Monthly Archives: November 2013

The fight to avoid a sixth euro-zone bail-out reaches a climax

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“The government of Slovenia, insists Alenka Bratusek, the prime minister of eight months, can set its country’s finances to rights without having to seek a bail-out from the euro zone and the IMF. Whether she is right will soon be revealed. In early December an independent audit and stress tests of the country’s troubled banks will disclose just how short of capital they are.  Between the middle of 2012 and of 2013, the ratio of non-performing to total loans rose from 13.2% to 17.4%, which is the highest level in the euro zone after Greece and Ireland.  The bad debts have been incurred predominantly through lending to businesses. ”

http://www.economist.com/news/finance-and-economics/21590956-fight-avoid-sixth-euro-zone-bail-out-reaches-climax-stressed-out

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Banks Warn Fed They May Have To Start Charging Depositors

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“A less discussed issue was the Fed’s comment that it would consider lowering the Interest on Excess Reserves to zero as a means to offset the implied tightening that would result from the reduction in the monthly flow once QE entered its terminal phase (for however briefly before the plunge in the S&P led to the Untaper). After all, the Fed’s policy book goes, if IOER is raised to tighten conditions, easing it to zero, or negative, should offset ‘tightening financial conditions’, right? Wrong. As the FT reports leading US banks have warned the Fed that should it lower IOER, they would be forced to start charging depositors.”

http://www.zerohedge.com/news/2013-11-24/banks-warn-fed-they-may-have-start-charging-depositors

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Bitcoin Service Targets Kenya Remittances With Cut-Rate Fees

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“BitPesa Ltd., a Kenyan start-up, will take on remittance providers like Western Union Co. (WU:US) by using the Bitcoin virtual currency to cut transaction costs for Kenyans working abroad who send home $1.2 billion a year.  Western Union and MoneyGram International Inc. deduct $10 to $17 to wire $200 to Kenya from the U.S., including charges to exchange funds, in a process that can take an hour to five days, according to the World Bank’s Send Money Africa price database. BitPesa will charge 3 percent on overseas transfers and says the money arrives the same day. At that rate, it would cost $6 to send $200 via BitPesa.”

http://www.businessweek.com/news/2013-11-28/bitcoin-service-targets-kenya-remittances-with-cut-rate-fees-1

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Bitcoin exchange to open shop in Cyprus

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“A company dealing in bitcoin exchange will soon open stores in Cyprus, according to a statement issued by the company yesterday.  Neo Easycoin said they plan to operate bitcoin transaction shops ‘to better inform people on what is bitcoin, why it’s the future in monetary transactions and how people can gain access to it’.  The company also plans to operate an online transaction server designed for bitcoin users in Cyprus. The company’s announcement follows a report last week that the University of Nicosia will accept the digital currency as payment for tuition and other fees. The report made headlines around the world as it’s the first accredited university to accept bitcoin.”

http://cyprus-mail.com/2013/11/27/bitcoin-to-open-shop/

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Bitcoin In Context, A Brief Cultural History Of Money – Lui Smyth

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“Bitcoin Focus – Bitcoin In Context, A Brief Cultural History Of Money – Lui Smyth @yablochko  Recorded By IamSatoshi, November 2013, London.”

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Silver & Gold: When Money Is Corrupted – Hidden Secrets Of Money 5

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“Welcome to the 5th episode of Michael Maloney’s Hidden Secrets Of Money. In this instalment, we travel to Berlin and Frankfurt, where we were able to film the money museum inside the Bundesbank…one of the world’s largest Central Banks.  This episode serves as an ideal primer for those waking up to the monetary matrix around them, as it clearly shows the history of true money and why it so important to our freedom. The quality of a society is directly proportional to the quality of its money. Debase a currency for long enough, and you end up with dangerous deficits, debt driven disasters, and eventually…delusional dictators. History proves this to be true.”

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Ed & Ethan 86 Bountiful Baskets of Bitcoin Banter, Blather, and Bluster.

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“Well, we had a veritable cornucopia of stories lined up for this week but the Bitcoin bug bit us and bit hard.  After hearing Peter Schiff talk about how Bitcoin is a Ponzi Scheme, we decided to book him for a quick back and forth that turned into an entire segment! We couldn’t let it go and turned to Erik Voorhees, a Bitcoin business rockstar and eloquent defender of the world’s leading cryptocurrency to take on some common myths pushed by Peter during our second half.”

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Bitcoin: The Prison Cigarette of Global Currencies?

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“Try moving dollars through your bank. You have to fill out forms, show ID, and have a human being input data. Then more of the same happens on the other end — when the bank opens, that is. Bitcoin has shown the Federal Reserve how it’s done.  The central bank wants to see ‘a ubiquitous system for near-real-time payments.’  End-users, the Fed points out, want real-time validation of payment and posting, assurance the payment will not be returned, timely notification, and ‘masked account details, eliminating the need for end-users to disclose bank account information to each other.’ This sounds familiar to anyone who uses Bitcoin.”

http://dailyreckoning.com/bitcoin-the-prison-cigarette-of-global-currencies/

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Jim Rogers Exclusive Interview: QE, currency wars, inflation and gold

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