Tag Archives: Economics

Paul Craig Roberts: No Jobs For Americans

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“The alleged recovery took a direct hit from Friday’s payroll jobs report. The Bureau of Labor Statistics reported that the economy created 74,000 net new jobs in December.  Wholesale and retail trade accounted for 70,700 of these jobs or 95.5%. It is likely that the December wholesale and retail hires were temporary for the Christmas shopping season, which doesn’t seem to have been very exuberant, especially in light of Macy’s decision to close five stores and lay off 2,500 employees. It is a good bet that these December hires have already been laid off.  The unemployment rate fell, because Americans unable to find jobs ceased looking for employment and, thereby, ceased to be counted as unemployed.”

http://www.paulcraigroberts.org/2014/01/10/jobs-americans-paul-craig-roberts/

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Trace Mayer, J.D. – Bitcoin Thought Leader & Investor

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“Trace Mayer, J.D. is a bitcoin thought leader and investor in BitPay and Armory Technologies. Listen as Trace discusses his background and how he got involved in bitcoin. Trace provides great insight on how bitcoin can disrupt everything from currency, to corporate and state governance, asset transfers and ownership, contracts and a wide range of financial services.  This interview is one in a series captured at the Media Bistro Inside Bitcoins Conference in Las Vegas, Nevada, December 10th and 11th, 2013.”

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Bitcoin Myths Exposed! – A Conversation with Erik Voorhees

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“Bitcoin has several persistent myths about it that just refuse to die. Stefan Molyneux and Erik Voorhees dispel the myths and talk about the reality of the predominant cryptocurrency.  Erik Voorhees is the co-founder of Coinapult, worked as Director of Marketing at BitInstant, and was founder and partial owner of the Bitcoin gambling website SatoshiDice.”

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It might cost you $39K to crowdfund $100K under the SEC’s new rules

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“If you are looking to raise money via crowdfunding, the moral of the story is, try to raise as close to the next threshold as possible. The thresholds are at $100,000, $500,000, and $1M. So if you need to raise $60,000 for your business, aim for $99,000. Not only will you pay less for that money but you will have more of it. Of course, this assumes you will be able to secure $99,000 from backers. Same holds true for the $100,000 to $500,000 levels and over $500,000 level. While this was not the intent of the legislation (to force companies to seek more capital than they need), it may make sense when trying to decrease the cost of raising that money.”

http://venturebeat.com/2014/01/02/it-might-cost-you-39k-to-crowdfund-100k-under-the-secs-new-rules/

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Bitcoin Stares Down Impending Apocalypse (Again)

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“In the global arms race known as bitcoin mining, there’s success, and then there’s an excess of success.  That’s what a company called CEX.io discovered yesterday when it abruptly stopped accepting new machines into its consortium of bitcoin miners. The consortium — known in bitcoin circles as a pool — was running such a large portion of the worldwide computer network that oversees bitcoin, people were beginning to worry that CEX could corner the market and gain control of the digital currency. The whole idea behind bitcoin is that isn’t controlled by any one central authority.  Now that the CEX has pulled back on the throttle, the bitcoin world can rest a little easier.”

http://www.wired.com/wiredenterprise/2014/01/ghash/

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Grand Experiment Goes Live: Overstock.com Now Accepting Bitcoins

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“Overstock’s free-thinking CEO and chairman, Patrick Byrne, has been telling anyone who would listen that his company would adopt bitcoin sometime in the next six months. But Byrne is an impatient man. Last Tuesday, the company struck a deal to handle bitcoin payments through a service operated by the suddenly hot San Francisco startup Coinbase, and since then, a team of Overstock engineers has worked almost every waking hour to prepare the site for what is undeniably a key moment in the digital currency’s short history.  ‘I felt I had tipped my hand,’ Byrne says. ‘I didn’t want someone else to beat us.'”

http://www.wired.com/business/2014/01/overstock-bitcoin-live/

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Venezuelans blocked from taking flights out by capital controls

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“Under Venezuela’s foreign exchange controls, access to dollars is tightly restricted. International airlines serving the country are currently owed up to $2.6 billion in dollars for bolivars that they have turned in to Venezuela’s Cadivi foreign exchange agency.  Air Europa is owed upwards of $160 million, it said. A company director is flying to Caracas on Monday to meet with the country’s foreign exchange agency to discuss the problem, the airline said Friday. The company operates its Madrid-Caracas-Madrid route six times a week.  Most other international airlines are taking other steps to limit their exposure to Venezuelan bolivars, which aren’t convertible outside the country.”

http://www.usatoday.com/story/news/world/2014/01/10/venezuela-airline-cancellations-europa/4405109/

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Bill Bonner: A Monumental Change in the World’s Monetary System

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“The Chinese economy is still growing twice as fast as the US. Both are delusional figures, of course. Buying things with money you don’t have makes you no better off than making things for people who can’t pay for them.  But the delusion is only part of the story. The other part: China is poor and getting wealthier. The US is rich and getting poorer. Somewhere they will battle it out… maybe in the marketplace… maybe in a hot war. And someday the upstart (if not China, then someone else) will win.  In the meantime, Chinese stocks are in bargain territory. You can get a dollar’s worth of Made in China stock market earnings for just $7.  Each dollar of US earnings will set you back closer to $20.”

http://www.bonnerandpartners.com/a-monumental-change-in-the-worlds-monetary-system/

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The New Fed Sheriff in Town Means More Dollar Destruction

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“The US dollar, once backed by an unfeeling barbaric relic, is now under the stewardship of the best and brightest. Richard Nixon replaced the dollar’s gold backing with the PhD standard back in 1971.  Why, none other than Milton Friedman gushed in a column for Newsweek at the time of Nixon’s selection of Arthur Burns as chairman of the Federal Reserve. Burns, he wrote, ‘is the first person ever named Chairman of the Board who has the right qualifications for that post.’   Yellen, like Burns, has only worked in academia and government. She actually believes her employer can print jobs.  The result was unforgettable stagflation, which he blamed on everything but his monetary policy.”

http://www.caseyresearch.com/cdd/the-new-fed-sheriff-in-town-means-more-dollar-destruction

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Bill Bonner: Today’s Reserve Currency = Tomorrow’s Wallpaper

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“If the end of history were at hand, the dollar, the Fed and federal finances would have nothing to worry about. But between history and the greenback, if we were taking bets, we’d put our money on history.  Most likely, history will trundle forward. And the renminbi will join (or replace) the dollar as the world’s leading currency sometime before the 21st century comes to a close.  But how, exactly, will that happen? No one knows… but few imperial elites give up the No. 1 position without a fight. As they see their power, their status and their wealth challenged, they typically find a casus belli, hoping to stomp the newcomer before it is too late.”

http://www.bonnerandpartners.com/todays-reserve-currency-tomorrows-wallpaper/

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