money

Bitcoin Crash Spurs Race to Create New Exchanges

"The rush to build a more reliable exchange for the virtual currency bitcoin is under way after another price crash on Wednesday disgruntled customers who directed their anger against the alternative currency's major exchange. This follows a 20 percent crash last Thursday which Mt.Gox blamed on a type of hacking attack called a distributed denial-of-service attack (DDoS) -- which slows down the website -- delaying orders and panicking sellers. Another DDoS was again reported by the exchange on Thursday morning, coinciding with another price drop." Continue reading →

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These 12 Banks Got the Fed Minutes a Day Early

"It wasn't just Capitol Hill staffers and trade groups that received the Federal Reserve minutes a day early. Many banks and other financial institutions also got an early look at the minutes. A list of recipients obtained by CNBC reveals that at least 12 banks, a Wall Street law firm, a hedge fund and a private equity fund were on the distribution list that got the minutes early. The banks included Fifth Third, Citigroup, UBS, Barclays, U.S. Bancorp, Goldman Sachs, Wells Fargo, HSBC, BNP Paribas, BB&T, JPMorgan Chase and PNC. Sullivan & Cromwell, one of the most powerful Wall Street law firms, also got the email." Continue reading →

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NYT: Bubble or No, Virtual Bitcoins Show Real Worth

"So why the sudden run-up in value? Some point to the recent crisis over Cypriot banks, which made a currency beyond the control of governments more tempting. And as with a run-up in anything tradable there is also the hypnotic logic that says the price went up today, so that means it will go up tomorrow. Some observers and investors also make the case that bitcoins are in fact undervalued: The total value of the world’s economic activity is enormous. There are certain transactions that are ideal for bitcoins because the currency is relatively anonymous and does not need to be processed by a financial organization or a government." Continue reading →

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Government Fees, Parking Tickets May Soon Be Paid in Bitcoin

"While some call Bitcoin an 'existential threat to the state,' local governments could soon embrace the digital currency and payment system as a practical alternative to credit and debit cards. E-Gov Link, an Ohio company that helps municipalities accept payments online for parking tickets, permits, and the like, now allows its customers to take bitcoin.- Bitcoin transactions can be processed at a fraction of the cost of other payment methods because they avoid the interchange structure of the legacy card processors." Continue reading →

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Downturn Millionaires – How to Make a Fortune in Beaten-Down Markets

"The price of gold bullion has fallen from its 2011 highs and the prices of good junior companies have been slashed to as little as half their former valuations. All the more reason to start returning broker phone calls according to David Galland, Casey Research managing director, speaking on the Friday eve of the webinar he is moderating that features some of the biggest names in the industry. The webinar features Casey Research Founder Doug Casey, Sprott Global Resource Investments Founder Rick Rule, International Speculator Editor Louis James, 'Endgame' Author John Mauldin and Diary of a Rogue Economist Editor Bill Bonner." Continue reading →

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Detlev Schlichter: Good riddance to deposit ‘insurance’

"Although the mechanics of fractional-reserve banking have not changed in 300 years the public’s expectations have evidently changed greatly. Today banks are expected to lend ever more generously while depositors are supposed to not incur any risk of loss at all. State deposit 'insurance' is not insurance. Insurance companies calculate and calibrate risks, charge the insured party and set aside capital for when the insured event occurs. A state deposit ‘guarantee’ is simply another unfunded government promise, extended in the hope that things won’t get that bad. When they finally do the state does what it always does: it will take from Peter to pay Paul." Continue reading →

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As Canada Collapses, Do We Need to Ask Why?

"At some point this sort of astonished rhetoric must begin to grow stale, even, well ... unbelievable. We are supposed to slap our collective forehead and ask, 'How could this be happening?' But, in fact, we already know. You do, too. Central banking monopoly money stimulation has taken down Western economies from Europe to the United States and beyond. And after a full century of central banking mayhem it is impossible to believe that the leaders of this failed economic environment can have any doubt left about its destructive tendencies." Continue reading →

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Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget

"What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada. The following comes from pages 144 and 145 of 'Economic Action Plan 2013' which you can find right here. Apparently the goal is to find a way to rescue 'systemically important banks' without the use of taxpayer funds. In other words, the banks will just be allowed to grab money directly out of your bank accounts to recapitalize themselves. That may sound completely and utterly insane, but this is how things will now be done all over the western world." Continue reading →

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Italian-Switzerland border checks strike gold

"Italian finance police had a lucky find on Easter Sunday during a routine check of a family car crossing into Switzerland: they discovered gold ingots worth about €4.5 million concealed in false compartments. The car was driven by a 53-year-old Italian resident of the Swiss canton of Ticino, described by the police as the legal representative of a Swiss company. He was travelling with his wife and three children, apparently going for an Easter trip. The man was immediately charged with money laundering. The ingots and the car were seized. There has been an upsurge in the smuggling of gold from Italy to Switzerland in the past few months." Continue reading →

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State Confiscates $10,000 From Airline Passenger Over Exchange Rate Disagreement

"Docherty was boarding a flight to Costa Rica in November 2010 when a dog trained to sniff out money (they have those?) found Docherty's stash of cash. There was $9,880 in U.S. currency and another $335 Canadian. Docherty explained he'd calculated the Canada-U.S. exchange rate so the total amount to come in under the $10,000 limit. The trouble was that by the time he took his flight two days later, the U.S. dollar had strengthened, making his package worth more than $10,000 Canadian. Agents seized the money under the legislation and unlike criminal charges, the onus falls on people like Docherty to prove the money was legitimately acquired." Continue reading →

Continue ReadingState Confiscates $10,000 From Airline Passenger Over Exchange Rate Disagreement