money

‘Follow the Money’: NSA Spies on International Payments, Banking, Cards

"The National Security Agency (NSA) widely monitors international payments, banking and credit card transactions. The spying is conducted by a branch called 'Follow the Money' (FTM). The collected information then flows into the NSA's own financial databank, called 'Tracfin,' which in 2011 contained 180 million records. Some 84 percent of the data is from credit card transactions. Further NSA documents from 2010 show that the NSA also targets the transactions of customers of large credit card companies like VISA for surveillance. The NSA's Tracfin data bank also contained data from SWIFT, a network used by thousands of banks to send transaction information securely." Continue reading →

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The “Domestic Terrorist” You Can Call a Hero

"Bernard von NotHaus has been the called the Rosa Parks of the alternative money movement. More than 10 years ago, he had this idea that he would make his own money — not the fake stuff we are used to, but the real stuff made of actual silver. The feds raided him in in 2006. In 2007, the government outright stole 2 tons of coins from him, many of them featuring an image of Ron Paul, plus 500 silver coins and 50 gold coins. They threw him in jail and dragged his name through the mud many times. The government labeled him a 'domestic terrorist.' Yet — and this is what amazed me — he still hasn’t been sentenced. He walks around as free as you or me." Continue reading →

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Fed Warns of ‘Escalating Threats’ to U.S. Payment System

"The central bank oversees the nation's payment system. The Fed is seeking public comments on the weaknesses of the system, including its inability to process transactions in near-real-time. The U.S. lags behind other countries in the speed of transactions, the Fed said. 'In a world where several other countries are moving to ubiquitous near-real-time retail payment systems, the U.S. payment system does not have this capability,' according to the paper. The central bank also said 'cross-border payments from and to the United States are slow, inconvenient, costly and lack transparency regarding fees and timing.'" Continue reading →

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Nigel Farage offers Barroso some cooling news on euro and climate change

"The euro which you believed would give us monetary stability has done the very opposite, it was a misconstruction from the start, and it's pretty clear that youth unemployment, at nearly 50% across the Mediterranean, is probably nearly double what it would have been as a direct result of the misconstruction that is the euro. They're in the wrong currency, but I know that you'll never ever admit to that, and the euro I think will die a very slow and painful death. But it's the green agenda that I find really more interesting. You keep telling us that climate change is an absolute top priority, and you've been greeted with almost hysteria in this place over the last ten years." Continue reading →

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Belgium’s finance minister has no objection to bitcoin

"Minister of finance Koen Geens responded to a parliamentary question about bitcoin, commenting that he wouldn’t see the Belgian National bank having any objection to bitcoin, and stating that for the moment its use is limited to a handful of traders. Geens reportedly added that although privacy and anonymity were a big part of bitcoin, there was no indication that the cryptocurrency is used on a large scale for money laundering. Any exchange of large amounts of bitcoin would be detected by the financial control systems, he argued. Germany made its own advances in this area last month, when its own finance ministry officially recognized bitcoin as private money." Continue reading →

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How Bitcoin Is Blossoming in Germany

"'In our neighborhood there are a few dozens of bitcoin-accepting businesses by now and a bitcoin-based economic cycle starts to develop,' says Joerg Platzer, owner of Room77 and principal of the Crypto Economics Consulting Group in Berlin. 'I do not have to change the bitcoins we take in back into euro. I can pay my beer supplier, my printer and other goods and services with it already. We call it our 'alternative local currency with global reach.'' In Switzerland, Matonis says Bitcoin is being considered for a three-digit ISO currency code (XBT)—a code that most online currency conversion tools already utilize." Continue reading →

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FDR: Sowing the Seeds of Chaos

"The long-lasting imprint from FDR’s famous 'Hundred Days' did not stem from the bank holiday, national industrial recovery act, the farm adjustment act, the Tennessee Valley Authority, or the public works administration. Instead, it is lodged in the footnotes of standard histories; namely, FDR’s April 1933 order confiscating every ounce of gold held by private citizens and businesses throughout the United States. Shortly thereafter he also embraced the Thomas Amendment, giving him open-ended authority to drastically reduce the gold content of the dollar; that is, to trash the nation’s currency." Continue reading →

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CFR Floats Neo-Bretton Woods to Create a New Monetary System

"This article is bylined by Benn Steil of the Council on Foreign Relations. The groundwork is apparently being prepared. The plan has evidently always been a global currency. And it is marching closer. The world is in a mess and surely the post-Bretton Woods system is responsible for it. One hundred and fifty central banks now administer the world's money, many under the supervision of the mysterious Bank for International Settlements. Whatever goes on in the world financially is a product of what has gone before. With money stuff controlled the marketplace itself is organized and directed. The free market exists from a production standpoint but not from a demand standpoint." Continue reading →

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Why Cash Costs the U.S. Economy Real Money

"With all the buzz about Bitcoin, PayPal (EBAY), Google Wallet (GOOG), and all the other innovations in digital currencies, it’s easy to forget that cash remains remarkably resilient. In part, that’s because the cost of using it is often hidden to the users themselves. Chakravorti, along with co-author Benjamin Mazzotta, says that’s especially true for those who don’t even have a bank account. The unbanked are four times more likely to pay fees to get their own money, yet are also more likely to trust cash and feel comfortable carrying around large amounts." Continue reading →

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