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Bank run starts in Ukraine; Long Queues to Withdraw Cash
Tag Archives: Money
Ponzi Pandemic: 500+ Schemes Totaling $50+ Billion in ‘Madoff Era’
“The Ponzi Database, which was recently published at Ponzitracker.com, represents the first single comprehensive source to provide a window into the financial scourge that has inflicted irreparable damage on an investing public over the past six years. The significant sample size also allows for a truly birds-eye view at just how widespread Ponzi schemes have become. Indeed, in the six-year span from 2008 to 2013, Madoff’s scheme was only one of over 500 Ponzi schemes that collectively involved over $50 billion. That’s billion with a ‘B.’ On average, a Ponzi scheme was uncovered or busted every four days in that six-year period.”
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Ukraine Pledges to Protect Bank Deposits as Kiev Rally Called
“Ukraine is weighing measures to stem cash withdrawals after as much as 7 percent of deposits were taken from banks during last week’s bloody uprising, underscoring the need for action to fend off a default. Withdrawals peaked with as much as 30 billion hryvnias ($3.1 billion) Feb. 18-20 as police and anti-government demonstrators fought in the center of Kiev, Natsionalnyi Bank Ukrainy Governor Stepan Kubiv, 51, said in his first interview since being appointed Feb. 24. The interim administration is trying to secure as much as $35 billion in financial aid. The IMF will probably send a team to Ukraine as soon as the country seeks financial aid, Managing Director Christine Lagarde said.”
http://www.businessweek.com/printer/articles/686437?type=bloomberg
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G. Edward Griffin on Bitcoin with Max Wright and Trace Mayer
“Great Conversation with G. Edward Griffin, Max Wright, and Trace Mayer on Bitcoin.”
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Banks Face Deadline to Upgrade ATMs From Windows XP
“There are 420,000 ATMs in the U.S., and on April 8, a deadline looms for nearly all of them that underscores how sluggishly the nation’s cash delivery system moves forward. That’s the day Microsoft cuts off tech support for Windows XP, meaning that ATMs running the software will no longer receive regular security patches and won’t be in compliance with industry standards. Microsoft’s 12-year-old Windows XP dominates the ATM market, powering more than 95 percent of the world’s machines and a similar percentage in the U.S. ATMs whose operators ignore the deadline will continue to function; they’ll just become more vulnerable to malware and other attacks.”
http://www.businessweek.com/articles/2014-01-16/atms-face-deadline-to-upgrade-from-windows-xp
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Bitcoin Processors Reconsider Marijuana Stance After FinCEN Ruling
“FinCEN indicated that financial services companies can now work with marijuana-related businesses in states where the drug has been legalized for medical or recreational purposes. This is provided it is ‘in a manner consistent with their obligations to know their customers and report possible criminal activity’. However, while the announcement opens the door for all manner of financial services providers, from banks to credit cards to bitcoin payment processors, to potentially serve the industry, bitcoin payment businesses are split about a potential path forward.”
http://www.coindesk.com/bitcoin-processors-reconsider-marijuana-fincen-ruling/
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Italy Imposes 20% Tax Withholding On All Inbound Money Transfers
“In the latest example that Europe is increasingly formalizing a regime of implicit capital controls, we learn that Italy has just ordered banks to withhold a 20% tax on all inbound wire transfers: a decree which on to of everything will apply retroactively to February 1. As Il Sole reports, the deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation ‘income.’ In other words, as of this moment, but really starting two weeks ago, all Italians are money launderers unless proven innocent.”
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Unlocked iPhones Are Hard Currency in Brazil, Italy, Other Countries
“Lining up inside the Apple Store on Fifth Avenue, I was surrounded by shoppers speaking languages from around the world. The salesman looked stunned when I said I wanted an unlocked iPhone. Just one? A new shipment of unlocked 5s phones had just come in, he said, adding that the gold model I asked for was the most popular in Europe and the easiest to resell. To my right, a man with a credit card from a Saudi bank was trying to buy his third and fourth phones of the day. ‘Make it two,’ I said. There was one more step: The salesman grabbed a landline from behind the counter to connect me with my bank’s antifraud department. Purchases from this store, he said, are red flags.”
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Canada says will keep closer track of Bitcoin, virtual currencies
“Canada will toughen rules targeting money laundering and terrorist financing to keep a closer eye on the use of Bitcoin and other virtual currencies, the government revealed in the federal budget on Tuesday. Like cash, Bitcoins can be used in transactions without providing a record of its source. The virtual currency, whose value at one point topped $1,000, has been used for all types of online purchases, both legal and illegal. The Silk Road, an eBay-like Bitcoin exchange that included listings for guns and heroin, was recently shut down by the U.S. authorities. Online casinos will also be brought into the government’s existing money laundering rules, the federal government said.”
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Tip Freedomwat.ch Staff with Bitcoin
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JPMorgan Report Slams Bitcoin as ‘Vastly Inferior’ to Fiat Currency
“A new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies. The eight-page report, authored by the company’s head of global FX strategy, John Normand, aimed to present the ‘risks and opportunities’ posed by bitcoin. However, throughout the text, Normand puts much of his focus on the former category. Most notably, Normand suggests that bitcoin is ‘vastly inferior to fiat currencies’ on several counts, and that it is unlikely to ever be afforded the status of legal tender by world governments. The later quality, Normand says, casts the most doubt on bitcoin’s future.”
http://www.coindesk.com/jpmorgan-report-bitcoin-inferior-fiat-currency/
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin