Tag Archives: Money

The Secret Fed Paper That Advocated a “Carry Tax” on All Physical Cash

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“Many commentators have noted that mainstream economists are calling to do away with cash entirely.  It would be easy to scoff at these proposals as completely insane if the Fed hadn’t published a paper back in 1999 suggesting the implementation of a ‘carry tax’ or taxing actual physical cash using an expiration date if depositors aren’t willing to spend the money.  The author of this lunacy is a visiting scholar with the ECB, the Fed, the IMF, and the Swiss National Bank. The fact that two of those groups have already imposed negative interest rates (ECB and SNB) should give warning that these sorts of ideas are actually taken very seriously by Central Banks.”

http://www.zerohedge.com/news/2015-05-16/secret-fed-paper-advocated-carry-tax-all-physical-cash

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Bill Bonner: The First Shot in the War on Cash?

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“Cash in hand is different. It is physical. Paper. You can do what you want with it. And you don’t pay a negative interest rate.  Which is why the feds want to ban cash… They say it will make it easier for them to stimulate the economy.  As long as you can hold physical cash, you have an easy way to escape negative interest rates: You just take the money out of the bank and put it in your home safe.  But if physical cash is illegal, you have no choice. You have to keep ‘your money’ on deposit at the bank… and take whatever negative rate the bank imposes on you.  Of course, the idea that taking away your money will stimulate economic growth is ridiculous.”

http://bonnerandpartners.com/the-first-shot-in-the-war-on-cash/

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Russia’s Finance Ministry Wants to Ban Bitcoin, Not the Blockchain

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“Though bitcoin regulation remains a divisive topic globally, there’s perhaps no country that has kept the international bitcoin community guessing about the digital currency’s future more than Russia.  For more than a year, the Ministry of Finance of the Russian Federation, the nation’s economic lawmaking body, has been repeatedly and staunchly against allowing its use as an alternative to government-issued money. Just last month, for example, deputy finance minister Alexey Moiseev told CoinDesk that the Ministry was working on a draft law that would seek to punish those converting cryptocurrencies into the ruble with up to four years in prison.”

http://www.coindesk.com/russia-ban-bitcoin-not-blockchain/

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European Union to Crack Down on Bitcoin After Paris Attacks

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“A draft document seen by Reuters said that EU member countries were planning to crack down on digital currencies and anonymous payment systems made via pre-paid cards in a bid to curb terrorism financing.  EU justice and interior ministers who will attend the meeting are expected to urge the European Commission to come up with measures to ‘strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards,’ said the draft conclusion of the meeting seen by Reuters.”

http://www.coindesk.com/european-union-to-crack-down-on-bitcoin-after-paris-attacks/

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4,000 silver coins found in Roman treasure trove in Swiss orchard

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“The coins’ excellent condition indicated that the owner systematically stashed them away shortly after they were made, the archaeologists said. For some reason that person had buried them shortly after 294 and never retrieved them. Some of the coins, made mainly of bronze but with a 5% silver content (an unusually high amount), were buried in small leather pouches.  The archaeologists said it was impossible to determine the original value of the money due to rampant inflation at the time, but said they would have been worth at least a year or two of wages. How much the coins were worth today was beside the point, Matter said.”

http://www.theguardian.com/world/2015/nov/19/roman-treasure-found-in-swiss-orchard-exceeds-4000-coins

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The Feds Won’t Stop Terrorism This Way

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“While the current rationale for encryption back doors is to fight terrorism, they wouldn’t be used just for that purpose. For proof, just look at the history of the PATRIOT Act. This law gives the US government unprecedented civil forfeiture authority over the US ‘correspondent accounts’ of any bank in the world. If an alleged terrorist or other criminal deposits money at the bank overseas, the PATRIOT Act allows the government to seize an equivalent sum of money in the correspondent account in the US.  Proponents justified the law as a necessary escalation in the ‘War on Terror.’ But the very first time the government used its new civil forfeiture authority, it had nothing to do with terrorism.”

http://www.nestmann.com/the-feds-wont-stop-terrorism-this-way

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Coinbase Just Debuted the First Bitcoin Debit Card in the US

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“It’s called the Shift Card, and it lets you spend bitcoin at any merchant—both online and off—that accepts an ordinary VISA card. Imagine buying a burrito at your local Mexican joint with bitcoin card, or a television from Amazon.com. The card has been approved for use by anyone living in one of 25 US states, including Texas, Washington, and New Jersey.  The new debit card is available to anyone with a Coinbase account. To sign up, you must verify your identity and pay a $10 insurance fee. After that, when buying from merchants based in the US, you can pay for goods in bitcoin without any additional fees (as with other debit cards and credit cards, the fees are paid by the merchants).”

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

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Terrorists win: European Union to crack down on Bitcoin post Paris

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“The same draft document that includes a crackdown on Bitcoin is said to also include a plan ‘to curb more effectively the illicit trade in cultural goods,’ presumably a reference to antiquities smuggled out of ISIS held territories and sold on the black market for a profit.  Bitcoin’s role in the Paris terrorist attacks isn’t entirely certain, despite the fact that the Ghost Security Group suggested earlier this week that Bitcoin may have been used to finance the attacks. It may be cliched to say cracking down on anything as a result of terrorism is a case of letting the terrorists win, but without question the proposal by the European Union precisely fits this definition.”

http://siliconangle.com/blog/2015/11/19/terrorists-win-european-union-to-crack-down-on-bitcoin-post-paris-terrorist-attacks/

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Yellen Says Negative Rates On The Table “If Outlook Worsened”

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“As the market now diligently calculates the suddenly surging odds of a December rate hike, here’s Yellen with a preview of what will happen once the rate hike cycle is aborted,  just as it was aborted in Japan in August of 2000 when the BOJ also decided to send a signal how much stronger the economy is by hiking 25 bps, only to cut 7 months later and to proceed to monetize not only all net Japanese debt issuance a decade later, but to hold half of all equity ETFs. The good news: YELLEN SAYS SHE DOESN’T SEE NEED FOR NEGATIVE RATES NOW;  YELLEN SAYS FED SEES ECONOMY ON STEADY PATH OF IMPROVEMENT;  Because when have the Fed’s forecasts before ever been wrong.”

http://www.zerohedge.com/news/2015-11-04/yellen-says-negative-rates-table-if-outlook-worsened

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Visa to Deploy Blockchain Research Team in Bangalore, India

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“Visa, the world’s largest payment network, will soon deploy a team of developers in Bengaluru (Bangalore), India, to use blockchain technology to improve its digital payments processes, Live Mint reports.  Last week Visa announced the opening of its new technology development center in Bangalore, which will host 1,000 fintech engineers and play a central role in the company’s efforts to accelerate digital commerce globally. As part of the opening ceremonies, Visa announced mVisa, a new mobile payment service that will be tested this summer with merchants across the Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank, and SBI (State Bank of India).”

https://bitcoinmagazine.com/21547/visa-deploy-blockchain-research-team-bangalore-india/

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