regime uncertainty

Propaganda Alert: ‘Peace with Syria Will Crash the U.S. Economy’

"Former chief economist at the U.S. International Trade Commission – and now Kyocera copier salesman – Peter Morici argues that failure to attack Syria will destroy the American economy. In reality, it is the threat of yet another unnecessary, counterproductive war in the Middle East – and not any delay in approving such a boondoggle – which is destabilizing the economy. Moreover, far better-known and more impressive economists than Morici have shown that – contrary to long-standing myths – war is horrible for the economy. Finally, a strong rule of law is the main driver of economic growth. On the other hand, institutional lying and corruption is one of the main factors hurting our economy." Continue reading →

Continue ReadingPropaganda Alert: ‘Peace with Syria Will Crash the U.S. Economy’

Filling the FATCA void

"The overwhelming consensus back in the early days of the last century, was, ‘Why would an American want to leave their country?’ Yet out of today’s seven million US expats who are abroad, over one thousand this year alone have also chucked away their national identity. They have done so due to the impending FATCA rules which threaten their own financial planning continuity, cutting off access to channels of advice and financial management. The reporting restrictions to the American taxman - the IRS - that FATCA places on all non-US companies dealing with US clients are now deemed far too complex and costly for large institutions to comply with." Continue reading →

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ObamaCare Was Sold To American Voters On Deceptive Terms

"In 2008, Barack Obama made it sound as though his health reform was only designed to help people who couldn’t afford health insurance afford it. Everyone else was going to be left alone. ('If you like the health plan you have you can keep it.') Then, on the eve of passage of the legislation, the focus changed to those few people (very few, it turns out) who are denied coverage because of a pre-existing condition. But it very recently, New York Times columnist Paul Krugman and others have been in print explaining that ObamaCare won’t work unless the government controls the premiums paid by everybody in the entire country! As far as the general public is concerned, this is a brand new idea." Continue reading →

Continue ReadingObamaCare Was Sold To American Voters On Deceptive Terms

Bank Advisor: ‘Should Your Bank Do Business With Bitcoin?’

"One New York virtual currency exchange, Bitfloor, closed its doors in April after Capital One Financial Corp. closed its account. PNC closed the accounts of FastCash4Bitcoins in the spring, preventing them from receiving wire transfers. In August, Commonwealth Bank, one of the largest Australian Banks, closed the accounts of CoinJar. In the growing Bitcoin economy, the banking relationship is a key factor in survival, growth and success. Not all Bitcoin companies are the same, and there’s no reason a compliant Bitcoin company shouldn’t be able to get banking services. Here are factors to consider if a Bitcoin company seeks a relationship with your bank." Continue reading →

Continue ReadingBank Advisor: ‘Should Your Bank Do Business With Bitcoin?’

Bitcoin’s dilemma: go mainstream, or stay radical?

"Bitcoin enthusiasts and libertarians the world over are in a state of confusion about the slowness with which the outside world is catching on to their new way of exchanging money. But regulators and lawmakers are now, very gradually, realising they need to do something about this growing beast, even if they don't quite know what that something is. If the 'teenage band' gets signed on a 'mainstream label' then it will inevitably stray into more commercially minded territory. However, if the managers of the labels are not listening closely or do not like what they hear, perhaps this period of underground innovation will continue." Continue reading →

Continue ReadingBitcoin’s dilemma: go mainstream, or stay radical?

UK downplays talk of regulating Bitcoin

"Reports the U.K. is 'actively considering' regulating the virtual currency Bitcoin are exaggerated, the country's financial watchdog has said. The FCA said on Thursday it was simply 'keeping an eye' on Bitcoin developments, rather than actively considering regulation. 'Whilst the FCA does not regulate Bitcoins, businesses providing services related to Bitcoins or other digital currencies should consider whether they are carrying on regulated activities,' a FCA spokesperson said." Continue reading →

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UK Bitcoin dealers seek official regulation for digital tokens

"Bitcoin dealers have told the British government that it should introduce regulation for the digital tokens so they can be used for new businesses and to promote growth. At a Downing Street meeting on Wednesday, smaller banks, finance houses and Bitcoin companies told officials that big banks are blocking the creation of business accounts for money remittance because of fears over financial crime. The meeting, attended by about 40 people, included high-level civil servants from the Department for Business, Innovation and Skills and other government departments interested in Bitcoin's potential, and more generally in how to encourage financial innovation in Britain." Continue reading →

Continue ReadingUK Bitcoin dealers seek official regulation for digital tokens

Germans Hide Cash in Diapers as Swiss Secrecy Crumbles

"With Swiss banks the target of an international crackdown against tax evasion, Germans who avoided taxes by keeping money in Switzerland are bringing wads of cash home and hiding it in odd places. The customs districts bordering Switzerland turned up 20 million euros of undeclared cash last year. In the Bavarian border town of Lindau, where officers once caught a man with 25,000 euros stuffed inside a gingerbread house, 2 million euros of undeclared bills were discovered last year. German border agents also hunt for stacks of papers that point to secret accounts. 'To hold a binder with lots of bank statements, that’s quite a good feeling,' said Georg Kruegers, a German customs officer." Continue reading →

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Syria and Second Passports

"You won't be any worse off by moving some of your savings into multiple friendly jurisdictions and into things that are hard to confiscate, such as physical precious metals and foreign real estate. Obtaining a second passport is also an important ingredient in the mix. The Syrian government, for example, previously refused to renew the passports of Syrians abroad it suspected of being associated with the opposition. This is not surprising and should have been completely predictable. Any government has the ability to revoke the citizenship and/or passport of its citizens at a moment's notice under any pretext that it finds convenient. Look at how the US cancelled Edward Snowden's passport by fiat." Continue reading →

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India pushes ‘shock and awe’ currency plan to save BRICS

"India is pushing for joint 'shock-and-awe' intervention by key developing states to halt capital flight and shore up currencies, in a move that risks backfiring and triggering a vicious spiral. 'It is going to happen in a matter of days rather than weeks, Brazil and India can start the move,' said Dipak Dasgupta, a top Indian official. Mr Dasgputa told Reuters that China, Brazil, India, Turkey, Russia and South Africa have all been squeezed as the US Federal Reserve prepares to tighten monetary policy. Joint action would give emerging markets greater firepower, allowing them to deploy their combined $8.7 trillion (£5.6 trillion) of reserves and crush 'speculators', rather than being picked off one by one." Continue reading →

Continue ReadingIndia pushes ‘shock and awe’ currency plan to save BRICS