Sudden Outbreak of Common Sense

Being an Austrian Is Easier Than Ever

"In April 2011, two years shy of its 100th birthday, the Fed held its first press conference in history in response to mounting criticism of its lack of transparency. In other words, the Fed felt that it had to walk out into the sunshine and defend itself. And, as no doubt part of the same public relations effort, recent Fed publications reveal a concerted effort to perpetuate the myth that the Federal Reserve System is not a central bank at all, but a system of banks that serve 'our local communities.' What’s different this time is that, with the help of the web, Ron Paul’s 2012 campaign, and of course, the Mises Institute, the Austrian School of economics is no longer an obscure and ignored minority." Continue reading →

Continue ReadingBeing an Austrian Is Easier Than Ever

Croatian central bank establishes that Bitcoin is legal in Croatia

"Croatian national bank (CNB) gave its opinion that Bitcoin is legal, and the most notable mention was a piece on Bitcoin that got aired on 19:30 national television news on Monday. CNB took the very liberal stand that echoes European central bank document on virtual currency schemes from October 2012, noting that Bitcoin is not illegal in Croatia. They noted that it is not electronic money since it's not debt to the issuer (although it has some similarities with electronic money), and that it is not legal tender in Croatia but can be legally used." Continue reading →

Continue ReadingCroatian central bank establishes that Bitcoin is legal in Croatia

Bitcoin Awareness Grows in South Korea After Central Bank U-turn

"Kevin Lee is a Seoul-based bitcoin entrepreneur and CEO of BitcoinKorea, South Korea’s first bitcoin business and portal. He has traveled around Asia attending bitcoin-related conferences and meetups, and wants to be instrumental in promoting its use in his native land. He thinks South Korea’s need for digital currency options are similar to China’s: a way to diversify investments and find a way around capital controls. Lee, a friend of Asia-based bitcoin missionary Roger Ver, said the pair will tour South Korea from 8th to 23rd January to spread the word – talking to major news organisations and helping to introduce Kraken, an exchange that launched in the country just last Friday." Continue reading →

Continue ReadingBitcoin Awareness Grows in South Korea After Central Bank U-turn

Proposals announced to boost Shanghai Free Trade Zone

"In a six-page report that included 30 detailed instructions, the People's Bank of China said yesterday it would allow residents of the zone - seen as a test bed for liberalising the financial sector - to set up 'resident free trade accounts' in both domestic and foreign currencies, and would allow yuan to be fully convertible under those accounts 'when the time is ripe'. The 29 sq km zone, the first of its kind on the mainland, was set up two months ago and the guidelines suggest it will offer benefits that Beijing has been reluctant to offer other pilot areas. For example, 'qualified' individual investors will be able to make various foreign investments, including trading overseas securities." Continue reading →

Continue ReadingProposals announced to boost Shanghai Free Trade Zone

Bitcoin Gets a Cautious Nod From China’s Central Bank

"Speaking at an economic forum on Wednesday, Yi Gang, the deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, said that it would be impossible for China’s central bank to recognize the Bitcoin as a legitimate financial instrument in the near future. But, Mr. Yi added, people are free to participate in the Bitcoin market and he would personally adopt a long-term perspective on the currency. The statement comes during a week of remarkable turbulence on China’s numerous Bitcoin exchanges." Continue reading →

Continue ReadingBitcoin Gets a Cautious Nod From China’s Central Bank

Bernanke: Bitcoin ‘May Hold Long-Term Promise’

"The beautiful thing about Bitcoin, digital currency enthusiasts will tell you, is that it doesn't have a central bank. So with eyes on today's Bitcoin Senate hearing, where does the world's most powerful central banker stand on the elusive cryptocurrency? Now we know. Ahead of the meeting, U.S. Federal Reserve Chairman Ben Bernanke has released a letter to help guide the senate. Quartz's Zachary Seward called it a 'cautious blessing,' with Bernanke acknowledging the Fed doesn't have the authority to supervise virtual currencies, but that they 'may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.'" Continue reading →

Continue ReadingBernanke: Bitcoin ‘May Hold Long-Term Promise’

Jim Rogers on Price Inflation, Investing in Asia and China’s Boom

"As we speak, there is this meeting in Beijing on what to do about the Chinese economy. It's a plenary council, which only meets periodically. The first meeting was in 1978 where [Deng Xiaoping] started opening up the Chinese economy, which has certainly been the most important thing in the world economy in the past 35 years. In 1993 they had another one, which had dramatic results. The Chinese say that this meeting is going to have equally dramatic and dynamic results and come up with very important changes. It may be as important as 1993 or 1978, and if they do big things, it's going to be perhaps the most important thing affecting the world economy over the next 10 or 20 years." Continue reading →

Continue ReadingJim Rogers on Price Inflation, Investing in Asia and China’s Boom

Federal Reserve Economist On Bitcoin: ‘Small Phenomenon But Growing’

"It’s a big moment for Bitcoin. The digital currency has gotten an official nod from the overseer of U.S. currency in the form of a primer out of the Federal Reserve Bank of Chicago. Senior economist François R. Velde wrote an elegant critique of the four-year-old currency, explaining its mechanics, limitations, and prospects for success, ultimately deeming it a 'remarkable conceptual and technical achievement, which may well be used by existing financial institutions.' If this were Economic Mean Girls, this is the part of the movie where Lindsay ‘Bitcoin’ Lohan gets friended by the powerful, popular crowd." Continue reading →

Continue ReadingFederal Reserve Economist On Bitcoin: ‘Small Phenomenon But Growing’

Pressure Mounts for Marijuana Reform in Bermuda

"For Americans, mention 'Bermuda' and 'marijuana' and the first thing that comes to mind is a vision of vacationing cruise ship passengers arrested and fined in large amounts for carrying small quantities of the substance, like this Oakland medical marijuana patient last month or these two unfortunate tourists in April. But that could be about to change. A mid-month meeting organized by the governing One Bermuda Alliance's youth wing, the Future Bermuda Alliance, to discuss marijuana reform drew nearly a hundred residents and supporters, including two government ministers, both of whom expressed general support for the notion." Continue reading →

Continue ReadingPressure Mounts for Marijuana Reform in Bermuda

Health Canada Approves Heroin Maintenance

"Last Friday, Health Canada used some creative rule-reading to approve a program that would provide prescription heroin to a small number of hard-core users, and the Conservative health minister isn't happy. But doctors, advocates, and the users themselves are quite pleased -- and once again, Canada stays on the cutting edge when it comes to dealing smartly with heroin use. Health Canada approved access to prescription heroin for at least 15 people who are completing their participation in Vancouver's Study to Assess Long-term Opioid Dependence (SALOME), which is testing whether prescribing heroin was more effective than prescribing methadone." Continue reading →

Continue ReadingHealth Canada Approves Heroin Maintenance