Monthly Archives: September 2014

Google Analyst: Bitcoin Could Be ‘The Internet of Money’

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“Bitcoin holds potential to act as ‘the Internet of money’ if regulated correctly, according to a new report from Google policy advisor Andy Yee.  In an article for Internet Policy Review, Yee, who works as an analyst for Google’s Asia-Pacific division, arguesthat certain sectors of the bitcoin economy should be targeted with regulation modelled on existing digital frameworks. The paper goes on to advocate for a regulatory approach that allows innovation to take place while addressing the concerns of consumer safety advocates, financial regulators and law enforcement agencies, adding that the block chain actually provides regulators with a trove of useful information.”

http://www.coindesk.com/google-analyst-bitcoin-regulation/

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US Gold Dealer Launches “Gold-Backed” Virtual Currency

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“Announced at FreedomFest 2014, which was held in Las Vegas, Nevada, the Independence Coin or INNCoin is the first open-source, gold-backed cryptocurrency. The currency was symbolically launched on July 4 by Anthem Vault’s technology team in collaboration with Vancouver-based Newnote Financial Corp.  All of the coins will be backed by 100 grams (3.5 oz.) of gold that is stored at Anthem Vault. This alt-coin is also commonly referred to as a Micro Gold Coin (MGC).  Anthem stated that it will launch 10 million INNCoins that will be backed by 100 grams of gold with all coins expected to be mined within the first year; all of he coins will be made available by July 2015.”

http://cointelegraph.com/news/112089/us-gold-dealer-launches-gold-backed-coin

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Gazprom Begins Accepting Payment For Oil In Ruble, Yuan

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“According to Russia’s RIA Novosti, citing business daily Kommersant, Gazprom Neft has agreed to export 80,000 tons of oil from Novoportovskoye field in the Arctic; it will accept payment in rubles, and will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese yuan for the transfers. Meaning Russia will export energy to either Europe or China, and receive payment in either Rubles or Yuan, in effect making the two currencies equivalent as far as the Eurasian axis is conerned, but most importantly, transact completely away from the US dollar thus, finally putin'(sic) in action the move for a Petrodollar-free world.”

http://www.zerohedge.com/news/2014-08-27/gazprom-begins-accepting-payment-oil-ruble-yuan

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Embargoed EU Goods Actively Re-Imported to Russia via Belarus

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“Goods embargoed by Moscow in response to Western economic sanctions are being actively shipped to Moscow via Belarus, Russian President Vladimir Putin said Tuesday.  The Russian leader added that exporters often replace an EU label with a new one and send the goods to Russia.  Putin proved his words by displaying photographs of a man removing a label, under which the initial producer country – Poland is revealed.   Russia has banned food imports from the United States, the European Union, Canada, Australia and Norway in response to sanctions imposed on Russia over its alleged role in escalating the Ukrainian crisis.”

http://en.ria.ru/russia/20140826/192371567/Embargoed-EU-Goods-Actively-Re-Imported-To-Russia-Via-Belarus-.html

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EU to help dairy sector hit by Russian food import ban

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“According to the European Commission, EU dairy exports to Russia were worth 2.3 billion euros ($3 billion) in 2013. Cheese accounted for almost half of that.  Under the dairy proposal, the commission said it would help cover the cost of storing surplus goods that had to be taken off the market for up to seven months – giving producers the option to sell their goods at a later date. The aid would apply to butter, skimmed milk powder and certain cheeses. The commission has not specified how much money it is prepared to set aside for the dairy industry. Unnamed EU officials cited by Reuters said the measures could cost between 10 and 20 million euros.”

http://www.dw.de/eu-to-help-dairy-sector-hit-by-russian-food-import-ban/a-17886679

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Polish $300 Billion Aid Package Hides EU Expansion Flaws

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“Halfway through a 229 billion-euro ($317 billion) EU aid package, more than the entire Marshall Plan for postwar Europe in today’s dollars, the money kept the Polish economy growing when the rest of the continent went into recession. The new business parks, highways, soccer stadiums and airport terminals also mask how for many Poles the passage to prosperity is still to come, with 17 percent of families of four living on less than $400 a month. Unemployment is 13.5 percent. While that’s half the rate of crisis-hit Greece, it’s higher than Ireland, whose economy shrank for four of the last six years and remains a destination for many young Poles.”

http://www.bloomberg.com/news/2014-04-29/polish-300-billion-aid-package-hides-eu-expansion-flaws.html

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EU’s Juncker calls for 300 bn euro investment programme

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“Designated European Commission President Jean-Claude Juncker called on Tuesday for a 300 billion euro ($409 billion) public-private investment programme to revive the European economy, create jobs for the young and stimulate growth over the next three years.  The money should be mobilised from existing budget resources, the European Investment Bank and the private sector, he said.  ‘We need a reindustrialisation of Europe,’ the former Luxembourg prime minister said, promising a work programme in February 2015 for investments in energy, transport and broadband networks and industry clusters.”

http://www.reuters.com/article/2014/07/15/eu-commission-juncker-idUSB5N0N102R20140715

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ECB Cuts Rates, Announces Stimulus to Combat Low Inflation

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“The European Central Bank surprised financial markets with a cut in interest rates and new stimulus plans, despite opposition from Germany’s powerful central bank which could raise doubts among the German public about the ECB’s easy-money policies—a sensitive issue in a country that carries the memories of hyperinflation of the 1920s.  The ECB lowered its main lending rate by 0.10 percentage point to 0.05%. It cut a separate rate on bank deposits deeper into negative territory, to -0.2% from -0.1%. The central bank also announced it will purchase covered bank bonds and bundled loans known as asset-backed securities and said further details will be released in October.”

http://online.wsj.com/articles/ecb-cuts-interest-rates-in-surprise-move-1409832304

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Fed Vice Chair: Your Bank May Seize Your Money to Recapitalize Itself

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“The bottom line is that financial, economic and monetary policymakers in the U.S. are fearful that another crisis, perhaps even worse than what we saw in 2008, is going to be playing out in the very near future. Otherwise, why would they find it necessary to take the drastic step of forcing bank depositors to act as a backstop for their financial institutions?  But this time around, it won’t be the government that bails them out directly. Instead, if you have an account with the bank, you are an unsecured creditor for that institution, just like Cypriots. And when that bank inevitably comes under pressure because of an inability to cover their debts, it is you who will become the bailout mechanism.”

http://www.shtfplan.com/headline-news/fed-vice-chairman-warns-your-bank-may-seize-your-money-to-recapitalize-itself_08272014

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Inside Hermès: Luxury’s Secret Empire

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“Last year the company set a record, reporting an operating profit of $1.69 billion with $5 billion in sales–the fastest-growing company in its industry over the past six years, fueled by a sort of branding and marketing craftsmanship as exacting as the stitching on one of its iconic Birkin bags.  The payoff for this softer kind of innovation is enough to make a social media startup founder blush. In examining Hermès’ ownership structure, FORBES estimates that at least five family members now belong on our global billionaires list. And the collective fortune for Dumas’ family now tops $25 billion–more than the Rockefellers, the Mellons and the Fords. Combined.”

http://www.forbes.com/sites/susanadams/2014/08/20/inside-hermes-luxury-secret-empire/

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