Monthly Archives: March 2014

U.S. press freedom plunges to 46th, behind former Soviet states

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“The United States has plunged thirteen places in the World Press Freedom Index, placing it behind former Soviet states and other countries not typically known for press freedoms.  The massive drop is attributable mostly to the Obama Administration’s effort to crack down on whistleblowers. Obama’s Justice Department has filed suit against more whistleblowers than any other presidential administration in history.  Forty-sixth places it behind the former Soviet republics of Lithuania and Latvia and the satellite states of Romania, Poland and Czechoslovakia (both the Czech Republic and Slovakia). It also puts it behind Ghana, South Africa and El Salvador.”

http://www.rawstory.com/rs/2014/02/12/us-press-freedom-plunges-to-46th-placing-it-behind-former-soviet-states/

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Kerry to Putin: ‘Don’t invade a country on completely phony pretexts’

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“‘You just don’t invade another country on phony pretext in order to assert your interests,’ John Kerry said on NBC’s Meet the Press. ‘This is an act of aggression that is completely trumped up in terms of its pretext. It’s really 19th century behaviour in the 21st century.’  Kerry has also threatened to isolate Russia economically and politically and warned of potential asset freezes and visa bans, adding to media and political hype that followed Russia authorization of sending a stabilization force in Crimea on official request from the authorities.  ‘There could be certainly disruption of any of the normal trade routine, there could be business drawback on investment in the country,’ he said.”

http://rt.com/news/kerry-russia-us-pretext-494/

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Gamblers wager billions on unregulated Bitcoin betting sites

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“Betters like Bitcoin because they receive their winnings right away. There are no bank wires or deposits to wait on because Bitcoin is itself a payment processor.  And in the same way the Internet breaks down international boundaries, the uniformity of Bitcoin enables international gambling without the hassles of currency exchanges.  The clearest anti-gambling laws regulate payment processors (like credit card companies and banks) that would funnel winnings from the operators to the betters. But Bitcoin is a decentralized payment processing system. So there’s no person or organization to prosecute.”

http://www.pbs.org/newshour/updates/bitcoin-gambling-sites-fly-regulatory-radar/

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Will Florida’s Money Laundering Laws Apply to Bitcoin?

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“Lawyers for the two men recently arrested in Miami for engaging in ‘too-large’ bitcoin transactions are claiming that the men’s actions were legal because state law covers only money issued by the US or another country.  Many in the bitcoin community are hopeful that this argument is persuasive, seeing money laundering laws as an attempt to regulate thoughtcrime in finance. Others also argue that citizens do not currently owe the state of Florida any kind of explanation for why they want to buy or sell bitcoin.”

http://www.coindesk.com/will-floridas-money-laundering-laws-apply-bitcoin/

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Britain preparing to end plans to tax Bitcoin trading

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“HM Revenue & Customs said in a meeting with UK traders that it would no longer levy 20 percent value-added tax (VAT) on bitcoin transactions and also said it would not tax margins either, according to the paper.  The British support for the currency comes days after Mt. Gox, once the world’s largest bitcoin exchange, was sued by a customer in the United States seeking to recover money lost in the hacking attack.  Corporation tax and other taxes would still apply, according to the FT.”

http://www.reuters.com/article/2014/03/02/us-bitcoin-britain-idUSBREA210UV20140302

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Free banking will go, says RBS chief

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“Savers eventually will have to pay for their current accounts, according to the new chief executive of Royal Bank of Scotland. Ross McEwan, the head of Britain’s second-biggest current account provider, said that free banking would come to an end because up-front fees were more transparent. RBS had no plans to scrap free banking, but he cast the eventual adoption of a fee-based system in the context of making banks more straightforward for customers. He said in a weekend interview: ‘I think [the end of free banking] is something that will be addressed in the marketplace.'”

http://www.thetimes.co.uk/tto/business/industries/banking/article4020894.ece

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Russian Banks Experience Foreign Cash Crunch

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“Russian banks raised dollar and euro exchange rates to record highs on Sunday following the Kremlin’s threat to send troops to Ukraine.  ‘We don’t have foreign cash, the last was taken five minutes ago. Now we are only buying foreign currencies but not selling,’ said an operator at a Moscow exchange office.  Russia’s largest lender, Sberbank, moved its the dollar rate to 38.50 rubles, which far exceeds the dollar’s all-time high of 36.73 rubles reached at the end of the crisis-driven ruble devaluation in March of 2009. The ruble stood at 35.89 versus the dollar at the end of the trading session on the Moscow exchange on Friday, losing more than 8% so far this year.”

http://online.wsj.com/news/articles/SB10001424052702304585004579415122628094230

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Ukraine’s Largest Bank Limits Cash Withdrawals To $100 Daily

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“The military escalation in Ukraine has had dire consequences for the financial state of the country, its banks, and ultimately its people. The central bank promised to rescue domestic banks so long as they agreed to its complete control and it appears the first consequences of that ‘we are here to help you’ promise is coming true. Privatbank is Ukraine’s largest bank and while claiming this move is temporary (just like Cyprus’ capital controls), the bank has also ceased new loans amid what it calls ‘geopolitical instability’. In summary, you can’t have your money back! Expect long angry lines at Ukrainian banks on Monday morning.”

http://www.zerohedge.com/news/2014-03-02/ukraine-capital-control-crunch-largest-bank-limits-cash-withdrawals-100-daily

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Why Canadians want to retire in the U.S.

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“Unlike with an American citizen’s home-grown 401(k)s and IRAs, the Internal Revenue Service doesn’t tax withdrawals of principal from an imported Canadian retirement account. ‘If Uncle Sam didn’t give you a tax deduction for your contributions,’ Kristof explains, ‘the U.S. government doesn’t expect you to pay tax on the principal.’  Canadians would owe U.S. taxes on capital gains in their accounts. But Canadians can largely eliminate that liability by liquidating any stock holdings while their money is still under the maple-leaf flag.  Some clients take their expatriate status one step further, setting up a work history in the U.S. so that they can qualify for Social Security and Medicare.”

http://blogs.marketwatch.com/encore/2014/02/18/why-canadians-want-to-retire-in-the-u-s/

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$250,000 stuffed in pantyhose…and other IRS evasion tricks

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“Bankers helping customers buy gold bars to store in Swiss bank safes. A wealthy customer who traveled on flights hiding $250,000 in pantyhose to stash in Swiss accounts.  U.S. prosecutors say they have evidence like this to support their case that bankers at Credit Suisse Group helped U.S. customers evade taxes on at least $4 billion in hidden assets.  People familiar with the talks say Credit Suisse has discussed a settlement of about $800 million.  But some U.S. officials are pushing for a tougher line. Eight Credit Suisse bankers have been charged, and all remain at large, believed to be in Switzerland.  In all, 14 Swiss banks are under criminal investigation.”

http://money.cnn.com/2014/02/20/news/credit-suisse-tax-evasion.cnnw/

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