Penning the Sheep for a Shearing—Capital Controls, Part 2

“A year or two early is always better than one day too late.  You will never know precisely when the day of reckoning will come… until it’s too late. And it will likely come as a surprise in order to ensure its effectiveness—like the sneak attack on Cypriot bank depositors did on that Saturday morning.  Even if capital controls are never imposed, you are no worse off for internationalizing your savings. In all likelihood, you’d be better off. You could sleep better at night knowing that you have insured your savings by diversifying your political risk. Also, many offshore banks are better capitalized and otherwise sounder than any bank you would find in your home country.”

http://www.internationalman.com/articles/penning-the-sheep-for-a-shearingcapital-controls-part-2

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When in Rome

“In 193 AD, the denarius enjoyed a similar position to that of the US dollar today. Yet, having been devalued, it never regained its worth—in fact, not to this very day, even as a relic. The denarius pictured above was recently offered on eBay for the ‘Buy Now’ price of $28.80. Not a very impressive increase in value for a coin that has survived for 1700 years.  We would like to think that, even though some current governments are following the Roman road to ruin with remarkable similarity, the outcome will somehow be brighter—that we will not witness the Fall of the Empire in our modern world. Surely, this time around, political leaders will ‘do the right thing.'”

http://www.internationalman.com/articles/when-in-rome

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Wal-Mart Jumps Into the Money Transfer Biz, Loudly

“The Walmart-2-Walmart service is being rolled out in partnership with Ria Money Transfer, a subsidiary of Euronet Worldwide Inc.  Shares of money-transfer companies MoneyGram and Western Union slid Thursday.  The service, which will be available starting April 24, allows its customers to transfer up to $900 to and from more than 4,000 Wal-Mart stores in the U.S.  Customers can transfer up to $50 for a $4.50 service fee and up to $900 for $9.50.  Comparable services elsewhere cost up to $70 when transferring less than $1,000.  Western Union on its website puts the price of transferring $900 in New York between $20, if using a bank account, to $85 if using a credit or debit card.”

http://abcnews.go.com/Business/wireStory/wal-mart-joins-ria-money-transfer-service-23359852?singlePage=true

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Facebook is reportedly prepping an e-money service in Ireland

“Facebook wants to be more than a social network — it is planning to facilitate financial services in the form of electronic money and remittances.  The report cites sources as saying that Facebook is weeks away from getting regulatory approval in Ireland for a service that lets users store money on Facebook and use it to pay others — what’s known as ‘e-money’. This means that Facebook will be able to issue units of stored monetary value that represent a claim against the company, and the e-money can be used throughout Europe in a process known as ‘passporting’.  E-money and remittances would help Facebook be more relevant in emerging markets.”

http://thenextweb.com/facebook/2014/04/14/facebook-reportedly-prepping-e-money-service-close-getting-approval-ireland/

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U.S. Fed’s Kocherlakota says interested in bitcoin

“A top U.S. Federal Reserve official said on Tuesday he is interested in the fast-emerging bitcoin, although he scoffed at the idea that the virtual currency could replace the dollar.  Minneapolis Federal Reserve Bank President Narayana Kocherlakota, speaking at a town hall at North Dakota State University, said he is interested in bitcoin as a technology, not as a currency.  He speculated that bitcoin could make payments among individuals faster. ‘That’s where I think the interest of it is, myself, as opposed to a new currency that’s going to drive the U.S. dollar out of circulation.'”

http://www.reuters.com/article/2014/04/16/us-usa-fed-kocherlakota-bitcoin-idUSBREA3F03120140416

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Stefan Molyneux on Shutting Down Government with Bitcoin

“Stefan Molyneux and David Seaman talk about making the present incomprehensible to the future, the elimination of fiat currency, using Bitcoin to end war, and why you can’t buy votes with Bitcoin.”

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New Colorado Marijuana Vending Machines Will Accept Bitcoin

“The first machine that can be accessed directly by consumers was finally unveiled at an invite-only event in Colorado last week.  Billed as the first marijuana vending machine in America, the ZaZZZ unit is perhaps more accurately described as the first machine that will not be placed behind a sales counter. It offers a number of novel compliance features, including a driver’s license reader and a camera that captures video of users.  ZaZZZ machines also have another notable feature: they accept only a limited number of payment options including the ZaZZZ Card, cash, and perhaps most notably, bitcoin.”

http://www.coindesk.com/new-colorado-marijuana-vending-machines-accept-bitcoin/

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€250,000 strapped to German pensioner’s genitals seized at border

“An elderly man has been found apparently trying to smuggle nearly €250,000 strapped to his genitals.  He and his wife were stopped during a routine check on the border near Trier, Germany, which is close to the boundary with Luxembourg.  His wife also had €8,000 strapped in her clothing.  Customs officers based in Koblenz discovered four bundles of cash worth €50,000 each and another of €44,900 strapped to the man’s genitalia, according to The Local.  European laws state that anyone carrying more than €10,000 must declare the money and they now face a large fine.”

http://www.mirror.co.uk/news/weird-news/pensioner-strapped-250000-cash-genitals-3420457

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Getting the Best Rates on Currency Conversions

“Forex trading platforms allow you to convert and transfer your money for minimal charges and are perhaps the best way to do so.  You may want to consider Interactive Brokers as a forex platform (but do shop for other forex trading platforms in your jurisdiction). You can do all sorts of currency conversion with Interactive Brokers, and it has extremely competitive spreads. For certain currency conversions involving the US dollar, the spread can be smaller than 1 pip (1/10,000th of dollar or 0.01%). Moreover, you can execute limit orders.  These spreads are attractive considering most banks operate at a spread of about 2.5-3%.”

http://www.internationalman.com/articles/getting-the-best-rates-on-currency-conversions

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Penning the Sheep for a Shearing—Capital Controls, Part 1

“It’s not exactly a secret that the West generally and the US in particular are moving deeper into bankruptcy and are seeking more and more control over all facets of their citizens’ lives. These trends will sooner or later lead to an overt attempt to control the flow of money in some way—just as they have in other countries throughout history that have headed down similar paths.  It’s crucially important to your financial future that you understand what capital controls are, how and why they are implemented, the harm they can cause, and what you can do to protect yourself.  This is because I believe it is a near certainty that the US dollar will lose its role as the world’s premier reserve currency.”

http://www.internationalman.com/articles/penning-the-sheep-for-a-shearing-capital-controls-part-1

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