Tag Archives: Money

Fed Officials Reassess Rate Normalization Amid Global Weakness

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“Federal Reserve officials are starting to reassess their outlook for the economy as global weakness and disappointing data on American consumer spending test their resolve to raise interest rates this year.  Plunging yields on U.S. Treasury debt are sending conflicting signals about the outlook for the world’s largest economy: on the one hand, they reflect stronger demand for U.S. assets as growth elsewhere falters. On the other hand, they may portend further downward pressure on inflation.”

http://www.bloomberg.com/news/2015-01-21/fed-officials-reassess-u-s-growth-outlook-amid-global-weakness.html

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Hedge Fund Manager Blows $60M Of Clients’ Money in Three Weeks

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“Canarsie Capital has a grim message for clients: ‘a series of transactions over the last several weeks that have resulted in the loss of all but two hundred thousand dollars.’  Juliet Chung and Susan Pulliam report that Canarsie, named for the east Brooklyn neighborhood, told clients on Tuesday that the $60 million hedge fund lost all but $200,000 of its assets in about three weeks. Owen Li, a 28-year old former Galleon Fund Management trader, reportedly ran the firm with Kenneth deRegt, former head of risk management at Morgan Stanley.  The Journal reports that Canarsie’s prime broker repeatedly expressed concerns about the firm’s risk-taking.”

http://blogs.barrons.com/focusonfunds/2015/01/23/hedge-fund-manager-blows-clients-money-in-three-weeks/

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Bitcoin dealer sentenced to four years in prison

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“Robert Faiella, 55, and an accomplice were charged with conspiracy to commit money laundering and running an unlicensed money transmitting business. Faiella, who pleaded guilty in September 2014, was also ordered to pay $950,000.  He and accomplice Charlie Shrem, 25, were accused of running a company allowing people to use cash to buy bitcoins, and issuing $1 million in the virtual currency that is based on a mysterious computer algorithm.  Shrem was convicted to two years in prison on December 19.”

http://timesofindia.indiatimes.com/tech/tech-news/Bitcoin-dealer-sentenced-to-four-years-in-prison/articleshow/45967280.cms

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Currency war: Who will be the casualties?

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“Central banks are in combat mode.  On the front lines: Europe, Denmark, Canada, Switzerland, Peru and India. Each of their central banks has taken unprecedented and dramatic action to ease policy and weaken their currencies in the past few days.  The currency wars have defined post-financial crisis policies, as countries and central banks search for economic growth that’s been lumpy and disappointing.  The question investors are now asking: How does this all play out? For the time being, they love it. Easier policy, low rates, QE, cheap money, weak currencies—it’s all a recipe for gains in stocks and bonds.”

http://www.cnbc.com/id/102360917

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Bill Bonner: A Crash Course in Money (Part III)

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Bill-Bonner2

“Economists gain jobs, fame and prestige by claiming to improve the workings of free markets. We see that their theories have clearly worked for them. They have improved their own position… and shifted trillions of dollars to their cronies in the financial industry.  But is there a clear, undisputed example in which they have worked for anyone else?  Again, none that we know of.  But there are plenty of examples of economies that have been severely damaged by overly ambitious central planners.”

http://bonnerandpartners.com/crash-course-money-part-iii/

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Microsoft Has Aggressive Global Vision for Bitcoin

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“Microsoft accounts can now be funded with bitcoin and used to purchase apps, games and videos on its Windows, Windows Phone and Xbox platforms.  The BitPay executive team first met with Microsoft in Seattle three months ago, where they conducted a two-hour conversation with its executives, product specialists and engineers.  “They already did their homework on bitcoin, and were more interested in BitPay,” BitPay chief commercial officer Sonny Singh explained. ‘After that, they really felt comfortable and wanted to start proceeding as soon as possible.’  Singh stressed that he was impressed with Microsoft’s speed, calling its drive to follow through on the initiative ‘very impressive’.”

http://www.coindesk.com/bitpay-microsoft-aggressive-global-vision-bitcoin/

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Hacked payment card service transmitted cardholder data in plaintext

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“Charge Anywhere, a company that routes payment transactions between merchants and payment card processors, said that malicious software planted on its network may have accessed unencrypted sensitive cardholder data for almost five years.  The company warned that some of the card data it sends or receives appears in plaintext, allowing attackers to copy it and use it in fraudulent transactions. Details including names, account numbers, expiration dates, and verification codes are known to be exposed for transactions that occurred this year from August 17 through September 24, although it’s possible transactions dating back to November 5, 2009 may also have been accessed.”

http://arstechnica.com/security/2014/12/hacked-payment-card-service-transmitted-some-data-in-plaintext/

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Swiss Gold Referendum: What It Really Means

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“In a few days the Swiss people will go to the polls to decide whether the Swiss central bank is to be required to hold 20% of its reserves in the form of gold. Polls show that the gold requirement is favored by the less well off and opposed by wealthy Swiss invested in stocks.  These poll results provide new insight into the real reason for Quantitative Easing by the Federal Reserve and European Central Bank.  The view in Switzerland is that a gold backed Swiss franc would be more valuable, and a more valuable franc would increase the purchasing power of wage earners, thus reducing their living costs.  The vote is clearly a vote about income shares between the rich and the poor.”

http://www.thedailybell.com/editorials/35855/Paul-Craig-Roberts-Swiss-Gold-Referendum-What-It-Really-Means/

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Swiss Gold Initiative Likely Tighter Than Polls Suggest

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“Even if the Swiss gold initiative fails and its proponents don’t achieve their desired outcome, the initiative will still be seen in some quarters as an historic event that panicked the Swiss National Bank into a coordinated campaign of opposition and that made currency strategists and financial media around the world sit up and begin to analyse what they may now realise has always been a world class currency in its own right.  No matter what you think of Alan Greenspan, he knows that gold is the world’s premier currency, as do the governing board of the SNB. But whereas Greenspan is now free to say this, the SNB board look too afraid to admit this.”

https://www.goldcore.com/goldcore_blog/Swiss_Gold_Poll_Likely_Tighter_Than_Polls_Suggest

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Contactless cards’ cash limits inop; can be skimmed with nearby phone

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“A flaw in Visa’s contactless credit cards means they will approve unlimited cash transactions without a PIN when the amount is requested in a foreign currency.  New research by experts at Newcastle University, UK, has highlighted a ‘glitch’ in the Visa system which means their contactless cards will approve foreign currency transactions of up to 999,999.99 in any foreign currency.   Side-stepping the £20 contactless limit, transactions can be carried out while the card is still in the victim’s pocket or bag.  Transactions are carried out offline, avoiding any additional security checks by the bank.”

http://www.ncl.ac.uk/press.office/press.release/item/contactless-cards-fail-to-recognise-foreign-currency

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