regime uncertainty

Bill Bonner: Alan Greenspan’s Shock Revelation

"We know from bitter experience that trying to force economies to do what you want is a thankless task. Markets are fundamentally based on free exchange, cooperation, trust and trade. Force them in one direction or another and you are just asking for trouble. As Alan Greenspan described this week, in an interview with John Stewart on 'The Daily Show,' people are a little 'screwy' from time to time. Which means they don’t necessarily go along with your central planning, no matter how good you think it is. But still economists insist that, if they are allowed to monkey around with it, they can make an economy better. This is occasionally true." Continue reading →

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SEC Proposes Crowdfunding Rules, But…

"To produce an offering disclosure document, enlist a funding portal, run background checks and file an annual report with the SEC year after year might well cost upwards of $100,000. In order for equity crowdfunding to the public to serve as a useful tool, as intended, Congress needs to amend the JOBS Act to make it less onerous and costly. Unfortunately, the SEC’s hands are tied since the JOBS Act itself creates most of the restrictions in the proposed rule. The SEC, for its part, did not tighten restrictions from the JOBS Act. This might be signal that even the SEC thinks the JOBS Act is too restrictive. Time will tell." Continue reading →

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Marc Faber: Bond Burglars to Bring Bears Out of Hibernation

"The probability that we have embarked on permanent asset purchases by the Fed is very high (until QE99 — or at least until the system breaks down, as just outlined). To Mr. Bernanke’s credit, and to be fair to him, I need to point out that his economic sophism is shared by most central bankers around the world. We can see that the global monetary base has exploded more than fourfold since 2003. These universally common monetary policies are, of course, applauded by fund managers, bankers and the investment community, all of which benefit (including myself) from rising asset prices." Continue reading →

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International Wire Fees going up from the new remittance transfer rule

"On October 28th, 2013 international wire fees are going up. This is due to the remittance transfer rule amendment to Regulation E from the Dodd-Frank Act. Ironically, as a ‘consumer protection’ amendment, these new stipulations are suppose to help protect and disclose more information to those that are sending money abroad. The issue is that it really does the opposite of that–it simply makes international wires more expensive at the cost of those who can afford it the least. JP Morgan Chase has announced that they will no longer be offer outbound international wire services in response to this new regulation." Continue reading →

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The S&P’s Tragic Rise Will Continue

"Equities resumed their run to higher highs and higher lows. This rise has a tragic undertone for its substance is damaging the economy. One must make hay while the sun shines. Let's examine what to expect and how to position yourself for maximum gains and protection in the mid to long-term. Turbulence in the short term will pass for the markets but socio-economic stresses require that one's holding be placed in the strongest castles. Let us then consider a three-part investing strategy that should enable most people to ride the rip tides of these markets and crazed policies and anchor themselves to companies adapted to the new America, and world that is taking shape." Continue reading →

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‘Professor of Entrepreneurship’ at MIT Predicts a Bitcoin Backlash

"Simon Johnson, a professor of entrepreneurship at MIT’s Sloan School of Management, expects Bitcoin to face political pressure and aggressive lobbying from big banks because of its disruptive nature. Johnson says that Bitcoin’s success will draw increased attention from governments and regulators, who are used to having tight control over currencies. He believes they will be egged on by established financial institutions, which will likely seek to quash the currency. Bitcoin enables very rapid, cheap transfers and payments that could compete with existing fee-based ways of moving money around. 'Any bankers watching this should be very afraid,' said Johnson." Continue reading →

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Vault of Satoshi expands Canadian bitcoin exchange market

"A new Canadian exchange launched this week, offering cheaper rates than the incumbent, and touting an advanced API. [..] The firm sent in two requests to FINTRAC, the financial services regulator in Canada, asking for a money services business (MSB) license, but the regulator’s current position is that no such license is currently needed for bitcoin. The company was refused, says Curry. However, this puts exchanges in a precarious position, because while the regulator may not have concerns, some banks do. Royal Bank of Canada closed Virtex’s account early this year because it didn’t have a license, and Curry had the same problem." Continue reading →

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Surging Bitcoin Downloads in India

"Fears that the Federal Reserve will scale back its easy-money policies sent India’s rupee tumbling to record lows against the U.S. dollar this summer. And more recently, Moody’s warned that when the Fed does actually begin tapering its $85 billion in monthly bond purchases, countries with large current-account balances, like India and Brazil, will see even greater capital outflows. The outflows, in turn, will put their currencies and debt ratings further under pressure. In 2013 so far, India’s current-account deficit has grown to a record 4.9% of GDP. That loss of confidence in the rupee has translated into an opportunity for bitcoin." Continue reading →

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Bitcoin billionaires

&"Since graduating in mechanical engineering this June, Sanket Shah hasn't bothered hunting for a job. But that hasn't thrown a spanner in his lifestyle. The secret to Sanket's self-sustenance lies in Bitcoins. The Reserve Bank of India has not yet formulated regulations to govern trading or profits generated from Bitcoins. An RBI spokesperson told Mirror over email that the RBI doesn't consider Bitcoin legal tender and, therefore 'trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility.'" Continue reading →

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Pittsburgh Residents Being Fined For Parking In Their Own Driveway

"It sounds absurd: tickets and warning letters for parking in your own driveway. But Pittsburgh City Councilman Corey O’Connor says it’s happened on two city streets – one in the West End and one in Squirrel Hill. A pregnant mother of seven who lives across the street is trying to follow the rule, but can’t get out of the driver’s side of her van anymore. She has to crawl out of the passenger’s side when she parks the vehicle between her home and her neighbor’s. O’Connor says the tickets and warning letters are issued by the Bureau of Building Inspection. KDKA was unable to reach anyone from that office Wednesday night. He says one family ended up paying a $2,400 fine." Continue reading →

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