Venezuela Moves to Nationalize Food, Ration Medicine, Kill Comedy

“The crisis in Venezuela is escalating, and it’s not funny anymore.  Socialist President Nicolás Maduro, successor to the Hugo Chavez regime, has announced he will use his ‘decree powers’ to nationalize the country’s food distribution network.  Milk, flour, and toilet paper may be hard to find, but money can always be located for public employees: ‘Maduro also announced a 30-percent increase in public wages on Friday.’ The government blames ‘hoarding’ — whatever that means — for [medicine] shortages. But doctors and pharmacists blame government price controls, production regulations, and trade restrictions for cutting off the supply.”

http://fee.org/anythingpeaceful/detail/venezuela-moves-to-natonalize-food-ration-medicine-kill-comedy

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China’s new playground: America’s backyard

China is moving into the United States’ backyard—but it’s not clear if this is a bad thing for anyone.  Beijing is directing an increasing amount investment into Latin America, raising sphere-of-influence worries in the U.S. and trepidation among some local enterprises. China’s involvement in Latin America can be seen as an extension of its 1999 Go Out policy, which said the country should invest abroad to secure access to natural resources, gain new markets for exports and internationalize Chinese firms. Despite this open strategy—Beijing explicitly addressed its interest in Latin America in a 2011 white paper—the growth of China’s involvement in the region has taken many by surprise.”

http://www.cnbc.com/id/102376129

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Teenagers buying China stocks may indicate serious bubble

“The lure of flush times on the Shanghai market is sweeping in unlikely investors by the hundreds of thousands. This week, both the China Securities Daily and the Beijing Morning Post had dueling reports about recent college graduates and, yes, teenagers buying shares.  Typically these young investors speculate with money given to them by their parents.  Yet another report relates that at the Beijing trading halls of China Securities Co., ‘even the cleaning lady’ has opened an account to play the market.  The data appear to agree with the anecdotes: Within the last week alone, 1.14 million stock accounts were opened in China, the biggest such surge since June 2007.”

http://www.marketwatch.com/story/china-stocks-may-be-in-serious-bubble-2015-03-26

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Young Chinese building art collections as unpredecented prices emerge

“The young tend to have a higher appetite for risk, in investment speak, and this generation has witnessed an unprecedented rise in art prices, especially in contemporary art, which is the category they are most likely to collect.  Artprice.com’s global index of contemporary art states average prices have gone up by 70 per cent in the past decade. The New Circle members are all newbies and face the challenge of plunging into a market when prices for contemporary art are much higher than a few years ago. The young generation has only just started buying art in Hong Kong, and has no intention of stopping.”

http://www.scmp.com/lifestyle/arts-culture/article/1673008/young-art-lovers-get-help-building-collections-exclusive-hong

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Picasso Painting Sells for $179.4 Million; Sets Auction Record

“Pablo Picasso’s ‘Les Femmes d’Alger (Version ‘O’)’ sold for $179.4 million, setting a record for any artwork sold at auction. The price for the painting, sold Monday at Christie’s in New York, breaks the record held by Francis Bacon’s $142.4 million triptych since November 2013. The auction house had valued the Picasso at $140 million, the highest presale target of any work. The sale price includes commission.  Depicting a group of courtesans, the Picasso painting is based on Eugene Delacroix’s work of a similar title. Picasso explored the theme through a group of 15 paintings, designating the versions from A to O.”

http://www.bloomberg.com/news/articles/2015-05-11/picasso-painting-sells-for-179-4-million-sets-auction-record

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Skype Translator Preview now open to all Windows users

“When I used Skype Translator in December last year, it was breathtaking. I held a conversation with a native Spanish speaker in spite of not speaking a word of Spanish.  Since then, Skype Translator has added more languages—it now speaks Mandarin and Italian in addition to English and Spanish—and in instant messaging it handles many more, some fifty in total, including Klingon.  Until now, the preview has had only limited availability; interested parties had to sign up specially and could not get immediate access. That limitation ends today. The preview is now freely downloadable (Windows Store link) and available to anyone using Windows 8.1 or Windows 10 preview.”

http://arstechnica.com/information-technology/2015/05/skype-translator-preview-now-open-to-all/

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Estonia’s 1st electronic residency card issued to UK journalist

“Estonia has become of the first country in the world to launch an electronic residency program, hoping that the innovative approach will persuade foreigners to invest and start businesses in the Baltic state.  The first virtual residency card was issued Monday to British journalist Edward Lucas, a senior editor at The Economist magazine, on Monday.  The card with an embedded microchip will allow Lucas to conduct business activity in Estonia while staying abroad. The e-residency program kicked off after the Estonian Development Fund and the former CEO of Skype, Sten Tamkivi, organized a contest for the best idea to bring foreign businesses to Estonia.”

http://rt.com/news/210775-estonia-electronic-residency-card/

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Estonia opens online applications for world’s first e-residency program

Dear current and future e-Residents,

Hello from Tallinn! The big day has finally arrived — we have just launched the e-Residency online application site!

As of this morning, it is now possible to apply for e-Residency at e-resident.gov.ee (https://e-estonia.com/e-residents/about/?utm_source=newsletter4&utm_medium=email&utm_content=1&utm_campaign=eresident ) anywhere in the world. Once your application is approved, just one face-to-face meeting is required to collect the card!

To begin, visit e-resident.gov.ee (https://e-estonia.com/e-residents/about/?utm_source=newsletter4&utm_medium=email&utm_content=1&utm_campaign=eresident ) , fill in the online application, upload your photo and a
photo of your identity document, state your reason for applying and pay a 50 euro state fee. We ask for your application motivation to have an overview of our customers (you!). We also want to manage the risks and conduct the necessary background checks to prevent digital identity misuse.

Once your application has been submitted, the Estonian Police and Border Guard Board will carry out your background check. Once your application is approved, you will be invited to your chosen pickup location to identify yourself, give fingerprints and collect your e-Resident smart ID card and card reader. The whole process should take about a month.

You can pick up the card from our foreign embassies and consulates in 34 countries around the world, or at Police and Border Guard Board service points in Estonia. Please note that the Estonian honorary consuls do not issue e-Residency and we currently do not plan to expand the number of pickup locations.

As of today e-Residents can:

  • Establish an Estonian company online within a day. At the moment a physical address in Estonia is required, which may be obtained using a virtual office service provider.
  • Administer the company from anywhere in the world.
  • Conduct e-banking and remote money transfers. Establishing an Estonian bank account currently requires one in-person meeting at the bank, and is at the sole discretion of our banking partners.
  • Access online payment service providers
  • Declare Estonian taxes online. e-Residency does not automatically establish tax residency. To learn about taxation and to avoid double taxation please consult a tax professional.

We continue to work with the private sector and government agencies to enhance our existing services and create new programs for e-Residents. As an example, it currently requires an in-person meeting to open a bank account, or the help of virtual office providers to establish a company with a legal Estonian address. We are working hard to make these services more accessible and user-friendly soon. Stay tuned.

Our government is developing e-Residency like a startup. We launched it fast and agile, and we are constantly working to improve and extend this revolutionary program. e-Residency is now in a public beta phase:  everybody is invited to apply and help us cater it best to you, the new e-Estonian — a new kind of digital and global citizen. For that, we depend on your feedback and guidance.

Since the issue of security has recently been raised, I feel that it is important to tell you about it as well. A digital identity itself does not bring along new risks, such as money laundering. Instead, it makes existing risks more visible and manageable as digital footprints are easily traceable. We have extensive logging and fraud analysis, which we make use of at our discretion and on reasonable suspicion. We also thoroughly check the background of prospective e-Residents to make sure we can trust them as future members of the Estonian e-Society.

Estonia is known worldwide for its advanced cybersecurity competence, and we take good care to mitigate the possible risks of e-Residency. The e-Resident ID itself as well as the services are built on state-of-the-art technological solutions, such as 2048-bit public key encryption. Procedures and practices are in place to ensure the safety of e-Residents’ data and that limit possibilities for misuse.

Thank you for the incredible amount of positive feedback you have already given us — and please keep writing! We have learned that people from around the world view e-Residency as an opportunity to fulfil their dreams, venture across digital borders, and free themselves from corporate bureaucracy. Our long term vision is to offer to every world citizen a government-issued digital identity and the opportunity to run a trusted company online, unleashing the world’s entrepreneurial potential.

The e-Residency application portal was officially launched this morning at Nordic Digital Day, a one-day conference about Nordic ICT innovations and reforms held during ICT Week 2015 in Tallinn, Estonia.

Please find more information at e-resident.gov.ee (https://e-estonia.com/e-residents/about/?utm_source=newsletter4&utm_medium=email&utm_content=1&utm_campaign=eresident ) and follow us on Twitter @e_Residents (https://twitter.com/e_Residents)

We look forward to welcoming you as an e-Resident!

Kaspar Korjus, Program Director
and the e-Residency Team
Tallinn, Estonia

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Bill Bonner: To the Class of 2015, Part 2

“We — your parents — enjoyed an economic expansion that began when we were born and continued, with only short interruptions, until we retired. We got out of school with little or no student debt. We could start businesses with generally few impediments. We could borrow money to fund our businesses and our lives. We could hire, fire, switch jobs…buy and sell houses…move from place to place… We were freer…and richer…than you will be…unless you can wipe the slate clean of our debts, our foolish wars and dumbbell programs, and our attempts to hold back the future and prevent you from living rich, full, free lives of your own.”

https://www.equitymaster.com/dailyreckoning/detail.asp?date=05/12/2015&story=2&title=To-the-Class-of-2015-Part-2

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Fight the Fed from the Inside

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“The Community Advisory Council will meet semiannually with the Board in Washington to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations. The Fed says it wants ‘diverse perspectives’ on our financial concerns. One such perspective, held by many citizens, is that fiat money harms everyone, especially the ‘low- and moderate-income Americans’ upon which it expects this Council to focus. Will the Fed’s new advisory council include that perspective?”

http://www.thedailybell.com/news-analysis/36285/Fight-the-Fed-from-the-Inside/

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