regime uncertainty

Bitcoin-friendly Internet Credit Union suddenly dumps accounts: ‘regulatory issues’

"The Internet Archive Federal Credit Union, an experimental financial institution run by the eponymous nonprofit that archives web history, has established itself as a Bitcoin haven. In contrast to traditional banks, which snubbed businesses built around the virtual currency, the IAFCU basically put up a Bitcoin welcome sign. 'These are not drug dealers, money launderers, or whatever. These are average folks,' IAFCU CEO Jordan Modell told Wired. That all changed yesterday, however, when the credit union announced it will be dumping its Bitcoin clients." Continue reading →

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Family Farmers Fight Michigan Township For Their Animals

"Kelly Vander Kley Hunter and her family have spent the last three years pouring their time and money into building a small hobby farm in Mattawan, MI. Roughly a three hour drive from Detroit, Mattawan is a rural community that is home to many small farms with many farm animals. Yet Vander Kley Hunter had still checked before purchasing the property to make sure that having animals would be all right, and the township confirmed that farm animals were indeed allowed. But earlier this summer, the Hunters received a letter stating that their farm was no longer in compliance with the township zoning ordinance and that they had 90 days to get rid of more than half of their animals." Continue reading →

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U.S. Government Watchdog Agency Urges IRS to Intensify Offshore Efforts

"A much larger number of what the IRS calls 'recalcitrant' account-holders chose another route. Instead of entering a voluntary disclosure program, they simply started reporting their foreign accounts, without paying penalties or interest. Such taxpayers avoid paying any delinquent taxes, interest, or penalties, unless audited. Evidence of an explosion in quiet disclosures comes from the fact the number of people filing FBAR forms nearly doubled from 281,000 in 2007 to 516,000 in 2010. The agency has urged the IRS to examine closely these first-time filers for disclosure violations in earlier years. And, the IRS has promised to do just that." Continue reading →

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Voluntary Tax Disclosure Programs Correlated With U.S. Citizenship Renunciations

"'It’s quite clear from the data that the number of people renouncing their citizenship shoots up at the same time that the IRS began the Offshore Voluntary Disclosure Programs. Then, the number of people renouncing citizenship decreases at the same time that the Streamlined program is announced – which gives US citizens living abroad a less cumbersome way to catch up on back taxes, but then it shoots up again when the FATCA rules start to kick in and people find that the bank they have worked with for 20 years is closing their account because they are a US citizen' said David McKeegan of Greenback Expat Tax Services, a tax preparation company." Continue reading →

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How To Cash Checks From America’s Water Needs

"In the most recent study and analysis by the EPA, 73,400 water systems are at risk of putting contaminated water into homes, businesses and agricultural operations across the nation. Fixing the problems is expected to cost at least $384 billion — but we won’t really know until we actually dig into the water systems… many of which were built a century or more ago. Then there’s the matter of aging piping. Every day, on average, there are 850 water main breaks. Since 2000, the number of failed water pipes is some 4.2 million. Fixing all the known pipe problems would cost another $549 billion. These are fixes required by the EPA under the Safe Drinking Water Act." Continue reading →

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Ecuador: Is it nuts to invest here?

"Since coming to power in 2007, Correa has voluntarily defaulted on the country’s debt, rewritten terms for natural resource companies and steadily pushed up taxes for imported goods. Unsurprisingly, most multinationals have taken the hint and left the country. Foreign direct investment now stands at less than 1% of GDP – the lowest in the region apart from Venezuela. But today, I want to tell you why I reckon that could be about to change and throw up some exciting – though risky – investment opportunities in the region. In the last few years, Ecuador has been one of the fastest-growing economies in the region, with GDP averaging 6.7% since the start of 2011. " Continue reading →

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Jim Rogers: Need to own real assets in India

"Jim Rogers: Your politicians have been making mistakes for decades and every time you just push into the future, the problems get build up and get worse and worse and worse. There are plenty of smart Indians and there are plenty of smart people who could help India. Unfortunately, the government does not listen to them. But if I were doing it, I would abolish all exchange controls, I would abolish all capital controls, I would abolish all subsidies, I would abolish the absurd laws governing a restraining agriculture. I would cut spending so that there is no deficit spending." Continue reading →

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Don’t Fear the Taper

"Currently, the Fed is buying $85 billion a month in bonds and mortgage backed securities. If this was reduced by, say, $10 billion, it will be lauded as a 'taper.' But is it really? In my opinion, it’s still expansionary and inflationary. To the small cap sector, the data shows that it doesn’t matter. The positive performance of small caps after a rate-hike makes for a convincing argument. Different investors will recommend different strategies. Incorporating the smaller stocks in your investment portfolio might be something to consider if you fear the taper — or not." Continue reading →

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Jeffrey Tucker: Canada: Land of the Freer?

"With QuickBt, consumers are buying bitcoins and then transferring them to merchants. No harm, no real money exchange as traditionally defined, no sneaky financial trickery. It's just business, and the Canadian regulators have said: it's not our business. Meanwhile, just south of the border, regulators are putting the fear of government into every conceivable crypto-currency merchant. Congress is issuing warnings. The Financial Crimes Enforcement Network is exacting fees. The feds are driving services out of existence. It's so bad that Bitcoin advocates are reduced to Stockholm-like begging: 'Please regulate us as soon as possible.'" Continue reading →

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Bitcoin Gains Credit Union Cred

"A New Jersey credit union has agreed to accept accounts transferred from a trading exchange that handles Bitcoin and other virtual currencies. The move, apparently aimed at attracting business from investors and financial institutions that trade in the alternative forms of tender, could provide them with a much needed level of legitimacy. Staff reporters discuss." Continue reading →

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