Tag Archives: Money

German Gold Stays in New York in Rebuff to Euro Doubters

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“Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after the Free Democratic Party, which flirted with bringing the gold home, dropped out of  Chancellor Angela Merkel’s coalition and was replaced by the Social Democrats, the government has concluded that stashing half its bullion abroad is prudent after all.  Ending talk of repatriating the world’s second-biggest gold reserves is a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany.”

http://www.bloomberg.com/news/2014-06-23/german-gold-stays-in-new-york-in-rebuff-to-euro-doubters.html

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Fed fears risks posed by exit tools; plan almost done

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“The sheer magnitude of the amounts of money used to combat the crisis – $2.6 trillion sitting at the Fed as bank reserves and $4.2 trillion held by the Fed in various securities – may complicate the U.S. central bank’s ability to control its target interest rate once the decision is made that it should be raised.  The Fed has neared consensus that its workhorse tool will be the interest it pays banks on excess reserves on deposit at the Fed.  Another tool would have a similar impact but apply more broadly, using overnight repurchase agreements that would let money market funds and other institutions as well as banks essentially make short-term deposits at the Fed.”

http://www.reuters.com/article/2014/07/11/usa-fed-idUSL2N0PM2IQ20140711

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More Jawboning from Australia’s Central Bank

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“RBA Governor Glenn Stevens proceeded from characterizing the level of the exchange rate as ‘uncomfortably high’ to noting ‘that foreign-exchange intervention can, judiciously used in the right circumstances, be effective and useful.’  That latter observation was particularly noteworthy because, according to The Wall Street Journal, a currency intervention has essentially been verboten in the decades since Australia shifted to a floating exchange rate in 1983. He closed his remarks on this particular topic with an even more overt statement: ‘Nonetheless, we think that investors are under-estimating the likelihood of a significant fall in the Australian dollar at some point.'”

http://www.investingdaily.com/20682/more-jawboning-from-australias-central-bank-2/

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Under the Microscope: The Real Costs of a Dollar

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“Once upon a time, most paper currency in the world was backed by gold and directly exchangeable for it.  On August 15, 1971, US President Richard Nixon ended the Bretton Woods System (Ghizoni, 1971), in what is now known as ‘The Nixon Shock’, allowing all currencies to float freely, with only the backing of the faith and credit of their issuing sovereign state. This type of currency is known as ‘fiat currency’, i.e., currency that is given value by government decree (Keynes, et al., 1978). This report will not discuss the relative merits and drawbacks of gold-backed currency and fiat-money, only the triple-bottom-line impacts of each.”

http://www.coindesk.com/microscope-real-costs-dollar/

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Introducing the newest tactic for governments to raise cash

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“If the state can simply legislate its authority to seize dormant bank accounts, then they can just as easily lower the bar.  Australia passed legislation last year to reduce the threshold on seizing dormant accounts from seven years down to just THREE.  In the last 12-months since the legislation was passed, the Australian government has seized a whopping 80,000 accounts totaling A$360 million.  Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.  In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.  So much for setting aside money for a rainy day.”

http://www.sovereignman.com/trends/introducing-the-newest-tactic-for-governments-to-raise-cash-14566/

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A Libertarian Testing Ground For Bitcoin, 3D Printers, and Drones

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“I discovered that this isolated group has fully adopted Bitcoin, and that it’s extremely enthusiastic about other ‘freedom-enhancing’ technologies such as 3D-printers and encryption. Everyone I met in the Project owned Bitcoin and was willing to accept it for goods and services. Of the couple thousand people living there, at least seven own 3D-printers. Though the idea originally was to get a critical mass to influence the political process, many in the movement now feel that the freedoms they want may be better realized through technology that routes around the government rather than engaging it directly.”

http://www.forbes.com/sites/kashmirhill/2014/06/12/the-free-state-project-a-libertarian-testing-ground-for-bitcoin-3d-printers-and-drones/

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Ludwig von Mises: Come Back to Gold

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“In every instance of inflation or credit expansion there are two groups, that of the gainers and that of the losers. The creditors are the losers; it is their loss that is the profit of the debtors. But this is not all. The more fateful results of inflation derive from the fact that the rise in prices and wages which it causes occurs at different times and in different measure for various kinds of commodities and labor. Some classes of prices and wages rise more quickly and to a higher level than others. While inflation is under way, some people enjoy the benefit of higher prices on the goods and services they sell, while the prices of goods and services they buy have not yet risen at all or not to the same extent.”

https://mises.org/daily/6415/Come-Back-to-Gold

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Why You Shouldn’t Gamble With Uncle Sam

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“Sometimes the IRS changes its mind… with catastrophic results for taxpayers.  Until 2008, FinCEN advised that online poker accounts didn’t need to be reported on the FBAR. In 2009, it shifted gears and declared these accounts to be reportable. Then, in 2011, FinCEN reversed itself again. This written guidance didn’t help John Hom, who gambled online and set up accounts at two online poker companies. He used a third online company to facilitate the transfer of funds to the poker accounts. The IRS assessed civil penalties of more than $45,000. Hom appealed the penalty to a federal district court. But on June 4, 2014, a judge ruled that all three accounts were reportable on the FBAR.”

http://www.nestmann.com/why-you-shouldnt-gamble-with-uncle-sam

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Niall Ferguson: Networks and Hierarchies

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“The near-autarkic, commanding and controlling states that emerged from the Depression, World War II, and the early Cold War exist only as pale shadows of their former selves. Today, the combination of technological innovation and international economic integration has created entirely new forms of organization—vast, privately owned networks—that were scarcely dreamt of by Keynes and Kennan. Are these new networks really emancipating us from the tyranny of the hierarchical empire-states? Or will the hierarchies ultimately take over the networks as they did a century ago, in 1914, successfully subordinating them to the priorities of the national security state?”

http://www.the-american-interest.com/articles/2014/06/09/networks-and-hierarchies/

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Roger Ver: Why Bitcoin is Important for the World

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“‘Why Bitcoin is Important for the World’ by Memorydealers KK Bitcoin evangelist Roger Ver for Coin Congress 2014.”

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