Tag Archives: It’s A Trap

Granny’s Gold Bars Are Key to Vietnam Push to Boost Dong [2013]

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“The target of Vietnam’s campaign to stabilize its currency is in the locked bedroom wardrobe of retired civil servant Vu Thi Huong: gold bars.  Huong is among millions of Vietnamese who hold an estimated 300 tons to 400 tons of bullion to store their wealth — a legacy of more than a century of war, revolution and economic turbulence. The central bank wants to convert the hoard, much of it smuggled in, into dong deposits to strengthen the currency, which has slid 21 percent against the dollar in five years. To reduce contraband and persuade people to sell their bullion, the central bank made itself the sole importer and Saigon Jewelry Co. the only legal producer of gold bars.”

http://www.bloomberg.com/news/2013-07-14/granny-s-gold-bars-are-key-to-vietnam-push-to-boost-dong.html

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Bill Bonner: There Is No Security in Bonds Right Now

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“Debt is always and everywhere a worry and a threat. It must be repaid. The more of it there is outstanding, the more cause for worry.  Who won’t be able to pay? And if he doesn’t pay, will his creditors still be solvent? What if the currency goes down? What if inflation goes up? Debt raises questions… and makes the financial system fragile.  As the quantity of debt increases, in other words, the quality should go the opposite direction. It doesn’t make sense for the amount of debt to increase as the price of it increases, too. It is contrary to the most basic law of supply and demand.  And yet, yesterday, the price of debt went up… even as the supply of debt worldwide reaches epochal levels.”

http://www.bonnerandpartners.com/there-is-no-security-in-bonds-right-now/

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Spanish citizenship offer appeals to US Jews

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“The Spanish government presented a bill last month that would grant citizenship to Jews forced into exile from Spain by the Inquisition in 1492. The plan, expected to pass easily in Parliament, aims to right a past wrong and honor the loyalty of communities that ‘do not hold a grudge’ against a country that forgot them, according to the bill.  According to Spain’s bill, to be eligible for dual citizenship, applicants will also have to take a Spanish culture test and have their ancient ties to the nation vetted by experts.  The Spanish government is expecting a massive response, according to reports in the Spanish news media.”

http://www.kansascity.com/news/nation-world/article714780.html

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This Company Saved Money By Tracking Employees With Fitbits

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“One day soon, your company could hand you a fitness-tracking device as a gift.  The gift could have a sizeable payoff for the company. They could use it to track your fitness habits and, if you and your coworkers behave well, use that data to negotiate lower insurance premiums.  In fact, hot Valley startup Appirio did exactly that, handing out Fitbits to about 400 employees. And thanks to CloudFit, Appirio convinced its insurance company to lower its rates by 5%. That added up to a hefty  $280,000.  Thanks to provisions in the Affordable Care Act, which offers companies incentives for implementing wellness programs, and savings like that, more companies may try similar programs.”

http://finance.yahoo.com/news/company-saved-lot-money-tracking-005949318.html

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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 State Bank Supervisors to Discuss Bitcoin at Public Hearing

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“In late February, the US Conference of State Bank Supervisors (CSBS), a membership organisation for state banking regulators that liaises with Congress, announced it would launch a new task force aimed at investigating emerging payments issues, including topics related to bitcoin and other digital currencies.  To date, nine state banking officials have joined the task force, including New York Department of Financial Services superintendent Benjamin Lawsky. The organisation’s fact-finding mission will take one of its first steps on 16th May, when the CSBS will hold a public hearing on emerging payment issues in Chicago, Illinois.”

http://www.coindesk.com/us-state-bank-supervisors-discuss-bitcoin-public-hearing/

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UN-backed Somalia government reintroduces taxes after 23 years

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“The comprehensive new taxation system comprises both direct and indirect taxes on individuals and businesses. The plans detail tariff levels for taxes on income, property, corporate plus goods and services.  Prime Minister Abdiweli Sheikh Ahmed said the government is committed to financial reforms so as to strengthen the country’s economy. ‘The minister of Finance has proposed a new tax system to ensure individuals and businesses are contributing their fair share to society and the rebuilding of our country,’ he said.  ‘The target [..] is to raise enough revenue to vastly improve the capacity of the government to deliver for its own people and eventually become self-sufficient.'”

http://www.africareview.com/News/Somalia-reintroduces-taxes-after-23-years/-/979180/2237214/-/14favcb/-/index.html

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Tax-free zones created around 8 NY colleges under Start-Up NY

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“Gov. Cuomo has touted the program as a way to entice new businesses to New York, which is among the highest-taxed states in the country.  The state is spending taxpayers’ money on ads running across the country to promote the program.  Existing businesses have expressed concern that the new companies will have an unfair advantage.  If accepted into the initiative, businesses will operate with no income tax, business tax, corporate tax, state taxes, local taxes, sales tax, property tax and franchise fees for 10 years. To be eligible, businesses must create new jobs in the first year. Higher-paid workers would have to pay income taxes after five years.”

http://www.lohud.com/story/news/politics/albany-watch/2014/03/13/colleges-named-tax-free-zones-start-ny-initiative/6403251/

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Top Treasury Official Sees No Widespread Criminal Bitcoin Use

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“‘Terrorists generally need ‘real’ currency, not virtual currency, to pay their expenses -– such as salaries, bribes, weapons, travel, and safe houses,’ David S. Cohen, the undersecretary for terrorism and financial intelligence.  Cohen said that some virtual currency companies haven’t registered with Treasury’s Financial Crimes Enforcement Network, a requirement established in March 2013, and aren’t following record keeping and reporting requirements.  The Treasury Department’s Bank Secrecy Act Advisory Group will include a member of the virtual-currency community to help make regulations ‘better informed and more effective,’ Cohen said, without saying who it will be.”

http://www.bloomberg.com/news/2014-03-18/treasury-s-cohen-says-regulation-helps-virtual-currencies.html

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The Countdown to the Nationalization of Retirement Savings

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“Even before the new myRA program was announced, there had been whispers about the need for the US government to assume some risk for US retirement accounts. That’s code for forced conversion of private retirement assets into government bonds.  With foreigners not buying as many Treasuries and the Fed tapering, the US government has been searching for new buyers of its unwanted debt. And this is where the new myRA program comes in.  In short, it’s ostensibly a new way for people to save for retirement. Of course, you can only invest in government-approved investments—like Treasuries—which probably won’t even come close to keeping up with the real rate of inflation.”

http://www.internationalman.com/articles/countdown-to-the-nationalization-of-retirement-savings

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