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Keyword: currency

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  • The United States Is Imploding, On The Eve Of Destruction.

    01/24/2015 6:04:06 AM PST · by alexmark1917 · 45 replies
    The United States is gradually, but unrelentingly, destroying part of itself. The facts to support this are well-documented, told in many ways from past to present. The most egregious example of Americide is our country's treatment of African-Americans. Almost everyone agrees about the evils of slavery, once dismissed simply as a Peculiar Institution. But a debate goes on about reparations, with passionate arguments on both sides, ranging from a demand for a Reparations Superfund for jobs and education, to a claim that blacks actually benefited from slavery because of the years of 'reparations' received through poverty programs. Reparations opponents insist...
  • As Euro Slides, Strategists Cut Forecasts

    01/24/2015 3:51:11 AM PST · by SkyPilot · 14 replies
    The Wall Street Journal ^ | 23 Jan 15 | Tommy Stubbington and James Ramage
    Rip up your euro forecasts. A day after the European Central Bank unveiled its bond-buying program, the single currency still was in free fall, blowing past analysts’ expectations for how low the euro can go. Some investors now say the euro could fall to the point where it is on equal footing with the U.S. dollar for the first time since it climbed above the buck in late 2002. “If you would have asked me a few months ago, I would’ve said that parity could be in the cards in the years ahead. Now, we can’t rule it out anymore...
  • This Is What Gold Does In A Currency Crisis, Euro Edition

    01/23/2015 1:19:26 PM PST · by blam · 18 replies
    Zero Hedge ^ | 1-23-2015 | Tyler Durden
    Tyler Durden 01/23/2015 Submitted by John Rubino via Dollar Collapse blog Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.(snip)
  • While You Were Sleeping, Lehman Just Happened...

    01/21/2015 2:51:17 PM PST · by alexmark1917 · 24 replies
    The "Deflationary Vortex": Global Dollar Economy Suffers Biggest Plunge Since Lehman, Down $4 Trillion One of the macroeconomic observations that has gotten absolutely no mention in recent months is the curious fact that while global economic growth has not imploded in recent quarters, it is because GDP has been represented, as is customary, in local currency terms. Of course, this comes as a time when local currencies (at least those which are not the USD) have been plunging against the greenback on the back of the expectations that the Fed will hike rates some time in the summer or later...
  • Rickards: Brace For Financial Storm 6x Larger Than 2008

    01/21/2015 12:09:48 PM PST · by alexmark1917 · 38 replies
    Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown... The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion. Energy-sector...
  • Everest Macro Hedge Fund Blows Up After Nearly $1 BIllion In Swiss Franc Losses

    01/17/2015 8:18:02 PM PST · by tcrlaf · 20 replies
    Zerohedge ^ | 1-17-2015 | Durden
    Yesterday, when we got the first news of huge P&L losses at various publicly-traded banks not to mention the collapse of several retail brokers culminating with the bailout of FXCM by Jefferies, we reminded that seconds after the SNB shocker, we tweeted what was quite obvious to anyone who realized that speculators were most short the CHF since the summer of 2013. We also added that "We have yet to find out just which hedge funds were blown up yesterday", for the simple reason that unlike public banks who have an obligation to reveal news, especially bad, to their shareholders,...
  • Switzerland brings in negative interest rates to keep Swiss franc weaker as Russia mayhem prompts

    12/18/2014 7:09:33 AM PST · by C19fan · 11 replies
    UK Daily Mail ^ | December 18, 2014 | Tanya Jefferies
    The Swiss central bank plans to charge depositors a 'negative' interest rate of -0.25 per cent to discourage spooked investors from using it to shelter their cash. Money has flooded into Switzerland as market turbulence caused by the Russian rouble collapse and oil price slide has prompted a desperate search for safe havens in recent days. The Swiss National Bank said it would slash its interest rate on balances of over 10million Swiss francs from January 22 - effectively imposing a charge on depositors wanting to hold francs in a bid to keep its currency artificially weak against the euro.
  • Swiss mess could make oil plunge seem like minor hiccup

    01/16/2015 5:46:55 PM PST · by Lorianne · 11 replies
    Market Watch ^ | 15 Junuary 2015
    One day, it’s gold. The next, it’s equities. Most days, it’s crude. On Wednesday, it was copper. On Thursday it was the Swiss franc and Swiss stocks. And the move in those two makes those others look like minor-league hiccups. While you were sleeping, all hell broke loose in Switzerland, as the central bank ditched its currency cap against the euro after four years and slashed interest rates to negative 0.75%. The Swiss franc is rallying wildly, while the Swiss stock market is cratering and U.S. stock futures are mostly on the losing side as investors figure out this latest...
  • Swiss Franc rockets…Hedgies taken out to the woodshed and shot

    01/16/2015 7:05:52 PM PST · by Lorianne · 30 replies
    China Money Report ^ | 16 January 2015
    Europe is deflating….The Swiss banking established, normally always a pillar of private property and free capital movement have decided to stop pegging their currency which has been an affront against free markets. Hedge Funds piggy banking off government manipulation and mostly short the currency were taken out to the woodshed and shot as the currency shot up 30% in minutes.
  • It's Carnage-Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor-Macro Hedge Funds Crushed

    01/15/2015 5:13:21 AM PST · by tcrlaf · 15 replies
    Zerohedge ^ | 1-15-2015 | Durden
    "As if millions of macro hedge funds suddenly cried out in terror and were suddenly silenced" Over two decades ago, George Soros took on the Bank of England, and won. Just before lunch local time, the Swiss National Bank took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them, when it announced, first, that it would go further into NIRP, pushing its interest rate on deposit balances even more negative from -0.25% to -0.75%, a move which in itself would have been unprecedented and, second, announcing that the 1.20...
  • U.S. Equity Futures Flat as Franc Soars on Swiss Move ("Extremely violent and totally unexpected")

    01/15/2015 6:00:23 AM PST · by SkyPilot · 27 replies
    Reuters and Fox News ^ | 15 Jan 15 | Reuters and Fox staff
    Global markets were thrown into turmoil on Thursday as a shock move by Switzerland to abandon its more than three-year-old cap on the franc sent the currency soaring and Europe's shares and bond yields tumbling. The franc jumped by almost 30 percent in a chaotic few minutes after the 1.20 per euro cap in place since late 2011 was lifted, surging past parity to trade as high as 0.8052 francs per euro. It was trading at 1.02600 at just after 1200 GMT. The move reversed an earlier rebound in risk appetite following an overnight recovery in commodity prices. Over 100...
  • It's Like We're In The Panic Phase Of A Financial Crisis

    01/06/2015 5:41:10 AM PST · by blam · 23 replies
    BI ^ | 1-6-2015 | Sam Ro
    Sam Ro January 6, 2015Over the past few days, we've seen stocks plummet and oil prices crash. But the most interesting moves have been occurring in the global bond markets where government bond yields have been plunging to historic lows. "2015 starts off with the average of G3 10 year government yields below 1%," wrote Steven Englander, Citi's global head of G10 FX Strategy. The G3 currency group consists of the US dollar, the euro, and the yen. On Tuesday, the US 10-year yield got as low as 1.959% and Japan's 10-year yield fell to as low as 0.288%. In...
  • ‘Correction: $1 Trillion bill’? Prediction: Obama will be on the $20 bill in 50 years (Mega Hurl)

    12/17/2014 10:59:50 AM PST · by C19fan · 50 replies
    Twitchy ^ | December 17, 2014 | Staff
    President Obama still has two years left as president, but that’s not stopping some of his biggest fans from thinking about his legacy. Here’s Ta-Nehisi Coates of The Atlantic: 10 years world will long for "pragmatic" Obama. 25 years--will be considered one of America's "greatest presidents." 50 yrs on the $20 bill.
  • Russian ruble suffers new fall but the collapse slows

    12/17/2014 4:01:33 AM PST · by elhombrelibre · 11 replies
    Reuters ^ | 17 Dec 14 | Vladimir Abramov and Alexander Winning
    The dramatic fall in Russia's ruble slowed on Wednesday, with the government selling foreign currency to prop it up after a 50 percent fall against the dollar this year. Losses were partly contained by exporters selling dollars in preparation for paying their monthly tax bills but the slide was less precipitous than in the past two days when it fell about 20 percent against the dollar. At 0508 ET, the ruble was down around 1.6 percent against the dollar at 68.58 rubles per dollar and was 0.3 percent weaker versus the euro at 85.40.
  • Apple temporarily halts Russian online sales over currency issues

    12/16/2014 7:34:14 PM PST · by SeekAndFind · 15 replies
    C/NET ^ | 12/16/2014 | by Shara Tibken
    Russian customers waiting for Apple's iPhone 6 will have to wait longer. The Cupertino, Calif., electronics giant on Tuesday temporarily shuttered its online store in the Eastern European country because of the instability of Russia's currency. Apple doesn't operate physical stores in the country, and the company declined to say when it would resume online sales there. "Due to extreme fluctuations in the value of the ruble, our online store in Russia is currently unavailable while we review pricing. We apologize to customers for any inconvenience," Apple said in a statement. The ruble has been dropping sharply in recent days...
  • Currency Brokers: The Russian Ruble Is Hereby Halted Until Further Notice

    12/16/2014 2:18:02 PM PST · by SeekAndFind · 21 replies
    Zero Hedge ^ | 12/16/2014 | Tyler Durden
    Earlier, we reported that various currency brokers such as FXCM and FxPro, would - as a result of the soaring liquidity in the USDRUB pair - suspend trading in the Russian Ruble (while other merely hiked margins to ridiculous levels). It appears things have escalated again, and as FXCM just reported, instead of just politely advising clients not to open new USDRUB position tomorrow, it has advised anyone long, or short, the USDRUB that their positions will be forcibly shut in moments. So for those curious why there appears to be a collapse in Ruble volatility in the past...
  • Russian ruble suffers steepest drop in 16 years

    12/16/2014 4:41:16 AM PST · by elhombrelibre · 81 replies
    (Reuters) - The ruble plunged more than 10 percent for the second day on Tuesday and recorded its worst fall since the Russian financial crisis in 1998 as confidence in the central bank evaporated after an ineffectual overnight rate hike. The rouble opened around 10 percent stronger against the dollar following the overnight 650-basis-point rate hike, but it reversed gains in early trade and fell to record lows, pushing losses this year against the dollar to over 50 percent. At 0637 ET, the rouble was down over 11 percent against the dollar at 73.00 after dipping past 74 rubles per...
  • Russia heading for crash as ruble plummets

    12/15/2014 2:41:40 PM PST · by Berlin_Freeper · 81 replies
    money.cnn.com ^ | December 15, 2014 | Mark Thompson
    Russia's economy is crashing and its currency appears to be in free fall. The ruble plunged by about 12% Monday, meaning it's lost nearly 50% against the dollar this year. Early Tuesday in Russia, the central bank hiked its key interest rate for a sixth time this year to 17% from 10.5%.
  • Steve Forbes: Why That Swiss Referendum On Gold Deserved To Fail

    12/02/2014 7:35:53 AM PST · by SeekAndFind · 10 replies
    Forbes ^ | 12/02/2014 | Steve Forbes
    SWISS VOTERS overwhelmingly rejected a so-called gold standard referendum. They were right to do so. The wording of the referendum revealed a major obstacle to any return to a genuine gold standard: ignorance of what makes such a system work. The proposition was actually focused on the levels of Switzerland’s gold reserves, not on an actual return to a gold standard. But it was seen as a step in that direction. The purpose of a gold standard is to keep a currency stable in value. Other currencies not on a gold standard may go up or down vis-ŕ-vis the gold-linked...
  • The Clock is Ticking in Switzerland

    11/25/2014 2:01:24 PM PST · by SeekAndFind · 9 replies
    Townhall ^ | 11/25/2014 | Peter Schiff
    For most of my career in international investing, I had always placed a great deal of faith in Switzerland's financial markets. In recent years, however, as the Swiss government has sought to hitch its wagon to the flailing euro currency and kowtow increasingly to U.S.-based financial requirements, this faith has been shaken. But this week (November 30th) a referendum in Switzerland on whether its central bank will be required to hold at least 20% of its reserves in gold, will offer ordinary Swiss citizens a rare opportunity to reclaim their country's strong economic heritage. It's a vote that few outside...
  • ISIS Unveils Its New Gold-Backed Currency To Remove Itself From "The Oppressors' Money System"

    11/13/2014 8:32:33 AM PST · by Rusty0604 · 45 replies
    Zerohedge ^ | 11/13/2014 | Tyler Durden
    . It appears the rumors are true. Islamic State is set to become the only 'state' to back its currency with gold (silver and copper) as it unveils the new coins that will be used in an attempt to solidify its makeshift caliphate. ISIS says the new currency will take the group out of "the oppressors' money system." As Zaid Benjamin notes, ISIS releases details of its new currancy with golden 1 & 5 dinar, silver 1, 5, 10 dirham and copper 10 & 20 fils It seems Alan Greenspan may have been on to something after all... "Remember what...
  • Greenspan's Stunning Admission: "Gold Is Currency; No Fiat Currency, the Dollar, Can Match It"

    11/07/2014 2:40:45 PM PST · by blam · 35 replies
    Zero hedge ^ | 11-7-2014 | Tyler Durden
    Tyler Durden 11/07/2014 For some reason, the Council of Foreign Relations, where ex-Fed-Chief Alan Greenspan spoke last week, decided the following discussion should be left out of the official transcript. We can perhaps understand why... as Gillian Tett concludes, "comments like that will be turning you into a rock star amongst the gold bug community." Greenspan (Uncut):(Click to the site to see the video) TETT: Do you think that gold is currently a good investment? GREENSPAN: Yes... Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the...
  • Ruble Rout Accelerates as Russia's Central Bank Stands Aside(free fall?)

    11/06/2014 6:46:56 PM PST · by TigerLikesRooster · 22 replies
    Reuters ^ | Nov. 06 2014
    Ruble Rout Accelerates as Russia's Central Bank Stands Aside Reuters Nov. 06 2014 18:15 Last edited 21:33 The Russian currency plunged almost 4 percent against the U.S. dollar Thursday amid relentless selling pressure after the Central Bank announced it was limiting market interventions to defend the ruble. The ruble dropped to 46.7 versus the dollar early evening in Moscow, a historical low, while also falling below the mark of 58 to the euro for the first time ever. The declines mean the ruble has fallen over 40 percent against the greenback since the start of the year.
  • Why John Hussman Is Right On About The Economy

    11/03/2014 7:00:52 AM PST · by blam · 3 replies
    BI ^ | 11-3-2014 | Greg McKenna
    Greg McKenna, Business Insider Australia November 3, 2014I was listening to one of my favourite bands, The Smashing Pumpkins, over the weekend. And it struck me that the opening chorus to “Bullet With Butterfly Wings” is probably how noted stock market bears around the globe feel right now after the massive rally from the October lows and the BoJ’s extra stimulus on Friday which sent stocks and the US dollar much higher. In “Bullet With Butterfly Wings” lead singer Billy Corgan opens up with haunting lyrics: The world is a vampire, sent to drain. Secret destroyers, hold you up to...
  • Hyperinflation - When Money Dies: Germany And Paper Money After 1910

    11/03/2014 5:59:17 AM PST · by blam · 9 replies
    Marketoracle.co.uk ^ | Nov 02, 2014 - 04:35 PM GMT | Mises
    November 02, 2014 MISES Marcia Christoff-Kurapovna writes: The story of the destruction of the German mark during the hyper-inflation of Weimar Germany from 1919 to its horrific peak in November 1923 is usually dismissed as a bizarre anomaly in the economic history of the twentieth century. But no episode better illustrates the dire consequences of unsound money or makes a more devastating, real-life case against fiat-currency: where there is no restraint, monetary death will follow. "It matters little that the causes of the Weimar inflation are in many ways unrepeatable; that political conditions are different, or that it is almost...
  • “Common People Do Not Carry This Much U.S. Cash…” – - How Police Justify Stealing Citizens’ Money

    10/07/2014 2:24:00 PM PDT · by SeekAndFind · 30 replies
    Liberty Blitzkrieg ^ | 10/07/2014 | Michael Krieger
    Police confiscating Americans’ hard earned cash, as well as a wide variety of other valuables, without an arrest or conviction is a disturbing and growing practice throughput these United States. Since cops get to keep the seized funds and use the money on pretty much anything they want, the practice is becoming endemic in certain parts of the nation. The theft is often referred to simply as civil forfeiture, or civil asset forfeiture. Incredibly, under civil forfeiture laws your property is “guilty until you prove it innocent.”The extent of the problem came to my attention last summer after reading an...
  • The Return of King Dollar: Are the markets anticipating a GOP November sweep?

    09/20/2014 6:15:31 PM PDT · by SeekAndFind · 24 replies
    National Review ^ | 09/20/2014 | Larry Kudlow and Stephen Moore
    Maybe the U.S. economy, a weakling for the last six years, is finally starting to flex some muscle. We’re referring to the return of King Dollar. For those who haven’t been paying attention, the greenback is in the midst of a rally not seen since the 1990s. It’s racing past the euro, the yen, and other currencies. Investors worldwide are buying the equivalent of stock in America, Inc. If the rise in the dollar’s valuation is sustainable, it’s welcome news for the stock market, for fighting inflation, and for U.S. growth prospects. Ronald Reagan said it best: A strong dollar...
  • Moscow warns against panic as ruble plunges to historic lows

    09/16/2014 12:16:28 PM PDT · by Tailgunner Joe · 23 replies
    AFP ^ | September 16, 2014 | Anna Smolchenko
    Russian authorities told people not to panic on Tuesday as the battered ruble plunged to record lows, floored by tensions with the West over Ukraine, new sanctions and falling oil prices. The national currency fell to 38.82 rubles per dollar after weakening on Monday to below 38 against the dollar for the first time. It also broke through the symbolic level of 50 rubles per euro for the first time in several months. The ruble has slumped as investors fret about the impact of ever more stringent Western sanctions on the economy, which is already teetering on the verge of...
  • Elections in Sweden Could Destroy 20 Years of Progress

    09/10/2014 2:28:12 PM PDT · by SovereignSociety · 20 replies
    The Sovereign Investor ^ | September 9th, 2014 | Jeff Opdyke
    I’m sure you’re familiar with the famous quip, erroneously attributed to Einstein: Insanity is repeating the same mistakes and expecting different results. Well, this Sunday, Swedish voters have the chance to go insane — or to prove that they learned their lesson the first time around.Swedes are going to the polls on Sunday to elect a new government. And there is a very real chance — let’s call it what it is: a very real risk — that the country’s former government, the Social Democrats, will reclaim ultimate power in the Nordic nation.If so, the change in leadership would...
  • Crackdown on US dollar money laundering boosts Chinese renminbi bid to replace dollar

    09/03/2014 4:59:59 AM PDT · by rjbemsha · 15 replies
    Banking Technology ^ | 3 September 2014 | Banking Tech
    Money launderers will increasingly move away from the US dollar to the renminbi as US authorities continue to crack down on international banks’ AML systems [says] Freddie McMahon, director of strategy & innovation at Anomaly42, a specialist in AML and terrorist financing. “The dollar is becoming increasingly high risk and it’s a level of risk money launderers are proving less willing to take...the renminbi is off the beaten track and affords a new level of camouflage for criminal transactions." “The irony is that proactively countering the money launderers represents an unprecedented opportunity for the Chinese authorities to make the renminbi...
  • The Morning After: What Happens When A Government Destroys Its Currency

    09/04/2014 4:16:23 PM PDT · by dontreadthis · 28 replies
    zerohedge.com ^ | 09/02/2014 | Tyler Durden
    Imagine this scene: “Everyone in the country was in shock. People’s net worth had devalued more than 53% overnight.” “The value in savings accounts dropped in half and neither merchants nor consumers knew how to react because they had never been through something like it before…” This is how an American business executive described living through Mexico’s devaluation of the peso exactly 38 years ago on September 1, 1976. Looking back, it was so obvious. Mexico had a mounting debt, destructive policies, and a woefully unsustainable fixed exchange rate with the US dollar. All the writing was on the wall....
  • Europe could have a new problem on its hands: Pro

    09/05/2014 5:49:01 PM PDT · by Lorianne · 6 replies
    CNBC ^ | 04 September 2014 | Europe could have a new problem on its hands: Pro
    On Thursday morning, the European Central Bank surprised markets with a raft of stimulative measures including cuts in interest rates and the commencement of asset purchases. The news sent the euro currency much lower, but currency expert Boris Schlossberg of BK Asset Management identifies another reason why the euro could call even further: fresh concerns over a European Union breakup. ECB president Mario Draghi, in announcing the measures, mentioned that the vote was not unanimous. The strongest economy in the eurozone, Germany, is widely expected to have dissented. "It's a very, very tenuous union in many ways, and we see...
  • As Argentina Peso Plummets To Record, BofA Warns Of Looming Economic Crisis

    08/26/2014 10:03:45 AM PDT · by blam · 6 replies
    Zero Hedge ^ | 8-26-2014 | Tyler Durden
    Tyler Durden 08/26/2014 After spending time in Argentina, BofA's Marcos Buscaglia is concerned... The perception of many locals is that the risks of an economic/currency crisis before year-end have increased significantly. This compares to a view they had before of a muddle-through till the 2015 presidential elections. Policy decision-making is ever more concentrated, and the administration has radicalized, but the severe economic downturn will change political incentives in 2015, in BofA's view. With the official peso rate at record lows once again, the black-market Dolar-Blue tumbled to over 14/USD - a record low indicating dramatic devaluation ahead (which of course,...
  • Ukrainian Hryvnia Sinks To Record Lows Against US Dollar

    08/13/2014 11:38:30 AM PDT · by tcrlaf · 25 replies
    BI ^ | 8-12-2014 | Myles Udland
    The Ukrainian hryvnia just made a new low against the U.S. dollar. On Tuesday, one dollar bought 13.4 hyrvnias, with the hryvnia losing more than 4% against the dollar just today. The latest drop in the currency comes amid reports that Russia is sending a convoy of 280 humanitarian aid trucks into Ukraine, according to Reuters.
  • Mexican Peso to be backed With Silver: “Would Unleash a Global Power Shift”

    07/11/2014 6:28:49 PM PDT · by 2ndDivisionVet · 65 replies
    Freedom Outpost ^ | July 11, 2014 | Mac Slavo
    For many Americans the country of Mexico conjures up images of a third world nation. The poverty, lack of basic services, and extreme violence has left the populace so desperate that thousands of people on a daily basis head to the United States for a better life. But according to Future Money Trends, all that could change in the near future as key Mexican financial leaders and politicians have been working to institute sweeping monetary change that, if implemented, could unleash a global power shift of epic proportions. “Take just three or four men out of the ‘anti’ group,” says...
  • Mike Maloney: The Dollar As We Know It Will Be Gone Within 6 Years

    07/06/2014 8:14:24 PM PDT · by blam · 58 replies
    Zero Hedge ^ | 7-6-2014 | Mike Mahoney - Tyler Durden
    Tyler Durden 07/06/2014 Submitted by Adam Taggart via Peak Prosperity, This week's podcast sees the return of Mike Maloney, monetary historian and founder of precious metals broker GoldSilver.com. Based on historical patterns and the alarming state of our current monetary system, Mike believes the fiat US dollar is in its last years as a viable currency. He sees its replacement as inevitable in the near term -- as in by or before the end of the decade: All of this is converging with the crazy experiments the Federal Reserve has done. I absolutely believe that there are economic consequences to...
  • Richard Branson Is About to Destroy the Final Edge Bitcoin Has

    06/10/2014 12:42:23 PM PDT · by PoloSec · 9 replies
    Economic Policy Journal ^ | June 10 2014 | Economic Policy Journal RW
    Bitcoin fanboys have long cheered the fact that Bitcoin global transfer capabilities at cheap prices make using Bitcoin, as a method of global money transfer, superior to any other transfer system, on the basis of cost. Enter Richard Branson. Sir Richard Branson is providing funding for London-based money transfer start-up TransferWise, reports FT. It has raised $25m to expand its marketing efforts, with Sir Richard contributing a significant but undisclosed share of the funds. He was joined by existing shareholders including Peter Thiel, the co-founder of PayPal, venture capitalists Index Ventures and Kima Ventures, the investment group co-founded by the...
  • Why Bitcoin Matters For Bankers

    03/16/2014 11:35:27 AM PDT · by TsonicTsunami08 · 56 replies
    American Banker ^ | March 16,2014 | Marc Hochstein
    Ask Alan Lane. In October, the president and CEO of Silvergate Bank in La Jolla, Calif., was up in Sacramento for a roundtable convened by the California Bankers Association and the state's Department of Business Oversight. Reading a laundry list of about a dozen issues on the department's radar, Commissioner Jan Lynn Owen mentioned Bitcoin — the Internet currency, payment system and technology that's been grabbing headlines, igniting controversy and inspiring innovation across the globe. Lane pricked up his ears, in part because the $616 million-asset Silvergate had been in discussions about banking a Bitcoin startup.
  • The U.S. dollar will officially collapse on 1 July 2014 due to the implementation of H.R. 2847.

    04/27/2014 11:09:45 AM PDT · by tired&retired · 62 replies
    Snopes.com ^ | Snopes
    Write Down This Date: July 1st, 2014 On this date, U.S. House of Representatives Bill "H.R. 2847" goes into effect. It will usher in the true collapse of the U.S. dollar, and will make millions of Americans poorer, overnight. You now have just several months to prepare ... Snopes Opinion: Mixture of Truth & NonTruth Origins: This item about the passage of H.R. 2847 causing the U.S. dollar to collapse as of 1 July 2014 is another example financial scarelore put out in conjunction with an investment come-on, in this case an ominous sales pitch put out by the folks...
  • All the Presidents' Bankers: The Hidden Alliances that Drive American Power

    04/14/2014 8:05:08 AM PDT · by Yollopoliuhqui · 12 replies
    Amazon ^ | recent | Nomi Prins
    Who rules America? All the Presidents’ Bankers is a groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history. Culled from original presidential archival documents, All the Presidents’ Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics—or greed driving bankers. Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships...
  • RAHN: Why do we still use paper money?

    04/08/2014 6:52:04 AM PDT · by SeekAndFind · 102 replies
    Washington Times ^ | 04/08/2014 | By Richard Rahn
    Paper currency is dirty and is a major transmitter of disease as it goes from unwashed hand to unwashed hand. It is easily lost and stolen, and can be easily destroyed by getting wet or burned. It physically wears out in a short time and is costly and troublesome to replace. So why do we still use the filthy stuff in the electronic age? When given a choice, people find credit cards, debit cards and bank account electronic payments more convenient than cash. In many parts of the world, payments can be made from cellphone to cellphone, with the phone...
  • Bitcoin Price…to $1 Million?

    04/03/2014 7:20:12 PM PDT · by Errant · 56 replies
    It’s no surprise that Wences Casares, the CEO of Xapo, a bitcoin startup, is a big bull on the digital currency. His company, which specializes in insured Bitcoin vaults, just raised $20 million in a funding round led by Benchmark. But Mr. Casares belives that other bitcoin bulls, especially those in the U.S., do not fully appreciate the value of the currency, which has proved especially sticky in emerging markets prone to wild currency fluctuations, such as Mr. Casares’ home country Argentina. In a video interview with the Wall Street Journal, Mr. Casares says he’s not worried about bitcoin’s own...
  • IRS Rules Bitcoin Is Property (Not Currency)

    03/25/2014 11:49:35 AM PDT · by Errant · 37 replies
    Zero Hedge ^ | 25 March 2014 | Tyler Durden
    After less than three months consideration, the IRS has issued its statement clarifying th etax treatment of Bitcoins (and other virtual currencies) before the April 15th Deadline. The finding, summarized, is that Vitual currencies will be treated as property (not as a currency) which, as WSJ notes, means an investor who buys bitcoin would typically have a capital gain or loss when it’s sold. The price of Bitcoin is rising modestly on this news...
  • Auroracoin Airdrop: Will Iceland Embrace a National Digital Currency?

    03/24/2014 2:55:56 PM PDT · by Errant · 16 replies
    Coin Desk ^ | 24 March 2014 | Daniel Cawrey
    Auroracoin, the “cryptocurrency for Iceland”, will begin distributing auroracoins to the country’s citizens this week, starting tomorrow, 25th March. The distribution, which is being called Airdrop, will send 50% of the total auroracoins in circulation to the country’s populace. Icelandic residents that enter their permanent resident ID on auroracoin’s official website will receive 31.8 AUR (roughly $385 at press time). The fourth-place digital currency in terms of overall market cap, Auroracoin quickly rose to prominence even amongst the myriad of new digital currencies for its unique approach to community building. Further, as it climbed up the market cap leaderboard, auroracoin...
  • Deflating Russia Can Be Done

    03/23/2014 12:52:12 PM PDT · by Kaslin · 38 replies
    Townhall.com ^ | Maarch 23, 2014 | Larry Kudlow
    resident Obama has ramped up his second round of economic and financial sanctions on Russia, and on Vladimir Putin in particular. Some of this is already working. But if anybody believes it will be easy to financially deflate Russia, they better think again. Russia holds $132 billion of U.S. Treasury securities. That's a big number, and it could be sold in the event of financial warfare. That won't kill the United States. But it will undoubtedly cause interest rates to rise. Would Putin spend it all? Who knows? His central bank just spent $50 billion to defend a sinking ruble,...
  • The Euro Is Not Overvalued (Nor Is Any Other Currency)

    03/22/2014 4:24:25 PM PDT · by BfloGuy · 5 replies
    The Mises Institute ^ | 3/22/2014 | Frank Hollenbeck
    A common argument for dumping the Euro is that it is overvalued, and that the ECB (European Central Bank) is unwilling to correct this so-called “problem.” This overvaluation is regularly cited as being over 10 percent against the dollar. The Swiss central bank surrendered control of its money supply by fixing its currency at 1.2 against the Euro essentially on the notion that its currency was “overvalued.” Advocates of a Euro breakup consider that a country with its own currency can then follow an independent monetary policy ensuring a competitive exchange rate. Never mind that neither the USA nor Great...
  • US Treasury Adds Digital Currency Representative to Advisory Group

    03/18/2014 10:42:53 AM PDT · by Errant · 33 replies
    Coin Desk ^ | 18 March 2014 | Pete Rizzo
    At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet’s Matt Miller to air on Bloomberg TV. In the hour-long talk, Cohen spoke about the organisation’s role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use. Most notably,...
  • My business accepts Bitcoins

    03/17/2014 12:53:04 PM PDT · by Errant · 42 replies
    CNN Money ^ | 17 March 2014 | Parija Kavilanz
    Bitcoin is coming soon to a town near you. Or, more likely, it's already there. The five-year-old digital currency is increasingly being adopted by brick-and mortar businesses, including dentists, pet boutiques -- even a small honey business in Utah. In 2012, about 1,000 businesses used BitPay, the largest processor of Bitcoin payments. Today, more than 26,000 businesses worldwide use BitPay, said Tony Gallippi, its cofounder and CEO. The majority of those firms are small businesses -- about half are in the U.S. and the rest are international. And while a majority are online sellers, Gallippi said 20% are merchants with...
  • Cashing In

    03/15/2014 10:38:18 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | March 15, 2014 | Rich Tucker
    It was as inevitable as the sun rising in the east. The far east, in this case, over the Land of the Rising Sun. The Mt. Gox currency exchange in Tokyo, where buyers and sellers dealt in the unofficial currency Bitcoin, collapsed recently. As it disappeared, so did some $400 million. That money may have been lost, or stolen. Nobody’s sure. What many are sure of is that this collapse shows the need for more regulation. “The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me wary of its use,” Sen. Joe...
  • You Should Have 5% of Your Portfolio in Bitcoin

    03/14/2014 7:44:19 AM PDT · by Errant · 38 replies
    Bitcoin Vista ^ | 13 March 2014 | Adam Kornfield
    Remember the internet in 1996, everyone kinda knew what it was about. It was something big, new, and vast—but what exactly it did for you was unclear. Bitcoin is in a similar state: It’s fairly new, unclear, and holds enormous promise just like the early Internet. The only difference is you can actually buy a piece of the Bitcoin network. This article is for the professional that has a reasonable savings (whatever that means to you) and at least a basic understanding of investing. You may likely invest in stocks, bonds, real estate, your own business, and many other things....