money

The rich are saving cash at a record pace

"Since the financial crisis, the wealthy have become the nation's top cash hoarders. The savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter. That's up from 34 percent in the second quarter of 2012—and more than three times their savings rate in 2007. A separate study from Bank of America recently found that 56 percent of millionaires have a 'substantial' amount of cash. Only 16 percent of them plan to invest that cash in the next couple of months. Perhaps the wealthy are wise to keep more money on hand in case those record-breaking markets start to falter." Continue reading →

Continue ReadingThe rich are saving cash at a record pace

Famed Trader Joe Lewis Backs Bitcoin With Swiss Fund

"Joe Lewis, a billionaire foreign-exchange trader who teamed up with hedge-fund manager George Soros in 1992 to bet against the Bank of England, is the latest high-profile financier to throw his weight behind the virtual currency called bitcoin. Mr. Lewis leads the Phoenix Fund, a Zurich-based private-equity fund that on Tuesday plans to invest $200 million in Avalon, a company that makes computer servers aimed at creating bitcoins, according to people familiar with the situation. The Phoenix Fund's investment in Avalon reflects the growing popularity of virtual currencies, which are also coming under scrutiny from regulators." Continue reading →

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Syria’s Assad bans all foreign currency in commercial transactions

"'It is prohibited to make payments, reimbursements, commercial transactions and any other commercial operation in foreign currency or in precious stones,' SANA quoted the decree as saying. 'The Syrian lira is the only currency' allowed in business and commerce, it added. Those breaking the law risk jail sentences from between six months to 10 years of hard labour, depending on the sum involved, and will be fined. The US dollar is the preferred foreign currency in Syria where the lira has lost three quarters of its value against the greenback since the outbreak of the anti-regime uprising more than two years ago." Continue reading →

Continue ReadingSyria’s Assad bans all foreign currency in commercial transactions

Casascius Physical Bitcoins Cracked at Defcon

"The methodology consisted of using a hypodermic needle to carefully inject tiny quantities of what the researchers will only refer to as a 'non-polar solvent' between the holographic security sticker and the brass coin itself. After the solvent weakened or entirely dissolved the adhesive they were able to peel back the holographic foil and access the private key beneath. The sticker was then trivially replaced, though Stits felt that using a secondary adhesive might be necessary since little of the original adhesive was left. The re-assembled coin bore only a tiny mark at the edge of the foil where the needle was first inserted." Continue reading →

Continue ReadingCasascius Physical Bitcoins Cracked at Defcon

Somalis Face a Snag in Lifelines From Abroad

"Humanitarian groups, politicians and Somalis themselves are now sounding the alarm over plans by the British bank Barclays to suspend the accounts of a number of money transfer companies used to send money to developing countries — rather than risk a run-in with regulators over potentially abetting the financing of terrorists or money laundering. The looming cutoff, expected to occur next Saturday, comes at a time when more and more Somalis have returned from abroad to invest in their home country, build new businesses and jump-start the nation’s economy after years of chaos." Continue reading →

Continue ReadingSomalis Face a Snag in Lifelines From Abroad

Satoshi Nakamoto: Natural Elite to the Rescue

"As the financial world melted down in 2008, a person or group of people developed the cyber-currency Bitcoin under the pseudonym Satoshi Nakamoto. This innovation epitomizes the natural elite in action. This brilliant work, done anonymously, is, after only four years, providing a sound alternative to debauched government currencies. No political grandstanding. No interviews from Capitol Hill. No ghost-written rants in the Wall Street Journal. No horse trading or sausage making. This is the simple creation of a product to satisfy human desires. A product people trade with voluntarily, not through the force of legal tender laws." Continue reading →

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Top Federal Reserve economist slams ‘incoherent’ European Central Bank

"A paper by the Richmond Fed said the ECB is hamstrung by institutional problems and acts on the mistaken premise that excess debt is the cause of the eurozone crisis when the real cause is the collapse of growth. 'The ECB lacks a coherent strategy for creating the monetary base required to sustain the money creation necessary for a growing economy,' said the paper, written in July by Robert Hetzel, the bank’s senior economist. It called for direct action to buy 'bundles' of small business loans, as well as 'packages of government debt' across EMU states, including German Bunds." Continue reading →

Continue ReadingTop Federal Reserve economist slams ‘incoherent’ European Central Bank

Gold imports jump 102% in Pakistan; ban imposed

"Following the Indian government’s decision to discourage gold import by imposing 8% duties, buyers have reportedly shifted to Pakistan where the precious metal is allowed to be imported duty free since 2001. An official handout by Pakistan's Economic Coordination Committee (ECC) of the Cabinet, headed by Finance Minister Ishaq Dar, has noted that there have been serious apprehensions that the duty free import of gold is being abused by unscrupulous elements." Continue reading →

Continue ReadingGold imports jump 102% in Pakistan; ban imposed

Minnesota Starts to Regulate and Track Gold Coin Dealers

"Minnesota has passed legislation that would regulate bullion coin dealers. But it has coin dealers and coin club officials scratching their heads over just what it means and how to comply. Implementation of the bill will have the effect of licensing bullion coin dealers in the state. Bullion coin dealers will be subjected to registration as of July 1, 2014, with the state commissioner of commerce at a fee of $25 for a bullion coin dealer and $10 for his representatives. The legislation defines 'bullion coin' as any coin that contains 'more than one percent by weight of silver, gold, platinum, or other precious metals.'" Continue reading →

Continue ReadingMinnesota Starts to Regulate and Track Gold Coin Dealers

Indian central bank has debased the rupee 99% vs the dollar; no hope in next Guv too

"The rupee has lost almost 99 percent of its value against the US dollar since 1947 when the rupee was at parity with the dollar. The dollar itself has been no great paragon of virtue and has lost 98 percent of its value against gold in the same period ($35/ounce in 1947 to around $1,330 today). So to state the the RBI has decimated the value of the rupee would actually be an understatement of sorts. But it continues to amaze me when I see the RBI Governors being extolled to the realm of divinity by the media. 'Headless Chicken' would be a much more appropriate description of how they have performed over the last few decades." Continue reading →

Continue ReadingIndian central bank has debased the rupee 99% vs the dollar; no hope in next Guv too