sound money

Bill Bonner: American grifters

"Here on the pampas, on the other hand, the Argentinians know better. Their brains have been sharpened by adversity and enlarged by necessity. They know they’re getting ripped off by the government. They find ways to protect themselves. 'There are invoices, and there are invoices. You can get an invoice at the official rate, or one at the unofficial rate. Or one that is not at any rate at all. A, B, or C. The government rigs the system to cheat us; we rig it right back. You just have to make sure you have the right invoice for the right transaction. At the end of the year, people buy and sell invoices. Everybody’s got a trick or two. You have to. Otherwise, you’re a sap.'" Continue reading →

Continue ReadingBill Bonner: American grifters

‘The Single Most Valuable Document In The History Of The World Wide Web’

"Twenty years ago this week, researchers renounced the right to patent the World Wide Web. Officials at CERN, the European research center where the Web was invented, wrote: 'CERN relinquishes all intellectual property to this code, both source and binary form and permission is granted for anyone to use, duplicate, modify and redistribute it.' It's a dull sentence from a dull document. But that document marks the moment when the World Wide Web entered the public domain — a moment that was central to creating the Web as we know it today. Could the Web have been patented? And how would the world have been different if it had?" Continue reading →

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Authors, composers want 3.4% of every Belgian’s Internet bill

"Content owners in nearly every country have tried various strategies to get compensation for losses due to piracy. But copyright owners in Belgium have a bold new tactic: go after Internet service providers in court, demanding 3.4 percent of the fees their customers pay for Internet service. The lawsuit has been brought by the Belgian Society of Authors, Composers, and Publishers, known as Sabam. The group's claim is similar to the blank-media levy that exists in Canada. It seems to be based on the assumption that a particular medium is used to break copyright law, and therefore all the users of that media should rightly be required to pay a tax." Continue reading →

Continue ReadingAuthors, composers want 3.4% of every Belgian’s Internet bill

IRS Data Web Snares Mostly Low- and Middle-Income Taxpayers

"The IRS's next phase in high-tech tax collection will be to create a 'real-time' check of tax returns to 'match them to third party information.' Starting this year, the IRS tools will be able to track all credit card transactions. The agency has also instructed agents on using social media and e-commerce sites including eBay, as well as the rich data generated by mobile devices. Its computers are capable of scanning multiple networks at the same time to collect 'matching' comprehensive profiles for every taxpayer in America. Such profiles include shopping records, travel, social interactions, health records and files from other government investigators." Continue reading →

Continue ReadingIRS Data Web Snares Mostly Low- and Middle-Income Taxpayers

Secret Bitcoin mining code added to e-sports software sparks outrage

"Competitive video gaming community E-Sports Entertainment Association secretly updated its client software with Bitcoin-mining code that tapped players' computers to mint more than $3,600 worth of the digital currency, one of its top officials said Wednesday. The admission by co-founder and league administrator Eric ‘lpkane’ Thunberg came amid complaints from users that their ESEA-supplied software was generating antivirus warnings, computer crashes, and other problems." Continue reading →

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FinFisher spyware used by governments is disguised as Firefox; Mozilla not happy

"FinFisher, also known as FinSpy, is a piece of malware developed by Gamma International and sold to governments of 36 different countries (the US included) to monitor the activities of computer users. The spyware was originally designed to aid with criminal investigations, but there have been reports that say it has been used for more than just to catch criminals, such as to monitor the activities of dissidents or [insert label here]. Mozilla, the maker of the popular Firefox browser, has issued a cease-and-desist letter to Gamma International because Mozilla alleges FinFisher is packaged to look like the Firefox browser." Continue reading →

Continue ReadingFinFisher spyware used by governments is disguised as Firefox; Mozilla not happy

Is your webcam spying on you?

"Last week, a Texas judge denied a warrant request from the FBI that would have enabled federal gumshoes to snoop through his webcam, raising a question: Should the FBI be allowed to spy on you through your webcam? An Ars Technica report noted that the practice requested by the bureau was similar to surveillance methods used by an online community called Ratters. Texas Judge Stephen Smith denied the FBI request because the methods used would not only give the FBI access to the camera, but it would give them full control of the suspect’s computer, allowing them to access other files." Continue reading →

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High-frequency stock traders turn to laser networks, to make yet more money

"Financial traders are now turning to high-speed laser networks between stock exchanges, to decrease latency by a few milliseconds, to squeeze a few more trillion dollars per year out of high-frequency trading (HFT). Perseus Telecom recently completed a microwave link between London and Frankfurt that reduced the round-trip latency to just 4.6 milliseconds — almost halving the 8.35-millisecond round-trip for the London-Frankfurt fiber link. The microwave network cost between $13 and $26 million to build, but for the financial trader who uses it could earn billions." Continue reading →

Continue ReadingHigh-frequency stock traders turn to laser networks, to make yet more money

Bill Bonner: Fed’s QE has not created one single extra job

"Our central banks are engaged in a breathtaking program of activism. We don't know where it will lead. But, from the historical record, activism and central banking go no better together than drinking and driving. Keep it up long enough and you're bound to have an accident. But the accident hasn't happened yet. So most people have stopped worrying about it. They smell the liquor on the driver's breath. But they get on the bus anyway. The most reckless driving in central bank history...raising the footings of the US financial system by a factor of 5 times...from $800 billion to $4 trillion...and it has not resulted in one single extra job." Continue reading →

Continue ReadingBill Bonner: Fed’s QE has not created one single extra job

President Obama Nominates Penny Pritzker for Commerce Secretary

"Pritzker is a Chicago billionaire heiress. Her father co-founded the Hyatt Hotel. She is estimated to be worth at least $1.7 billion. She was instrumental in funding Obama in his senatorial campaign and later his presidential campaigns. Cronyism will go wild with her at Commerce. She didn't spend all that money on Obama for nothing." Continue reading →

Continue ReadingPresident Obama Nominates Penny Pritzker for Commerce Secretary