Tag Archives: Economics

Cook Islands, a Paradise of Untouchable Assets

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“These flyspeck islands in the middle of the Pacific would be nothing more than lovely coral atolls, nice for fish and pearls, except for one thing: The Cooks are a global pioneer in offshore asset-protection trusts, with laws devised to protect foreigners’ assets from legal claims in their home countries.  The Cayman Islands, Switzerland and the British Virgin Islands capture headlines for laws and tax rates that allow multinational corporations and the rich to shelter income from the American government. The Cook Islands offer a different form of secrecy. The long arm of United States law does not reach there. The Cooks generally disregard foreign court orders.”

http://www.nytimes.com/2013/12/15/business/international/paradise-of-untouchable-assets.html?pagewanted=all

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Bill Bonner: A Vicious Collapse in Gold?

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“Is it because the Fed is now in tightening mode? Is the Great Experiment over? Was it a success?  Or have gold investors misjudged things?  Our guess: No, no, no and no.  As we’ve been telling members of our family wealth advisory, the Great Experiment is NOT over. The Fed is NOT tightening. The economy has NOT revived. And gold investors have understood correctly that the Fed’s policies WON’T cause growth… or inflation.  Instead, they will lead to stagnation, which could last for many years. Just look at Japan.  When that reality sets in, so will a more determined… and direct… form of monetary stimulus.  Gold’s day will come; but it may not come tomorrow.”

http://www.bonnerandpartners.com/a-vicious-collapse-in-gold/

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Jeffrey Tucker: Bitcoin In Depth

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“Gus Demos of https://www.perpetualassets.com/ Interviews Jeffrey Tucker of Laissez Faire Books, http://lfb.org/ & CEO of Liberty.me, http://liberty.me/ Join us for an in depth discussion of Bitcoin. Mr. Tucker’s thorough investigation of Bitcoin over the years has made him an expert on the Crypto-currency. Today he shares all.”

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Cuba to eliminate currency pegged to dollar

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“Tourists currently use a convertible peso roughly equal to a U.S. dollar while most Cubans are paid in ordinary pesos worth about four cents. Many goods are easier to find in government stores that exclusively accept convertible pesos, a mechanism designed to keep the flow of the special currency under government control.  The dual system has created special privileges for Cubans who work in tourism, and resentment among those who don’t.  On Friday, Vice President Marino Murillo told parliament that the peso pegged to the dollar, known as the CUC, would eventually disappear, the first time the government has explicitly said that.”

http://news.yahoo.com/cuba-eliminate-currency-pegged-dollar-015308939.html

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Australian Bank Publishes Report ‘Bitcoin to replace AUD?’

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“The National Australia Bank (NAB), one of Australia’s ‘Big Four’ banking groups, published a three-page research paper on 19th December titled ‘Bitcoin to replace AUD?’ (Australian dollars).  Despite the provocative title, the paper does not suggest replacing the national currency with bitcoin, nor say it could happen in the near future. Rather, it is an explanation of bitcoin and a comparison of the nature of digital currencies with existing sovereign currencies, and how they fit into the current international financial system.  Bitcoin could well become a widely accepted medium of exchange, the paper said, but it would take many more years to achieve mainstream acceptance.”

http://www.coindesk.com/australian-bank-report-bitcoin-replace-dollars/

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Overstock CEO: money ’too important to leave to government officials’

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“Overstock.com Inc., an online discount retailer, is preparing to accept the virtual currency bitcoin as payment in the second half of 2014, according to Chief Executive and Chairman Patrick Byrne.  The news was first reported by the website newsBTC, and confirmed in a Thursday morning phone interview with Byrne.  The project is in an early stage, with no decision yet on whether Overstock.com would work with bitcoin companies to allow bitcoin payments or create its own system. A team of six to 12 people is expected to work on bitcoin payments at the company, said Byrne.”

http://blogs.marketwatch.com/thetell/2013/12/19/overstock-com-to-accept-bitcoins-ceo-says-money-is-too-important-to-leave-in-the-hands-of-government-officials/

 

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Punk Economics: The Kidnapper wears Prada

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“The Kidnapper wears Prada: Why the rich are getting much, much richer, why the Fed is in a corner and what it means for you!   As the Federal Reserve gets a new chair and decides what to do next, whether to print $85 billion a month more or not, we examine the heist, who gets all the loot, why today’s kidnappers wear Prada. Wake up. See what happens when financial kidnappers dress up as loyal patriots and extort money in the name of the common good.”

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Fed to America: ‘QE Scam Will Continue’

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“Yesterday, the Fed announced that the scam would continue. In a typical sleight of hand, it took its monthly asset buying down from $85 billion to $75 billion… but also told us that zero-bound interest would keep flowing for even longer than expected.  As a card-carrying, asset-owning and secret-handshake-giving member of the 1%, we’re delighted to know that the filthy lucre will continue coming our way. But as a financial philosopher we find the whole show rather shabby and tawdry.  Not only does the program shift income from the public to the insiders, it also masks the real problems in the economy and stifles real corrections.”

http://www.bonnerandpartners.com/fed-to-america-qe-scam-will-continue/

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When We Will Celebrate the End of QE, and Why

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“Central bank money is disseminated through the banking system. And the banking system over years funnels it into investable facilities like the stock market. It is a criminal system, predicated on rigorous control of money stock. If bankers really wanted to benefit the middle class, they’d pump it directly into bank accounts. But they won’t, for that would reveal the essential phoniness of the system and it would also generate vast price inflation. But price inflation they will have nonetheless. By the time bubbles are visible, as they are, it is way too late for the economy to contain the damage.  And thus they pretend to cut. Or trim the advance. But markets, especially stock markets, will continue to rise.”

http://www.thedailybell.com/news-analysis/34849/When-We-Will-Celebrate-the-End-of-QE-and-Why/

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Bill Bonner: The Fed’s Big Lie

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“Whatever may be said about today’s cockeyed economies, there is nothing ‘normal’ about them.  What’s normal about a government that runs up as much debt as it had in World War II – with no war… no national emergency… and no way to pay the money back?  What’s normal about an economy that depends on the lowest interest rates in three generations… and a central bank that holds them down like a crooked butcher with his finger on the meat scale?  And what’s normal about an advanced capitalist country where the typical man earns less than he did 43 years ago?”

http://www.bonnerandpartners.com/the-feds-big-lie/

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