Monthly Archives: September 2013

Atlantis: Online Drug Black Market Shuts Its Doors

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“One of the sites that was more or less a copy of The Silk Road and the second largest online black market, The Atlantis Market, was forced to shut their doors for good due to ‘security’ reasons. Atlantis offered black market, anonymous items, in exchange for Bitcoin and Litecoin. Users will have one week to withdraw any of their funds before the market shuts down permanently. Below is a statement from the Atlantis team.”

http://cryptosource.org/atlantis-online-drug-black-market-shuts-its-doors/

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BitPagos Uses Merchant Processing To Bring Bitcoin To Argentina

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“Argentina’s currency troubles have been well documented for years. With inflation between 10 and 11% per year for most of the past decade, Argentinians have actively looked to subvert the country’s strict capital controls and obtain alternative stores of value. Historically, that has meant underground dealing in USD and EUR, but more recently has led to interest in the largely-unregulated world of bitcoin. BitPagos, a Latin American payment processing company in the latest class of the Boost.vc Accelerator, is capitalizing on that interest by adding bitcoin to their processing options.”

http://thegenesisblock.com/bitpagos-uses-merchant-processing-bring-bitcoin-argentina/

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Around the World with Bitcoin

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“We are thrilled to announce a trip around the world on bitcoin as part of our documentary film!  Trip dates: October 12th – November 3rd  Week #1: We will drive across the United States from our home Provo, Utah to New York City with multiple cities in between.  Week #2: We will fly to Europe and specifically visit the glorious cities of Stockholm, Sweden and Berlin, Germany.  Week #3: We will fly from Berlin to Singapore and spend a week in Asia.  November 3rd: We will arrive back in Salt Lake City having circled the globe and paying for the trip with the world’s first decentralized, digital currency, bitcoin!”

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Big Banks Start Campaign to Destroy Credit Unions

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“As of March of this year, credit union membership has increased to more than 95 million members and they hold 6 percent of the financial assets of United States to the tune of $1 trillion dollars.  Now the major banks want to destroy them.  This month the American Bankers Association started a huge lobbying effort to end the tax break credit unions receive as non-profit organizations – a tax break that allows them to run as a non-profit and offer their members services at a much lower rate. There is a big budget battle looming and the estimated $2 billion in annual revenue that is estimated from eliminating the tax exemption has already been floated.”

http://www.donttaxmycreditunion.org/big-banks-start-campaign-to-destroy-credit-unions/

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Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks

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“Financial institutions, trade groups, scholars and members of Congress have raised an array of concerns, starting with the cost of creating the complex computer systems needed to track Americans’ accounts.  In addition, tax havens like China, Panama and Russia have yet to sign on. And American banks are unhappy about a Treasury Department pledge to foreign banks, not part of the original law, to require American financial institutions to share data with other countries about foreign investors who have accounts in the United States.”

http://dealbook.nytimes.com/2013/09/16/complying-with-u-s-tax-evasion-law-is-vexing-foreign-banks/?_r=0

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Beef Prices Set New Record Highs

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“Retail beef prices rose nearly 4¢ in August to reach $5.394/lb, a record high, reports Beef Magazine. This should be no problem, though, if you switch to lower priced goods as beef climbs, as government theorizes consumers do as part of its chained-inflation index. For example, peanut butter prices are down 5.7% over the last 12 months, according to the BLS.  So if you switch from steak to peanut butter sandwiches, you won’t notice any increase in the cost of eating.”

http://www.economicpolicyjournal.com/2013/09/beef-prices-set-new-record-highs.html

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Mortgage slowdown forces new layoffs at Wells Fargo

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“The ax is falling again at Wells Fargo’s mortgage origination unit, as refinancing activity continues to slow.  The bank on Wednesday sent 60-day notices of displacement to 1,800 employees across the country, citing a slowdown in activity throughout 2012 and early 2013.  It’s unclear how much Wells Fargo—the nation’s largest mortgage provider—needs to rightsize to adjust to the new normal. The bank has already cut 3,000 jobs in origination and servicing, but activity has been bouncing around.   Other Wall Street banks are making similar moves, as a sharp rise in rates has kept consumers from taking out or refinancing mortgages.  JPMorgan laid off more than 2,000 employees in early August.”

http://www.cnbc.com/id/101048530

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Home-Loan Drop Pushes Fed Away From Mortgage Bond Taper

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“A surge in mortgage rates to two-year highs has undercut borrowing, pushing down refinancing by more than 70 percent since last September. Wells Fargo & Co. (WFC) said this month originations may fall 29 percent this quarter, while JPMorgan Chase & Co. said volumes may plunge 40 percent in the second half compared with the first six months of the year.  Builders began work on fewer U.S. homes than projected in August and applications for future work declined more than forecast, the Commerce Department said today. Housing starts rose 0.9 percent to a 891,000 annual rate, following the prior month’s 883,000 pace that was weaker than previously estimated.”

http://www.bloomberg.com/news/2013-09-18/fall-in-home-loans-pushing-fed-away-from-taper-in-mortgage-bonds.html

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Inclusionary Zoning Makes Housing Less Affordable

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“Although the legislation touts the 30,000 units of affordable housing that were produced during the past decade through inclusionary mandates, it ignores the fact that the mandates reduced the growth of new housing by a far-greater number. In Los Angeles and Orange counties alone we estimate that during the period we studied more than 17,000 potential new homes were never built due to the inclusionary zoning requirement, while only 770 inclusionary units were added.  Politicians like inclusionary zoning because it allows them to champion affordable housing without having to directly raise taxes. But the new houses aren’t free. Someone must pay for them.”

http://www.independent.org/newsroom/article.asp?id=4726

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Plundering The Provinces

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“The establishment media and many economists and other social scientists continually bemoan the varying income differences generated by voluntary and ever changing consumer choices on the market. In the U.S., the political class regularly and forcibly extracts a massive amount of income from productive workers, investors, and entrepreneurs via taxation and money creation (‘quantitative easing’ and ‘zero interest-rate policies’) and funnels these stolen funds into its own pockets and those of privileged financial institutions, giant agribusiness corporations, government military contractors, construction unions, etc.”

http://bastiat.mises.org/2013/09/plundering-the-provinces/

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