Monthly Archives: February 2014

Latin American Exec: Employees Could Earn 5% More with Bitcoin

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“Bitcoin’s potential to cut credit and debit transaction fees and exchange rate costs is often seen as its biggest advantage to international businesses.  However, to entrepreneurs in developing countries the virtual currency represents an even greater opportunity: the end to costly trade restrictions that inhibit their profits and ability to compete.  Ulf Kuhn, founder of Chile-based Telemarketing Facil, has learned this lesson firsthand. The German native moved to Chile three years ago to export business ideas and learn more about developing markets.  However, he soon found that the traditional banking system was there to impede his efforts every step of the way.”

http://www.coindesk.com/latin-american-exec-employees-earn-more-bitcoin/

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Argentina Bust Lures Investors After 200 Years of Defaults

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“Kyle Bass says there’s still money to be made lending to Argentina, a deadbeat country with few peers in history. The hedge-fund manager is the latest example of international investors pursuing riches where crises over 200 years ruined most of its citizens.  Bass said he bought Argentine bonds at 55 cents on the dollar last year and has no plans to sell even as global investors say there’s an 86 percent chance Argentina will quit paying in the next five years.  ‘There’s huge opportunity in these bonds,’ said Bass, who manages about $2 billion for Dallas-based Hayman Capital Management LP. ‘I know you can’t see that today, but today’s the time to be thinking about it.'”

http://www.bloomberg.com/news/2014-02-03/argentina-bust-lures-bass-led-investors-in-200-years-of-defaults.html

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Fire Destroys Iron Mountain Data Warehouse in Buenos Aires

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“Storage and information management firm Iron Mountain has lost one of its main data centers today, according to the Associated Press. Although it’s unclear how the fire started, it spread quickly and took hours to control.  The data center was located in Buenos Aires, the capital of Argentina. Among the data stored there were several archives containing corporate and central bank records, a potentially huge loss that could have some surprisingly far reaching consequences. Just last month, for instance, the United States Supreme Court decided to hear a case on whether creditors could seek historic bank records from Argentina regarding the country’s default in 2001.”

http://technologyadvice.com/iron-mountain-data-warehouse-burns-buenos-aires/

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Inflation Fuels Crises in Two Latin Nations

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“Mrs. Kirchner’s cabinet reiterated threats to fine or shut down businesses that raise prices.  In Venezuela, soldiers forced retailers to sell electronics goods at bargain-basement prices; one general guaranteed plasma televisions to all Venezuelans on national TV.  A new agency Mr. Maduro created, the National Superintendence for the Defense of Socio-economic Rights, began deploying 480 inspectors this week to check prices and level sanctions against those who set them too high.  The agency aims to enforce a new law that can lead to a 14-year prison term for those convicted of hoarding products or waging ‘economic warfare’ against the government.”

http://online.wsj.com/news/articles/SB10001424052702304851104579362530567845104

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Brazil Has Worst Trade Gap Since at Least 1991 on Export Plunge

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“Brazil in January recorded its largest monthly trade deficit on record as exports dropped and imports of consumer and capital goods increased.  Brazil posted a trade deficit of $4.06 billion after posting last year the worst annual trade balance since at least 1991, the Trade Ministry said in a report published today. While trade partners including China and Argentina have seen their economies slow, record-low unemployment and higher public spending have fueled domestic demand and fanned inflation in Brazil. Policy makers have raised the benchmark interest rate in seven straight meetings to slow consumer price increases as a falling real makes some imports more expensive.”

http://www.bloomberg.com/news/2014-02-03/brazil-has-worst-trade-gap-since-at-least-1991-on-export-plunge.html

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Argentina mulls benefits cut for dollar buyers

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“Argentina’s government is studying the possibility of removing public service subsidies from residents who buy dollars as part of the latest effort to protect the peso after a sharp devaluation last month.  The idea is to strip subsidies that keep the costs of electricity, gas, water and other public services down for those who buy dollars for savings.  ‘It is not fair that we subsidize electricity and gas for those that can save 20 percent of their salaries to buy dollars,’ Fernandez said.  Fernandez said wealthier residents are buying the fewest dollars for savings since it is ‘more profitable’ to invest in other assets, including properties and businesses.”

http://www.worldbulletin.net/news/128338/argentina-mulls-benefits-cut-for-dollar-buyers

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Dad Can’t Buy Daughter Shoes as Argentine Currency Falls

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“Argentines see their standard of living falling as the fastest pace of inflation in a decade erodes their purchasing power and confidence in President Cristina Fernandez de Kirchner’s economic policies. Last month’s 19 percent devaluation of the peso, which drove up prices on products from cars to refrigerators, highlights Fernandez’s dilemma.  In a series of Twitter posts from a summit in Havana last month, Fernandez said banks, importers and exporters were behind ‘speculative’ movements in the markets, without giving more details.  Sales of imported luxury cars rose, as Argentines sold dollars on the black market and then bought the cars at the official exchange rate, saving 40 percent.”

http://www.businessweek.com/news/2014-02-03/dad-can-t-buy-girl-new-shoes-as-argentina-devaluation-ruins-gift

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Bill Bonner: Stay Away from Obama’s MyRAs…

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“Japan’s government bonds were bought by its own old people (or their pension funds). They put their savings in the safest possible place – government bonds – to be used to finance their retirements.  How will the Japanese government make good on all these bonds?  The answer is the same as the answer to this question: How will this debt-financed hullabaloo turn out?  Simple: Japan will stiff its own grey-haired creditors – either by inflation or by default.  Argentina, by the way, is already ahead of the game. It nationalized private retirement funds – to ‘protect’ them, of course.  And now, the president aims to ‘protect’ US retirees in the same way.”

http://www.bonnerandpartners.com/stay-away-from-obamas-myras/

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Upturn Millionaires: How to Play the Turning Tides in Precious Metals

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“A free online webinar on the current situation in the junior-mining sector – find out what signs have big-name resource investors and industry insiders believing a recovery in the gold market is near.”

http://upturn.caseyresearch.com/event

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Bill Bonner: The US Economy Is Growing Much Slower Than You Think

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“The Journal quotes Bill Simon, Wal-Mart’s USA CEO: ‘I never cease to be amazed at the American consumers. They figure out a way to make it work…’  We are not so much amazed as appalled.  We are not so much reassured at this recovery, however weak, as we are alarmed by it.  Where did consumers get the money?  They didn’t earn it. So, they had to run down their balance sheets, either by spending their savings… or taking on debt.  That makes this a new kind of growth: The more you grow the poorer you get.  The economy used to grow by making people wealthier. Now, consumers go further into debt, while their incomes are stagnant or falling.”

http://www.bonnerandpartners.com/the-us-economy-is-growing-much-slower-than-you-think/

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