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Latest Articles: Business/Finance
Kentucky town to pay police chief in bitcoin
Post Date: 2013-12-06 05:14:11 by Tatarewicz
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City employees in Vicco, Kentucky could be receiving their paychecks in the form of bitcoin as early as this month after officials there agreed on Monday to begin compensating the chief of police with the emerging crypto-currency. City officials said on Monday this week that there won’t be a problem with paying Vicco Police Chief Tony Vaughn electronically using Bitcoin, an online-only digital form of currency that has in recent months been accepted at an increasing number of retailers around the world. Bitcoin allows users to securely pay for goods and services with near total anonymity, all while avoiding the regulations and restrictions often imposed by state-controlled ...
Test Your Knowledge of Basic Economics
Post Date: 2013-12-05 14:03:57 by Lod
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Quiz at URL
$100 Million in Stolen Bitcoins — “Sorry About That”
Post Date: 2013-12-05 09:51:59 by christine
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A thief has stolen $100 million in Bitcoins. The exchange that allowed this has gone bust. There is no FDIC insurance. There is no way to find the thief. They may catch him when he tries to unload them. But that does not get them back to their owners. Who’s in charge here? Algorithms and formulas. It’s all secret, you see. It’s all anonymous. There are no contracts. There are no courts. Investors who are not the victims shrug their shoulders. A $100 million here, a $100 million there. It’s all a cost of doing business. Someone else’s cost. “No problem.” “Easy come, easy go.” “Here today. Gone tomorrow.” “Picky, picky, ...
Yuan outperforms euro, becomes 2nd most popular trade finance currency
Post Date: 2013-12-05 04:16:44 by Tatarewicz
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The yuan has replaced the euro to become the second most widely used currency in global trade in 2013, according to the SWIFT network responsible for international financial transactions. The share of the yuan in global trade finance has jumped from 1.89 percent in January 2012 to 8.66 percent in the form of letters of credit and collections in October 2013, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) data shows. The share of trade settlements in the euro fell from 7.87 percent to 6.64 percent in the same period. The US dollar still leads with 81.08 percent of foreign trade payments using the American currency in October. The most active yuan users are ...
The Coming Global Wealth Tax
Post Date: 2013-12-05 02:44:55 by X-15
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Between ObamaCare, Iran and last quarter's uptick in U.S. economic growth, taxpayers these days may be distracted from several dangers to come. But households from the United States to Europe and Japan may soon face fiscal shocks worse than any market crash. The White House and New York Mayor-elect Bill de Blasio aren't the only ones calling for higher taxes (especially on the wealthy), as voices from the International Monetary Fund to billionaire investor Bill Gross increasingly make the case too. In his November investment commentary for bond giant Pimco, Mr. Gross asks the "Scrooge McDucks of the world" to accept higher personal income taxes and to stop expecting ...
Fact Check on Venezuela's Economy
Post Date: 2013-12-04 02:55:25 by Stephen Lendman
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Fact Check on Venezuela's Economy by Stephen Lendman Doomsayers claim it's troubled. So do Bolivarian haters. Chavez endured flack for 14 years. It's Nicolas Maduro's turn. He prioritizes political, economic and social justice. Washington and internal dark forces despise him for doing so. They want him replaced. Perhaps they want him dead. He's using Enabling Law authority responsibly. He represents popular interests. He's fighting corruption. He's cracking down on price-gouging profiteers. He's doing so legally. US and internal dark forces target Venezuela's economy. They've done it since Chavez took office in February 1999. They haven't ...
Faber: 'We're in a Gigantic Speculative Bubble'
Post Date: 2013-12-03 07:40:42 by BTP Holdings
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Faber: 'We're in a Gigantic Speculative Bubble' Sunday, 01 Dec 2013 04:10 PM By Dan Weil Multiple asset markets have entered bubble territory, says Marc Faber, publisher of the Gloom Boom & Doom Report. "You have to say that we are again in a massive financial bubble in bonds, in equities, in [other] asset prices that have gone up dramatically," he told CNBC. "Farmland is up 10 times over the last 10 years. Bitcoins are up now, and who knows what will go up next. We are in a gigantic speculative bubble." The Standard & Poor's 500 Index has risen 29.1 percent so far this year. While Faber says he hasn’t sold stocks yet, he sees little ...
Supreme Court won't stop NY's Internet taxation
Post Date: 2013-12-03 05:26:56 by Tatarewicz
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FILE - In this Monday, Nov. 26, 2012, file photo. packages are ready to ship move along a conveyor belt at the Amazon.com 1.2 million square foot fulfillment center, in Phoenix. Millions of shoppers are expected to click on items on Monday, Dec. 2, 2013, as retailers rev up deals to grab online holiday shopping dollars on the first working day after the busy holiday weekend. (AP Photo/Ross D. Franklin, File)View Photo WASHINGTON (AP) — On perhaps the busiest online shopping day of the year, the Supreme Court refused to wade into a dispute over state sales taxes for purchases on websites like Amazon.com, an outcome likely to prompt more states to attempt to collect taxes on ...
The Next Commie Movement - 'Wage Justice'
Post Date: 2013-12-02 18:25:48 by BTP Holdings
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The Next Commie Movement - 'Wage Justice' By Absolute Rights Contributor on December 2, 2013 By Kelly Irons How do you know when a movement reeks of communism? Easy - it is supported by a major American union. The Service Employees International Union, filled with some of the most vile, Left-wing thugs around, is one of the major players behind a ridiculous push to kill the only employment millions of Americans can find while raising the price of cheeseburgers to ten bucks. On Thursday, according to reports, the SEIU and other groups will sponsor or support hundreds of protests in cities around the country aimed at forcing the fast-food industry to increase workers' wages ...
The Money Changers Serenade: A New Plot Hatches
Post Date: 2013-12-02 11:52:58 by Ada
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Former Treasury Secretary Timothy Geithner, a protege of Treasury Secretaries Rubin and Summers, has received his reward for continuing the Rubin-Summers- Paulson policy of supporting the “banks too big to fail” at the expense of the economy and American people. For his service to the handful of gigantic banks, whose existence attests to the fact that the Anti-Trust Act is a dead-letter law, Geithner has been appointed president and managing director of the private equity firm, Warburg Pincus and is on his way to his fortune. A Warburg in-law financed Woodrow Wilson’s presidential campaign. Part of the reward was Wilson’s appointment of Paul Warburg to the first ...
Amazon tests delivery by drone, says founder Jeff Bezos
Post Date: 2013-12-02 05:53:03 by Tatarewicz
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.Reuters Amazon is testing delivery packages using drones, chief executive and founder Jeff Bezos said on Sunday on the CBS television programme "60 Minutes." Mr Bezos said the drones, unmanned vehicles that fly through the air, could deliver packages that weigh up to five pounds (2.3kg). That represents roughly 86pc of packages that Amazon delivers, he said. The drones, which would pick up items from Amazon's distribution centres and fly them to customer's homes, probably won't be put into use for four or five years, Bezos said. "I know this looks like science fiction. It's not," Mr Bezos told 60 Minutes. "We can do half-hour delivery." ...
Former Reagan Budget Head David Stockman: Fed Has Created Gargantuan Global Bubble
Post Date: 2013-12-01 18:24:53 by BTP Holdings
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Former Reagan Budget Head David Stockman: Fed Has Created Gargantuan Global Bubble Wednesday, 27 Nov 2013 10:26 AM By Dan Weil The Federal Reserve's quantitative easing program is brewing asset bubbles around the world, says David Stockman, White House budget director under President Ronald Reagan. The central bank is purchasing $85 billion of Treasurys and mortgage-backed securities a month. "The Fed is exporting this lunatic policy worldwide," Stockman told CNBC. "Central banks all over the world have been massively expanding their balance sheets, and as a result of that there are bubbles in everything in the world, asset values are exaggerated everywhere." ...
Bashing Ukraine
Post Date: 2013-12-01 03:04:08 by Stephen Lendman
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Bashing Ukraine by Stephen Lendman A previous article said Ukraine dodged a bullet. It abandoned an expected EU alliance. It did the right thing. Western media bashing followed. More on that below. Europe's economy is broken. Wrongheaded policies assure greater trouble ahead. Why board a sinking ship? ECB policy doesn't work. Its Long-Term Refinancing Operation (LTRO) is its version of Fed QE. Major European banks are insolvent. In the past year, over $1.5 trillion was provided. LTRO II is needed. Perhaps early next year. Maybe more will follow. At isssue is an endless destructive cycle. Digging a deeper hole is no way out of today's punishing one. Over $1 trillion in LTRO ...
Kenyans laud plan to build standard gauge railway line
Post Date: 2013-11-29 21:37:24 by Tatarewicz
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NAIROBI, Nov. 29 (Xinhua) -- The launch of the plan to build 14. 1 billion U. S. dollars Standard Gauge Railway in Kenya has won praise among Kenyans, both on the streets and cyberspace. The railway that will run from Mombasa, at the Kenyan Coast, through Nairobi, the capital, to Malaba on the Kenya-Uganda border, is expected to radically transform the transport sector in East African nation. Kenyans have lauded the project that was launched Thursday by President Uhuru Kenyatta and his deputy William Ruto as a step towards the realization of the country's economic blue-print Vision 2030. "From the pictures I have seen and the analyses I have read, this is a bold economic step. ...
S. Africa to exploit shale gas
Post Date: 2013-11-29 20:38:59 by Tatarewicz
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CAPE TOWN, Nov. 29 (Xinhua) -- The discovery of shale gas provides yet another opportunity to grow and develop the economy, South African President Jacob Zuma said on Friday. "We must explore this potential," Zuma said on the occasion of the Launch of the Stanley Nkosi Sinter Mine in Northern Cape Province. Shale gas has been discovered in the desert area of Karoo in part of Northern Cape. "We are extremely excited about the prospect, because as Government we consider hydraulic fracturing for shale gas a 'game- change' opportunity for the Karoo region and for our economy at large," Zuma said. Future exploitation of shale gas also raise concern about the ...
Monsanto to buy Climate Corp. for $930M
Post Date: 2013-11-29 07:15:16 by Tatarewicz
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When data meets agricultureMonsanto says it will pay almost $1 billion to bring Climate Corp.’s data analytics in house. The acquisition is an example of how the marriage of data and sensors will rapidly change established industries. .Monsanto, the giant agricultural company, says it will acquire data analytics firm the Climate Corp. in a cash deal valued at $930 million. This deal is an obvious extension of data analytics into the world of big agriculture, but it’s also a perfect example of how the combo of data and the internet of things is going to disrupt established industries in a way that traditional computing never could. Climate Corp offered targeted insurance policies ...
Here's The Real Reason Stores Are Open For Black Friday Sales On Thanksgiving
Post Date: 2013-11-29 06:53:10 by Tatarewicz
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Kmart opened its doors at 6am on Thanksgiving, competing for the attention and funds of Black Friday shoppers. Walmart opened at 6pm on Thanksgiving day. So did Best Buy Best Buy. Macy's Macy's and J.C. Penney got in on the act at 8pm. Of course, Kmart had the edge on all of them, opening at 6am on Thursday this year. Why? Just generalized greed? Retail world anxiety because of a shorter holiday shopping season this year? Perhaps. But data from MasterCard MasterCard Advisors shows there’s a method to this mad race to open before most of us have digested our second helping of stuffing. A Black Friday spending analysis from the credit card giant shows a whopping 70% of ...
Exxon sells Iraq oil stake to PetroChina
Post Date: 2013-11-29 03:56:54 by Tatarewicz
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. . . . ..Baghdad (AFP) - American energy giant Exxon Mobil on Thursday sold part of its controversial stake in a massive Iraqi oilfield to PetroChina and Indonesia's Pertamina amid a long-running row with Baghdad. The sale of the stake in the West Qurna-1 field in south Iraq, one of the country's largest, marks a key step towards resolving the dispute with the central government over Exxon's contracts with the autonomous Kurdish region. "The agreement was signed for Exxon Mobil to sell part of its 60 percent stake," oil ministry spokesman Assem Jihad told AFP. "Representatives of all the companies signed the deal today with the Iraqi government in the ...
Greenspan: Growth Will Slow Amid 'Degree of Uncertainty'
Post Date: 2013-11-28 17:53:34 by BTP Holdings
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Greenspan: Growth Will Slow Amid 'Degree of Uncertainty' Wednesday, 27 Nov 2013 04:37 PM Former Federal Reserve Chairman Alan Greenspan said the U.S. economy probably will grow more slowly next year than some forecasters predict and indicated that a near-record U.S. stock market isn’t in a bubble. “This does not have the characteristics, as far as I’m concerned, of a stock market bubble,” Greenspan said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend. “It could come out that way but I don’t see it at this stage.” Special: Our Emergency Radio Works Without Batteries — Just ...
David McAlvany to Moneynews: Stocks Can Plummet Up to 40 Percent
Post Date: 2013-11-28 16:58:27 by BTP Holdings
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David McAlvany to Moneynews: Stocks Can Plummet Up to 40 Percent Wednesday, 27 Nov 2013 09:35 AM By Dan Weil and John Bachman Stocks are the beneficiary of heavy speculation and stand vulnerable to a plunge of as much 40 percent, says David McAlvany, CEO of McAlvany Financial Group, a money management firm and precious metals brokerage. The Standard & Poor's 500 Index has soared more than 170 percent from its March 2009 low. "No one ever went broke taking gains, and that is prudent for any investor in these markets," he told Newsmax TV in an exclusive interview. "That doesn't mean getting out of the market 100 percent, but it does mean paring back some of ...
Iran, US to open joint chamber of commerce.
Post Date: 2013-11-28 06:36:57 by Tatarewicz
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Tehran (AFP) - Iran and the United States are to establish a joint chamber of commerce within a month, with direct flights also planned, an Iranian official said Wednesday in a newspaper report. "Iran-US chamber of commerce will be launched in less than one month," Abolfazl Hejazi, a member of Iran's Chamber of Commerce, Industries, Mines and Agriculture, told the English-language Iran Daily. In the wake of a historic accord on Sunday between Tehran and major powers on Iran's controversial nuclear programme, Hejazi also said his country was ready to start direct flights to the United States. After the 1979 revolution in Iran, Washington severed diplomatic relations ...
Ukraine Dodged a Bullet
Post Date: 2013-11-28 02:55:31 by Stephen Lendman
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Ukraine Dodged a Bullet by Stephen Lendman At least so far. On November 21, Ukraine abandoned an expected EU alliance. It did so in the interest of "national security," it said. It intends renewing "active dialogue" with Moscow. EU foreign policy chief Catherine Ashton lied calling it a "disappointment for the people of Ukraine." Signing the pact "would have provided a unique opportunity," she claimed. For the EU perhaps. Not for Ukraine. A November 28 Vilnius Eastern Partnership conference signing ceremony was planned. No longer. Signing the deal would be disastrous for Ukraine. It dodged a bullet by refusing. It did so at the EU's expense. ...
Iran in talks with western energy firms: Zanganeh
Post Date: 2013-11-28 01:51:28 by Tatarewicz
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PressTV: Iranian Oil Minister Bijan Namdar Zanganeh says the Islamic Republic has begun talks with leading Western energy companies to attract them back to the country. In an interview with the Financial Times on Tuesday, Zanganeh said the Iranian Oil Ministry is in talks with European energy firms and “indirectly” with US groups to invite them back to Iran in case of a possible removal of US-led illegal sanctions against Iran’s energy sector. The Iranian minister further said the energy companies such as France’s Total, Royal Dutch Shell, Italy’s Eni and Norway’s Statoil are among those he is seeking to bring back to Iran’s energy sector, according to ...
Market Euphoria During Troubled Times
Post Date: 2013-11-27 02:57:10 by Stephen Lendman
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Market Euphoria During Troubled Times by Stephen Lendman Major equity markets approach nosebleed levels. Experts disagree on whether bubble extremes approach. They're not unusual. They happen often. The myth about markets reflecting reality is hokum. Keynes once warned about "enterprise becom(ing) the bubble on a whirlpool of (destructive) speculation." Hard times usually follows. Easy credit fuels speculation. Euphoria follows. Greed trumps good sense. Folly pays a big price. This time is different talk proliferates. Momentum drives prices higher. Stories of easy riches abound. Why miss out. Overvaluation leads to more of it. Fraudsters sell at the top. Greater fools buy ...
Kevin Warsh Exposes The Fed's Market-Based Dilemma In Under 90 Seconds
Post Date: 2013-11-26 23:13:08 by Hmmmmm
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