Monthly Archives: March 2014

Bill Bonner: The Massive Problem Threatening the Global Recovery

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Bill-Bonner2

“Debt is an obligation laid upon the future by the past. The larger it gets, the harder it is for the future to happen.  There is a correlation between extreme levels of public debt and low economic growth. High levels of debt-to-GDP have been historically associated with low levels of economic growth.  That is what has been happening in Japan for the last 23 years… and in Europe and the US for the last seven. These economies are still fighting deleveraging, resisting debt deflation and pretending that they can continue to add debt forever… and that somehow this will get them out of their debt traps.  But they are doomed. Without growth they can’t pay the debt. With so much debt, they can’t grow.”

http://www.bonnerandpartners.com/the-massive-problem-threatening-the-global-recovery/

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Global Debt Exceeds $100 Trillion as Governments Binge, BIS Says

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“The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.  The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period.  Borrowing has soared as central banks suppress benchmark interest rates to spur growth. Yields on all types of bonds average about 2 percent, down from more than 4.8 percent in 2007.”

http://www.bloomberg.com/news/2014-03-09/global-debt-exceeds-100-trillion-as-governments-binge-bis-says.html

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Chinese Authorities Halt Virtual Credit Card Payments

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“The PBOC issued a statement today, according to 21st Century Business Herald, that halts virtual credit card products and ‘face-to-face’ payment services such as QR code payment.”

http://www.zerohedge.com/news/2014-03-13/chinese-authorities-halt-virtual-credit-card-payments-tencent-yahoo-crashing

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China February exports tumble unexpectedly

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“China’s exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world’s second-largest economy despite the Lunar New Year holidays being blamed for the slide.  The sharp drop in exports follows a series of factory surveys since the start of 2014 that point to weakness in economic activity as demand falters at home and abroad.  Exports in February fell 18.1 percent from a year earlier, following a 10.6 percent jump in January.  That compares with market expectations in a Reuters poll of a rise of 6.8 percent in exports.”

http://www.reuters.com/article/2014/03/10/us-china-economy-trade-idUSBREA2705S20140310

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Retailer Lord & Taylor now accepting bitcoin

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“The Hudson’s Bay Co.-owned department store teamed up in January with Pounce, an app that allows shoppers to snap a picture on their smartphones of an item from the retailer’s catalog, and complete the transaction via a mobile checkout.  For those who don’t want to use traditional credit cards, the app’s partnership with Coinbase—a digital wallet that stores the evasive cryptocurrency—means shoppers can now tap into their bitcoin allotment to pay for their new pair of jeans, Hudson’s Bay Co. confirmed.  Lord & Taylor is not the first retailer to sync its online operations with Coinbase.  Overstock.com also offers the service to online shoppers.”

http://www.cnbc.com/id/101485453

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Robocoin Spreads Its Bitcoin ATMs Further

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“Robocoin, the bi-directional Bitcoin ATM, is ramping up its nascent footprint — with launches planned for 10 more global locations.  The company said today it will be shipping its first Bitcoin ATMs to two more U.S. locations — Boston and Seattle — and also ramping up globally, with machines heading for Israel, Ireland, Singapore, the Czech Republic, Japan, Australia, the U.K. and Italy.  Robocoin’s ATMs allow for cash-to-cryptocurrency conversions or vice versa — allowing users to both buy and sell BTC, and simplifying the ‘historically arduous exchange process’ that’s put plenty of less tech-savvy people off buying a few Bitcoin.”

http://techcrunch.com/2014/03/11/robocoin-spreads/

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Dutch Streets Adopt Cryptocurrency, Become ‘Bitcoin Boulevard’

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“At 17:57 on 20th March – the precise start of spring in the Netherlands – all of the businesses along two canal-side streets in the city centre will start to accept bitcoin.  In all, nine restaurants and one art gallery will take part in the scheme.  Unofficially the two streets running along the canal – Bierkade and Groenewegje – will also change their name to ‘Bitcoin Boulevard’.  The city of the Hague has been quick to jump on the project with the tourism office promoting the event and the city’s ‘Night Mayor’ – the official who looks after the city’s nighttime activities – due to make the first bitcoin purchase at one of the restaurants.”

http://www.coindesk.com/dutch-streets-adopt-cryptocurrency-become-bitcoin-boulevard/

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Coinbase’s Fred Ehrsam says you’re thinking about Bitcoin all wrong

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“What about the notion that it’s dumb to spend Bitcoin on, say, a toaster from Overstock, if you think it’ll eventually go up in value? Because it’s far more economically efficient, Ehrsam says, even if you make a purchase with Bitcoin and then immediately buy that Bitcoin right back—an ability he says Coinbase is working on right now. But later on, Ehrsam explained that consumers don’t understand how high the cost of traditional payment networks really is, because it’s generally merchants who are stuck with the fees.  Ehrsam thinks 2014 will see a critical mass of merchants wanting to get into Bitcoin to save themselves those fees.”

http://www.techhive.com/article/2106760/coinbases-fred-ehrsam-says-youre-thinking-about-bitcoin-all-wrong.html

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Meet the Gay Black Republican Selling Guns Online for Bitcoin

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“According to Forbes, Cargill’s store is ‘the first legal Bitcoin-friendly firearm retail business in the country, if not the world.’ He started ‘accepting Bitcoin as an alternative to dollars for all sales… in January’ and he was ‘inundated with [so many] emails and phone calls’ that he began selling online as well.  Ironically, Cargill says he ‘never wanted to sell guns online,’ but the demand for them required it. Like all other gun dealers, firearms purchased online from Central Texas Gun Works are shipped to a Federal Firearms Licensee (FFL) near the buyer. The FFL then conducts a background check before releasing the firearm to the would-be purchaser.”

http://www.breitbart.com/Big-Government/2014/03/10/Gay-Black-Republican-Selling-Guns-Online-for-Bitcoin

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Overstock.com CEO Patrick Byrne Discusses $1 Million Bitcoin Sales

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“Patrick discusses the Bitcoin customer and his thoughts on the future of Bitcoin with Melissa Francis.”

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