money

Russia Will Probably Hold Rates After Surprise Inflation Jump

"Russia’s central bank will probably refrain from cutting interest rates for a 14th month after a surprise pickup in consumer-price growth last month hurt its struggle to slow inflation to within its target band. Policy makers led by Elvira Nabiullina, who took over as central bank chairman in June, have kept interest rates steady since September 2012 even as the economy of the world’s largest energy exporter has its worst slowdown in four years. Rising food prices after rain delayed the grain harvest and Russia banned pork imports from Belarus. The economy grew 1.2 percent from a year earlier in the second quarter, the worst result since the last three months of 2009." Continue reading →

Continue ReadingRussia Will Probably Hold Rates After Surprise Inflation Jump

Don’t laugh – Bitcoin is making a serious point

"On one side of the Bitcoin argument, this internet-based currency has some fervent backers – many of them tech-savvy youngsters. On the other side stand almost all reputable economists, together with a fierce range of vested interests – including the banks, credit card companies and other conventional players in the extremely lucrative money-transferring business. To them, Bitcoin is a cross between a dangerous irritant and a bad joke. To mention it in conversation is tasteless. To take it seriously is deeply suspect. Yet several events happened last week that made me suspect that Bitcoin – and the idea of 'stateless' currencies more generally – will soon catch the zeitgeist." Continue reading →

Continue ReadingDon’t laugh – Bitcoin is making a serious point

‘Without third party bitcoin is safer than Fed notes’

"WM: What we see in the world today with the libor crisis, and Greece, and the failure in Cyprus is regulation does not work. You have regulatory capture, you just have system failure. And the thing that makes bitcoin exciting for people that believe in bitcoin is the fact that it is an emergent system. If it does require regulation to survive then it really wasn’t as good as we thought it was. These sorts of things do happen. You can call this a bank. I would say this is a hosted service run by an 18-year-old. It is not a bank. The people who trusted the third party were really giving away the strength of bitcoin which does not require a third party." Continue reading →

Continue Reading‘Without third party bitcoin is safer than Fed notes’

Federal Reserve Economist On Bitcoin: ‘Small Phenomenon But Growing’

"It’s a big moment for Bitcoin. The digital currency has gotten an official nod from the overseer of U.S. currency in the form of a primer out of the Federal Reserve Bank of Chicago. Senior economist François R. Velde wrote an elegant critique of the four-year-old currency, explaining its mechanics, limitations, and prospects for success, ultimately deeming it a 'remarkable conceptual and technical achievement, which may well be used by existing financial institutions.' If this were Economic Mean Girls, this is the part of the movie where Lindsay ‘Bitcoin’ Lohan gets friended by the powerful, popular crowd." Continue reading →

Continue ReadingFederal Reserve Economist On Bitcoin: ‘Small Phenomenon But Growing’

Small businesses want Canadians to ditch credit cards every Friday

"The Canadian Federal of Independent Businesses, which represents almost 110,000 small- and medium-sized concerns, teamed up with financial commentator Gail Vaz-Oxlade today to launch a campaign for 'Credit Free Friday.' 'Very few consumers know than $5-7-billion each year in credit card processing fees is embedded in the cost of everything they buy, and with ever-higher tiers of premium cards hitting the market, that cost is only going up,' CFIB president Dan Kelly said as he launched the campaign. 'As consumers are often unaware that the merchant loses between 2-3.5 per cent of a credit card sale, Credit Free Fridays can be a great way to support small firms.'" Continue reading →

Continue ReadingSmall businesses want Canadians to ditch credit cards every Friday

Bitcoin helps Iranian shoe store overcome international trade sanctions

"The business is Persian Shoes, an over 70-year-old business selling handmade footwear. It is located inIsfahan, the third-largest city in Iran. The owners are happy to ship anywhere, but paying them is a problem. The usual e-commerce channels are blocked. Trade sanctions against the entire country of Iran by the United Nations, United States, European Union and others mean Western Union and major credit card companies will not deal with Iranian businesses, even those in the fashion world. The only way to pay someone in Iran is with cash carried in your pocket – or some easily transferrable, mostly unregulated, digital currency." Continue reading →

Continue ReadingBitcoin helps Iranian shoe store overcome international trade sanctions

Doug Casey & Jim Rogers Legendary Investors’ Roundtable

"Jim and Doug discuss today's world economic and financial situation within the context of financial history and past financial panics. Jim and Doug talk about central planning, central banking, big government and how governments have only 3 real options to raise money. Next, Jason asks Doug and Jim about competing currencies like Bitcoin, gold and silver and whether they will be allowed under any circumstance. Jason asks Jim and Doug about the turmoil in the currency and bonds markets. Doug and Jim also talk about commodities like farmland, cattle, gold and other natural resource investing opportunities. Jim Rogers was in Singapore and Doug Casey was in Argentina." Continue reading →

Continue ReadingDoug Casey & Jim Rogers Legendary Investors’ Roundtable

Dwolla Credit launched as competitor to PayPal’s Bill Me Later

"Pay instantly and get paid instantly. It’s just how payments in the modern world should work. No more loading your account, no more typing in your card information. Simple and quick checkouts are just one benefit to building a new network, working with great developers and great retailers is another. On Dwolla’s network, there are no plastic cards, no terminals, no complicated reseller agreements, and no card data that could be left behind. Just the internet…simple. Credit, is now a feature. Dwolla Credit, provided by our friends at Comenity Capital bank, owned by Alliance Data (NYSE: ADS), is making this all possible. I’m exceptionally proud of the work both of our teams have done." Continue reading →

Continue ReadingDwolla Credit launched as competitor to PayPal’s Bill Me Later

Attempts To Eliminate Cash Are More Than A Privacy Disaster

"Politicians are suggesting that cash should be gradually replaced by credit card transactions and direct bank transactions, making every single movement of money trackable, seizable, and reversable. This is not just a privacy disaster, it’s also a resilience disaster. I had the privilege of having a long conversation with the Chief Security Officer of one of the larger European banks, and he told me the outcome was a given – there will always be some kind of cash. Whether it’s issued by a central bank is completely beside the point; if central-bank cash isn’t readily available, people will create a way to trade between them without involving a third party." Continue reading →

Continue ReadingAttempts To Eliminate Cash Are More Than A Privacy Disaster

We All Know Who Janet Yellen Is, And That’s Terrifying

"The acclaim in the media sends a shiver down the spine. Janet Yellen, just nominated by President Obama as the next head of his Federal Reserve, will be 'the most powerful woman in the planet'. If we were living in a stable monetary order she would be the least powerful woman in the world. Think back to the era of the gold standard before 1914. Britain was the leader of the orchestra in the monetary system. But no one outside a few discount brokers in London knew the name of the Bank of England Governor, who changed each 2 years." Continue reading →

Continue ReadingWe All Know Who Janet Yellen Is, And That’s Terrifying