Monthly Archives: November 2013

Savers boosting bitcoin demand in China, exchange says

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“A co-founder of China’s biggest bitcoin exchange on Friday said there were ‘boundless opportunities’ for the digital currency in the country because of the Chinese saving ethic. ‘The main reason why bitcoin has become big in China is because Chinese people are savers, and more people are seeing bitcoin as a way to store and invest their money,’ Linke Yang, vice-president of BTC China, told reporters on the sidelines of a conference in Singapore.  ‘There are boundless opportunities for BTC China and bitcoin in the next five years, you never know with the way the internet develops,’ Yang said through an interpreter.”

http://www.scmp.com/news/china/article/1356753/savers-boosting-bitcoin-demand-china-exchange-says

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Venezuelan President Maduro ‘to expand price controls’

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“Venezuelan President Nicolas Maduro says he plans to extend price controls to all consumer goods, if he is given powers to govern by decree.  In a televised address, Mr Maduro said that he wanted to set legal limits on businesses’ profit margins.  His announcement followed the seizure on Saturday of shops accused of selling electronic goods at inflated prices.  The National Assembly is expected to vote this week on his request to govern temporarily by decree.  The president demanded there be ‘zero tolerance with speculators’ in his speech broadcast on Sunday. ‘This is beyond usury, this is theft,’ he added.”

http://www.bbc.co.uk/news/world-latin-america-24897407

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Maduro’s ‘occupy retail’ cry comes as Christmas gift

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“Christmas seemed to have come early in Venezuela as snaking lines of sleep-deprived people formed outside fancy stores and soldiers stood on guard after President Nicolas Maduro ordered the army to ‘occupy’ a chain of electronics stores that was ‘hoarding goods with the objective of hobbling the country’s economy’.  In a nationwide crackdown, which started on Friday night, top managers of the Daka chain were arrested and its stores forced to sell products at much cheaper prices. ‘We’re doing this for the good of the nation’, said Mr. Maduro in a televised speech, accusing the country’s elite of waging an economic ‘war’ against Venezuela with the help of Washington.”

http://www.thehindu.com/todays-paper/tp-international/maduros-occupy-retail-cry-comes-as-christmas-gift/article5337063.ece

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Inflation, Shortages And Economic Turmoil: Venezuela On The Brink

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“Earlier this month, in another attempt to ensure ‘happiness for all people,’ Maduro began to hand out Christmas bonuses, in preparation for the coming elections in December. But political campaigning is not the only reason for the government’s open-handedness. The annual inflation rate in Venezuela has been rapidly rising in recent months, and has now reached a staggering 54 percent (not accounting for possible under-estimations). Although not yet officially in hyper-inflation, monetary expansion is pushing Venezuela toward the brink.  In such an environment, paychecks need to be distributed quickly, before prices have time to rise; hence, early bonuses.”

http://www.ibtimes.com/inflation-shortages-economic-turmoil-venezuela-brink-1470274

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The strangest bull market ever

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“This bull market is really odd. The Dow and S&P 500 are near all-time highs. The Nasdaq is inching closer to 4,000 for the first time since the tech bubble did its best weasel impersonation and popped in 2000. Twitter (TWTR) surged on its first day of trading, despite the fact that it is not yet profitable. Snapchat has reportedly turned down offers to sell out to Facebook (FB) for $3 billion. This is a company that is not even generating sales yet. How are all those hot ‘pre-revenue’ Internet companies from 15 years ago doing? Are they still monetizing eyeballs?   It looks like bears remain in hibernation and the bulls are … wait for the Rage Against the Machine reference … still on parade.”

http://buzz.money.cnn.com/2013/11/14/bull-stocks-bitcoins/

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What Janet Yellen Will Host and Why

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“During her confirmation process, Yellen will give a spirited defense not only of money printing but of her own moral probity and will be clear that she views her life as one sanctified by public service. Whether she has devoted her life to a ruinous enterprise will not be discussed. Certainly the larger game will not be revealed. But hidden behind the policy discussions and concern over employment is the surety that Yellen will start her term by continuing to print vast gouts of money. This money will find its way into the stock market just as intended, continuing to create mountainous stock market averages and then eventually an equity mania.”

http://www.thedailybell.com/news-analysis/34752/What-Janet-Yellen-Will-Host-and-Why/

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Yellen Signals Continued QE Undeterred by Bubble Risk

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“‘I don’t see evidence at this point, in major sectors of asset prices, misalignments,’ she said during her confirmation hearing to be the next Fed chairman. ‘Although there is limited evidence of reach for yield, we don’t see a broad buildup in leverage, where the development of risks that I think at this stage poses a risk to financial stability.’ Yellen signaled her determination to use bond buying to strengthen the economy and drive down the nation’s 7.3% unemployment rate.  As benchmark U.S. stock indexes rose to records, she sought to dispel concerns from senators that the central bank’s policy is pumping up the values of equities and housing to an extent that jeopardizes market stability.”

http://www.bloomberg.com/news/2013-11-14/yellen-says-it-s-imperative-to-promote-a-strong-recovery.html

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The UK Recovery that Isn’t … the Market Recovery that Is

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“What central bankers do is print money – digitally these days – and then transfer those digits to financial firms. Now the money finds its way into the financial economy, including, most importantly, the bond and stock markets. Once the money has swelled the financial markets, the ‘real’ economy should benefit. And then once companies are feeling better about a ‘recovery’ they will finally start to hire. This convoluted chain of events is simply illogical. It would be much simpler just to GIVE people money if central bankers really wanted stimulate job growth and create prosperity. But that’s not what is happening because the object of central banking is to create money and maintain control of it.”

http://www.thedailybell.com/news-analysis/34749/The-UK-Recovery-that-Isnt–the-Market-Recovery-that-Is/

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Kotlikoff on Unfunded Federal Liabilities, 2013: $205 Trillion

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“Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion.  The man who has followed this for the longest time is Prof. Lawrence Kotlikoff of Boston University. He has created a great deal of embarrassment for the government by his relentless pursuit of the statistical implications of the statistics released by the Congressional Budget Office. The Congressional Budget Office has a way to avoid this, namely, to cease publishing the statistics that Kotlikoff has used to expose the real condition of the U.S. government.”

http://www.garynorth.com/public/11776.cfm

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How The Hungarian Disease Is Spreading Across Central Europe

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“The attitude of the European Commission (EC) and of the IMF is so far very surprising. It seems that the EC is applying double standards in direct interactions with the EU member states. On the one hand it has praised Latvia for raising the contributions to the funded pension pillar. On the other hand it is so far silent about the Polish government proposal to nationalize the private pension funds’ assets.  By its behavior of not raising red flags to the Polish government and stopping a second Hungary, the EC risks jeopardizing its role as a fiscal guardian.  There is a danger that this Orbanization of the pension system policies may spread all over Europe if not counteracted.”

http://www.forbes.com/sites/realspin/2013/11/12/how-the-hungarian-disease-is-spreading-across-central-europe/

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