"In his recent appearance on RT, Lew Rockwell discusses the upside of government default. Rockwell is founder and CEO of the Mises Institute. For more information, visit the Mises Institute online at mises.org." Continue reading →
"Consumers may be headed for trouble when they turn over bank and brokerage pass codes to investment advisers or get pulled into investment scams involving digital currencies, state securities regulators said. The North American Securities Administrators Association said digital currencies, such as Bitcoin, offer consumers another way of paying for goods and services, but they also provide a 'fertile ground for scam artists to capitalize on ... (their) increasing popularity and acceptance.' The association's members include state and provincial regulators in the United States, Canada and Mexico." Continue reading →
"If the financial woes of the Government worsen, as seems likely, the temptation will increase for them to tap into Temple resources at some point. Who the actual owners of the resources may be, is likely to become more blurred along the way. We are heading into a confiscatory era—a time when banks and governments reserve the right to go beyond the old method of taxation and to actually pillage the purse of the public. This has begun with bank accounts and pension funds in some countries, and, as the concept becomes a trend, it will take on many forms. Confiscation of temple, church, or synagogue funds may therefore soon be on the table in a variety of countries." Continue reading →
"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 →
"Venezuela's Central Bank says prices have risen nearly 50 percent since last September as the country struggles to rein in a quickening rate of inflation and widespread shortages. The country's leftist government has spent heavily on social programs, rapidly increasing the amount of currency in circulation. It also tries to control prices while restricting access to bolivars at the official rate of exchange of 6.3 per dollar. That leads many to pay seven times as much for dollars on the black market. Officials say speculators are to blame for soaring prices and shortages. The inflation rate for 2012 was 20.1 percent." Continue reading →
"'What has been growing is the wealth of the rich, the remit of the state, the girth of Wall Street, the debt burden of the people, the prosperity of the beltway and the sway of the three great branches of government - that is, the warfare state, the welfare state and the central bank... What is flailing is the vast expanse of the Main Street economy where the great majority have experienced stagnant living standards, rising job insecurity, failure to accumulate material savings, rapidly approach old age and the certainty of a Hobbesian future where, inexorably, taxes will rise and social benefits will be cut...' He calls this condition 'Sundown in America'." Continue reading →
"In Panama, owners of bearer shares no longer have their anonymity ensured. In the Cayman Islands, tax information will soon be shared under the US Foreign Account Tax Compliance Act (FATCA). These are just two striking examples of how jurisdictions in Central America and the Caribbean are cracking down on tax cheats. For decades, Switzerland prided itself as a haven for the world’s most affluent, with strict provisions for privacy. But now the former advantages of isolation and non-compliance are becoming a liability due to the limitations they place on access to the global financial system." Continue reading →
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"'What does Cristina [Cristina Fernández de Kirchner, Argentina’s president] get paid for? Lying to us. Stealing our money. Generally making a mess of the economy. But at least she puts on a good show. You turn on the TV, and there she is – with more lies. The amazing thing is that everybody knows they are lies. We all know the cost of living is going up three times faster than she admits. We all know the country is headed for bankruptcy. We all know the central bank is printing up funny money to pay her bills. But nobody cares about that. She’s just doing her job. Just like you and me. My job is to drive a taxi. Her job is to lie to me.'" Continue reading →
"The US government shutdown - a temporary ailment or a symptom of a grave disease? Are the Republicans right in their move to block Obamacare spending? Who gains from the shutdown turmoil? Do the politicians care about their citizens? Our guest comes from the very heart of the banking system: Karen Hudes was World Bank lawyer when she blew the whistle on major corruption cases in the system and was fired as a result." Continue reading →