor speaks in Congress, he (soon she) speaks in such a blithering array of econ-babble that no one dare respond, for fear of seeming ignorant. It’s like the first day of an Intro to Physics class. The professor asks if there are questions, and everyone sits in terror. In a half-century of this nonsense, only Ron Paul ever really dared to ask serious questions of the Fed." Continue reading →

Continue ReadingJeffrey Tucker: Has the Fed Met Its Match?