Monthly Archives: December 2013

Second Passports from the Caribbean

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“A few months ago, I shared with International Man readers my experiences obtaining a second passport via the Dominica Economic Citizenship Program. At that time, the only other established and legitimate program like it was St. Kitts & Nevis’ program. Now there’s another option emerging—Antigua & Barbuda—also a tiny Caribbean island nation.  I was curious to do an apples-to-apples comparison to see how they stack up against each other.”

https://www.internationalman.com/78-global-perspectives/1061-second-passports-from-the-caribbean

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House Votes to Repeal Sequester, Give Obama Relief

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“House Republicans fell in line. They voted to drop the sequester that Obama had agreed to in 2011.  This was a major symbolic victory for the Democrats. The Republican leadership is no longer a threat on the deficit issue.  With the deficit massive, the spending out of control, and the Federal Reserve pumping in $1 trillion a year, the vote in the House was symbolic. It was a bunch of drunken sailors voting for 150-proof white lightning rather than 90-proof Jack Daniels.  The public does not care. Neither do the economists. As long as interest rates are low, and the economy is growing, the voters are uninterested. They respond to pain. So does Congress. There is not much pain these days.”

http://teapartyeconomist.com/2013/12/13/house-votes-give-obama-relief/

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Paul Craig Roberts: More Misleading Official Employment Statistics

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“How it is possible for the economy to have been in recovery since June 2009 (according to the National Bureau of Economic Research) and there are 1,277,000 fewer jobs today than existed six years ago prior to the recession?  How has real Gross Domestic Product recovered when jobs and real consumer incomes have not?  These are among the many questions that go unasked and unanswered.  Statistician John Williams says that the economic recovery is a statistical illusion created by deflating nominal GDP with an understated measure of inflation.”

http://www.paulcraigroberts.org/2013/12/10/misleading-official-employment-statistics-paul-craig-roberts/

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Investors, Run for Cover From the Incoming ‘Taper Bomb’

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“The bond market sell-off is leaving fixed-income investors (at least, those who didn’t heed my advice to get out of the way) with the worst annual losses on bonds since 1999.  It also proves beyond the shadow of a doubt that the bond market is more powerful than the Fed.  Now, against that backdrop, the Fed is about to hold its last policy meeting of 2013. On Dec. 17 and 18, policymakers will gather around a conference table in Washington and decide whether to continue their $85 billion-per-month QE program.  My prediction? They drop a taper bomb and start dialing down those purchases, probably by at least $10 billion.”

http://www.moneyandmarkets.com/investors-run-for-cover-from-the-incoming-taper-bomb-56931

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Turkey cashes in on the Iran talks

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“You may have thought the Geneva deal struck last month between Iran and the P5+1 nations was a sweet one for Tehran — getting billions in sanctions relief in exchange for mere promises to halt its nuclear program.  But Turkey may be an even bigger winner. It just needs to open its doors and wait for Iranian funds to pour in.  Iran was Turkey’s third largest export market in 2012.  In fact, Turkey is reportedly exporting more than 20,000 products to Iran right now; among them gold and silver. It turns out that the Geneva deal also loosened sanctions on precious metals.  The White House estimates that [the deal] could generate $1.5 billion in government revenues for Tehran.”

http://blogs.reuters.com/great-debate/2013/12/12/turkey-cashes-in-on-the-iran-talks/

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Central banker: Aussie dollar needs to fall further

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“Reserve Bank of Australia governor Glenn Stevens has indicated he wants an Aussie dollar closer to 85 US cents, while pointing to ‘promising signs’ that the economy is transitioning away from the mining boom.  But he said that turning the lower currency into a real depreciation that spurs growth would require real wage cuts.  ‘I thought [US]85 cents would be closer to the mark than [US]95 cents . . .but really, I don’t think we can be that precise.  I just think that if things over the medium term evolve as we’re presently assuming – and I think it’s reasonable to make these assumptions – it’s going to be surprising if a nine at the front is the right number,’ he said.”

http://www.smh.com.au/business/the-economy/glenn-stevens-says-aussie-dollar-needs-to-fall-further-20131213-2zapf.html

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Dismantle the euro, says Nobel-winning economist who backed it

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“A Nobel prize-winning economist will on Thursday withdraw his support for the euro saying it has created a ‘lost generation’ unemployed youngsters and should be broken up. Sir Christopher Pissarides was once a key proponent of a single currency but will on Thursday accuse the euro of ‘dividing Europe’ and say action is needed to ‘restore the euro’s credibility in international markets’ and the ‘trust that Europe’s nations once had in each other’, according to the Daily Mail.  The Cypriot-British economist, who won the Nobel prize in 2010, is speaking days after Christine Lagarde, the head of the International Monetary Fund, insisted the crisis in the eurozone was not yet over.”

http://www.telegraph.co.uk/finance/economics/10512678/Dismantle-the-euro-says-Nobel-winning-economist-who-once-backed-currency-union.html

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Swiss Government to Write Report on Dangers of Bitcoin

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“The Federal Council of the Swiss government is to write a report on the dangers of bitcoin, examining the effects it could have on Switzerland’s financial system and society in general.  Jean Christophe Schwaab of the Swiss Socialist Party submitted the request for the report in a postulate back in September.  At the time, he said he had submitted the request because he was concerned about the potential of bitcoin and other virtual currencies.  Luzius Meisser, president of Bitcoin Association Switzerland, said Schwaab’s postulate takes a wholly negative perspective, focusing on the risks of bitcoin and ignoring the opportunities.”

http://www.coindesk.com/swiss-federal-council-agrees-write-report-dangers-bitcoin/

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European Union Warns on Bitcoin

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“The European Union on Friday added to a string of recent warnings about the safety of using and investing in Bitcoin, the virtual currency that is not issued by any government.  The union’s banking authority said consumers needed to be aware that they were not protected through regulation when paying with Bitcoins. The digital currency is vulnerable to hackers, might lose its value and any misuse could prompt law enforcement agencies to close Bitcoin exchange platforms and keep consumers from accessing their investment, the European regulator said, adding that it was looking into whether such currencies could and should be regulated.”

http://dealbook.nytimes.com/2013/12/13/european-union-warns-on-bitcoin/?_r=0

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Bitcoins Fail Currency Test in Scandinavia’s Richest Nation

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“Bitcoins were dealt a blow in Norway as the government of Scandinavia’s richest nation said the virtual currency doesn’t qualify as real money.  ‘Bitcoins don’t fall under the usual definition of money or currency,’ Hans Christian Holte, director general of taxation in Norway, said in an interview. ‘We’ve done some assessments on what’s the right and sound way to handle this in the tax system.’  Norway will instead treat Bitcoins as an asset and charge a capital gains tax.  While tax revenue from Bitcoins isn’t substantial, Holte at the Norwegian tax authority said he plans to work with other countries to hammer out the legal aspects of Bitcoin.”

http://www.bloomberg.com/news/2013-12-12/bitcoins-fail-real-money-test-in-scandinavia-s-wealthiest-nation.html

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