regime uncertainty

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

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

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

Bitcoin Has Been On A Huge Tear Lately

"It hasn't gotten that much attention, as the world's Bitcoin fascination has faded since this spring. BUT: Worth pointing out that the actual price of Bitcoins has been on a major tear again lately, as it presses up near $150. This is despite increasing oversight and subpoenas from regulators, and all kinds of pronouncements about Bitcoin's death." Continue reading →

Continue ReadingBitcoin Has Been On A Huge Tear Lately

‘Let’s tax the sun’: new law shocks world press

"A new tax on solar power introduced two weeks ago by the Spanish government has been described as 'ludicrous' and 'stupid' in two leading international publications. Business Spectator interviewed people who plan to ignore the new law, including Sergio Pomar, chief executive of energy-efficient installation firm INEL. He said: 'If I spend €600 to install solar panels and get fined €6 million let the judge decide.' Private individuals who fail to hook their solar panels up to the national grid to be metered and taxed could face fines of up to €30 million ($40 million) under the new law. Some homeowners have removed their solar panels rather than face fines of up to €30 million." Continue reading →

Continue Reading‘Let’s tax the sun’: new law shocks world press

Watch out, startup communities: The Congressmen are coming

"The tech industry and startup world are only just waking up to the need to maintain an ongoing dialogue with Congress, while the political class is starting to realize that innovation and entrepreneurship are vital pieces in the nation’s economic puzzle. In the weeks ahead, however, the gap between the two worlds will shrink just a little as Congressmen fan out across the country to visit startup communities in their home districts. Starting today and proceeding throughout September, 44 members of Congress will be meeting with startups in their home districts from Tennessee to Ohio as part of Startup Day Across America." Continue reading →

Continue ReadingWatch out, startup communities: The Congressmen are coming

Lawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

"The six biggest U.S. banks, led by JPMorgan Chase & Co. (JPM) and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years. Bank of America, led by Chief Executive Officer Brian T. Moynihan increased its legal costs by $3.3 billion in the first half to a total of $19.1 billion. That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg. The sum, equivalent to spending $51 million a day, is enough to erase everything the banks earned for 2012." Continue reading →

Continue ReadingLawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

Delta and Virgin Atlantic venture gets tentative immunity from antitrust laws

"Delta Air Lines and Virgin Atlantic Airways on Friday won tentative US approval for antitrust immunity for their proposed transatlantic joint venture, officials said. The Department of Transportation said it had recommended approving a request by the two airlines for protection from prosecution over antitrust issues, saying the tie-up would likely increase competition. The antitrust immunity 'would allow the airlines to operate a joint venture on flights between the United States and the United Kingdom,' the department said on its website." Continue reading →

Continue ReadingDelta and Virgin Atlantic venture gets tentative immunity from antitrust laws

Peter Schiff: The Unfriendly Skies

"The truth is that our impoverished citizenry can no longer support the airline industry we once had. That's why American and U.S. Air had to merge in order to stay competitive and profitable. That is the sad truth behind the headlines. The government is correct about one thing, the merger would result in fewer choices and higher fares for customers. But given the reduction of our living standards that outcome is impossible to avoid. If our government really wants to protect consumers and allow for more affordable air travel, a better solution would be to reverse the destructive policies that made the merger necessary in the first place." Continue reading →

Continue ReadingPeter Schiff: The Unfriendly Skies

The Italian government really screwed this poor woman

"They’ve jacked tax rates to the moon. And governments have forced banks to become unofficial tax collectors… limiting the amount of money that can be withdrawn and scrutinizing international wire transfers. Then the government went and, practically overnight, made her agricultural operations unprofitable. The home is another story altogether. The villa was awarded a special status as a sort of national monument years ago. This meant that she was able to make upgrades, improvements, and maintenance investments on a tax-free basis. The government revoked this status, retroactively. And they’ve now presented her with a big tax bill that she was never expecting before." Continue reading →

Continue ReadingThe Italian government really screwed this poor woman