Monthly Archives: May 2014

Biometric payments system trialled by Swedish university

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“An engineering student at Lund University in Sweden has launched a biometric vein-scanning payment technique for stores and coffee shops in the country. After talking to players involved in vein-scanning terminals, banks and stores, a system that worked was developed. There are now currently 15 stores and restaurants, mainly around the Lund University campus, that use the terminals, with 1,600 active users.  Other countries have also begun using biometrics as a payment method. Banks in Japan use vein technology, which allows customers to take money out from their accounts and helps reduce the risk of fraud.”

http://business-technology.co.uk/2014/05/biometric-payments-system-trialled-by-swedish-university/

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US Defense Dept. analyzing Bitcoin as potential terrorism threat

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“The US Defense Department is conducting a counterterrorism program investigation of virtual currencies like Bitcoin and other new technologies, including smartphones and social media, to better understand if they pose security threats.  Run by the Combating Terrorism Technical Support Office (CTTSO), a division of the Pentagon that analyzes terrorism and irregular warfare capabilities, the program recently ended its open call for vendors that could help the US military understand the technologies and any threats they could potentially pose, the International Business Times reported.”

http://rt.com/usa/157552-defense-pentagon-bitcoin-terrorism/

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Gold and Silver Considered ‘Dangerous Goods’ by FedEx

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“Amagi Metals was informed today that FedEx will no longer be shipping contents of more than $2,500 worth of precious metals to Europe and Asia. The company stated that the goods were considered ‘dangerous’….but only in amounts of $2,501 and over?   Once again regulation getting in the way of business. Just to be clear, FedEx is not a private shipping provider. While they do operate differently than the USPS in terms of funding, they are still held to the government rules and regulations when it comes to shipping. I think this calls for a new shipping company that takes the risk of working outside of these parameters!”

https://www.amagimetals.com/blog/2014/04/30/gold-silver-considered-dangerous-goods-fedex/

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Putin, gold and silver: What you need to know right now

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“During not-so-normal times like we have today, the flow of capital is what determines major market moves.  Not supply/demand fundamentals. Not GDP, inflation, central bank policies.  Not even price-to-earnings ratios, or corporate balance sheets or anything most analysts use to predict market movements.  It’s capital flows, from one nation to another, from one stock market to another, from one savvy investor’s pockets to any investment that can help that investor get their money to safety, off the grid to a market that is liquid, that offers a decent chance at some type of return, and where preservation of capital is also of utmost importance.”

http://www.moneyandmarkets.com/putin-gold-and-silver-what-you-need-to-know-right-now-60797

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The new Russia sanctions: stalled FATCA talks

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“The U.S. may have discovered a new secret weapon against Russia.  A quiet round of what some call unofficial sanctions are about to be lobbed on Russian banks, sending them reeling as President Barack Obama and top lawmakers this week discuss another sanctions round.  Obscure tax negotiations the U.S. suspended with Russia amid the Ukraine-Crimea standoff earlier this month will hit the banking sector hard in the coming weeks, experts say — so hard that they’d actually do more damage than the widely publicized official sanctions levied on a few dozen select Russian officials and one bank. More than 800 Russian banks could take a hit, with customers running for the exits.”

http://dyn.politico.com/printstory.cfm?uuid=B0E0B7F9-7222-45E3-8EAE-E18B15FB9C9B

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Superlawyer Jim Bopp takes on McCain-backed FATCA tax law

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“Jim Bopp, the hard-charging lawyer who persuaded the Supreme Court to strike down crucial elements in the McCain-Feingold campaign finance law, has a new target in his legal sights: a bank and taxation statute that hits Americans overseas.  Mr. Bopp is assembling a legal attack on the Foreign Account Tax Compliance Act, which he and other critics say intrudes on financial privacy and scares banks from doing business with Americans living overseas.  In addition to his authorship of the McCain-Feingold law, Mr. McCain was one of the main proponents of the tax compliance act, which takes full effect July 1 — unless courts intervene.”

http://www.washingtontimes.com/news/2014/may/5/superlawyer-jim-bopp-takes-on-mccain-backed-tax-ac/?page=all

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Cyprus lifts almost all domestic capital controls

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“Cyprus has reached another milestone in getting rid of capital controls it put in place after being bailed out last year, saying all domestic controls have been lifted except the opening of new bank accounts.  The Finance Ministry said in a statement Friday that a prohibition on cashing checks as well as caps on domestic transactions and payments that don’t require central bank vetting have now been removed.  However, restrictions on unfettered money transfers abroad remain in place. Authorities said they hope to lift them by year’s end.  Authorities imposed restrictions to prevent a run after international creditors last year forced the seizure of uninsured deposits in its two largest lenders.”

http://bigstory.ap.org/article/cyprus-lifts-almost-all-domestic-capital-controls

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Ecuador Offers to Buy Back Its Defaulted Bonds — With a 50% Haircut

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“Ecuador is approaching holders on a one-by-one basis with offers to pay at least 50 cents on the dollar for the notes, according to two of the people. Ecuador bought back more than 90 percent of its defaulted bonds in 2009 at 35 cents on the dollar, months after defaulting on $3.2 billion of securities.  Faced with a swelling budget deficit, President Rafael Correa said last month that he’s looking to sell bonds to international investors this year, the first time since the default, after relying mostly on China for financing during the past several years.  Correa, a 51-year-old former economics professor, called the bonds “illegitimate” when he halted payments in 2008.”

http://www.bloomberg.com/news/2014-05-05/ecuador-said-to-step-up-offers-to-buy-back-defaulted-bonds.html

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Warren Buffett’s Opinion On Bonds Couldn’t Be More Clear

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“It doesn’t get any clearer than this:  ‘I don’t think there is a good long-term fixed income investment’.  Obviously Buffett, like many others, expects interest rates to rise significantly over the long-term. This means any fixed income investment is going to get smoked, as the amount you get paid for holding them is worth less and less and as inflation erodes the value of the principal.”

http://www.businessinsider.com/warren-buffett-bearish-on-bonds-2014-5

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The American Empire vs. Your Retirement Prospects

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“The United States of America is an empire. But it is an empire like no other in history. It is an empire based on giving away money. The general taxpayers are taxed to give the money away, and those who profit from the expansion of the empire are paid by the government to produce the weapon systems which enable the United States government to project power around the world.  The foreign aid system is a system of bribery. It bribes leaders of countries around the world to keep their mouths shut regarding the extension of American power. This extension of power does not benefit the man in the street. It benefits various special interests, especially the military-industrial complex.”

http://www.garynorth.com/public/12411.cfm

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