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Category: Economy - Browse by Category - News - Analysis - Highlights - Multimedia - Latest Comments Sunday August 30th, 2015

Friday August 28th, 2015
Financial Times Calls For Abolishing Cash posted 08/28/2015, 12:15 PM (Infowars)
[Category: Economy]
The Financial Times has published an anonymous article which calls for the abolition of cash in order to give central banks and governments more power.

Entitled The case for retiring another 'barbarous relic', the article laments the fact that people are stockpiling cash in anticipation of another economic collapse, a factor which is causing, “a lot of distortion to the economic system.”

“The existence of cash -- a bearer instrument with a zero interest rate -- limits central banks' ability to stimulate a depressed economy. The worry is that people will change their deposits for cash if a central bank moves rates into negative territory,” states the article.

Complaining that cash cannot be tracked and traced, the writer argues that its abolition would, “make life easier for a government set on squeezing the informal economy out of existence.”

Abolishing cash would also give governments more power to lift taxes directly from people’s bank accounts, the author argues, noting how “Value added tax, for example, could be automatically levied -- and reimbursed -- in real time on transactions between liable bank accounts.”

The writer also calls for punishing people who use cash by making users “pay for the privilege of anonymity” so they will, “remain affected by monetary policy.” Dated bank notes would lose their value over time, while people would also be charged by banks for swapping electronic reserves for physical cash and vice versa.

The article echoes an argument made by Kenneth Rogoff, former chief economist of the International Monetary Fund, who has called for high denomination banks notes such as the €100 and €500 notes to be phased out of existence.

As we previously reported, Rogof
... (more)


Thursday August 27th, 2015

CNN Tells Americans That The Stock Market Is Not Going To Crash posted 08/27/2015, 11:55 AM (The Economic Collapse)
[Category: Economy]
On Wednesday we witnessed the third largest single day point gain for the Dow Jones Industrial Average ever.  That sounds like great news until you realize that the two largest were in October 2008 – right in the middle of the last financial crisis.  This is a perfect example of what I wrote about yesterday.  Every time the market crashes, there are huge up days, huge down days and g... (more)




Peter Schiff: The Market's 'Pipe Dream' Is Ending posted 08/27/2015, 11:55 AM (CNBC)
[Category: Economy]
As stocks attempt to come back from a historic market selloff, Euro Pacific Capital CEO Peter Schiff said any gains, including Tuesday's bounce, are "notoriously suspect."

Stocks tumbled into the close on Tuesday, marking the sixth-straight day of losses for major U.S. indexes and erasing all gains from the day's brief rally.

Schiff has been vocal about his bearish take on the U.S. stock market, and his belief that another round of quantitative easing is coming. Sp
... (more)


Jim Grant: The Fed Turned the Stock Market Into a 'Hall of Mirrors' posted 08/27/2015, 11:55 AM (Reason)
[Category: Economy]


“Confoundingly to me, people have come to be quite accepting of the value attached by fiat to these pieces of paper we call currency,” says Jim Grant, who’s the editor of Grant’s Interest Rate Observer and the author of The Forgotten Depression: The Crash That Cured Itself.

“Are prices meant to be imposed from on high, or discovered by individuals acting spontaneously in markets?
... (more)


It's Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington posted 08/27/2015, 11:55 AM (ZeroHedge)
[Category: Economy]
China has likely sold somewhere on the order of $100 billion in US Treasurys in the past two weeks alone.... (more)




Why Devaluing the Yuan Won't Help China's Economy posted 08/27/2015, 11:55 AM (Mises Institute)
[Category: Economy]
Earlier this month, the Chinese government decided to depreciate its currency on three consecutive occasions. On August 13, the price of the US dollar was trading at 6.413 — an increase of 3.3 percent against July. The key factor behind the central bank’s lowering of the yuan is a sharp decline in the growth momentum of exports with the yearly rate of growth falling to minus 8.3 percent in July from 2.8 percent in June.... (more)


Wednesday August 26th, 2015

Why Hedge Funds Are A Colossal Waste of Money posted 08/26/2015, 10:40 AM (The Daily Sheeple)
[Category: Economy]
For most people, the stock market is an mysterious force that they will never understand. It might as well be a glittering slot machine as far as they’re concerned. They don’t know how it really works on the inside, all they understand is that the machine is known to pay out big from time to time. Of course, that doesn’t discourage them from trying their hand at the casino anyway. When the average person wants to place their bets on the stock market, they turn to the experts. They go to the hedg... (more)


The Fed Is Spooking the Markets Not China posted 08/26/2015, 10:40 AM (Peter Schiff)
[Category: Economy]
Fasten your seat belts, this ride is getting interesting. Last week the Dow Jones Industrial Average was down more than 1,000 points, notching its worst weekly performance in four years. The sell-off took the Dow Jones down more than 10% from its peak valuations, thereby constituting the first official correction in four years. One third of all S&P 500 companies are already in bear market territory, having declined more than 20% from their peaks. Scarier still, the selling intensified as the wee... (more)


Devaluation Stunner: China Has Dumped $100 Billion In Treasurys In The Past Two Weeks posted 08/26/2015, 10:40 AM (ZeroHedge)
[Category: Economy]
On August 11, China devalued its currency, and in the subsequent 3 days the onshore Yuan, the CNY, tumbled by some 4% against the dollar. Then, as if by magic, the CNY stabilized when China started intervening massively, only this time not through the fixing, but in the actual FX market.

This means that while China has previously been dumping reserves as a matter of FX policy, after August 11 it was intervening directly in the FX market, with the intervention said to really pick
... (more)


Tuesday August 25th, 2015

Chinese Markets Crash Again In Biggest Collapse In 20 Years posted 08/25/2015, 10:08 AM (RT)
[Category: Economy]
The index has fallen 22 percent since August 19.

Investors were rattled as the China Securities Regulatory Commission made no attempt to reassure markets after Monday's crash, as they did a month ago after an 8.5 percent drop.

"It's panic selling and an issue of confidence," Wei Wei, an analyst at Huaxi Securities in Shanghai, told Bloomberg News.“The government won't step in to rescue the market again, as it's a global selloff and it's spreading everywhere now. It
... (more)
...after a ridiculous run-up.




China Censoring Black Monday On Country's Biggest Search Engine, Baidu posted 08/25/2015, 10:08 AM (The Independent)
[Category: Economy]
Users looking for an explanation of why their stocks are in freefall met by a message saying that ‘Due to related rules & policy, some search results won't be shown.’... (more)
No doubt an effective policy people cannot get around!


Marc Faber: The Global Economy Is Entering An Epic Slump posted 08/25/2015, 10:08 AM (Chris Martenson)
[Category: Economy]
Famed investor and author of the Gloom, Doom, Boom Report, Marc Faber, returns to the podcast this week to discuss the slowdown in the global economy, signs of which he claims are multiplying fast all around the world.

He predicts the next year is going to be an especially bruising one for investors, and recommends a combination of diversification and defense for those with financial capital to protect:
I do not believe that the global economy is healing. I ... (more)


Marc Faber On The Market Selloff posted 08/25/2015, 10:08 AM (Fox News)
[Category: Economy]


Monday August 24th, 2015

Treasury Secretary Jack Lew Last Month: China's Markets Aren't 'Linked' to Rest of World posted 08/24/2015, 10:03 AM (InformationLiberation)
[Category: Economy]


U.S. Treasury Secretary Jack Lew shows just how much he knows about the workings of the global economy...

From Grabien.com:
Jack Lew, speaking at the Brookings Institution in July, confidently assured that Americans were immune from weakening markets in China.

"I will say that China’s markets s
... (more)
US stocks plunge in early trading after Chinese stock rout...


Why Government Hates Cash posted 08/24/2015, 10:02 AM (Mises Institute)
[Category: Economy]
In April it was announced that Greece was imposing a surcharge for all cash withdrawals from bank accounts to deter citizens from clearing out their accounts. So now the Greeks will have to pay one euro per 1,000 euros that they withdraw, which is one-tenth of a percent. It doesn’t seem very big, but the principle at work is extremely big because what they’re in effect doing is breaking the exchange rate between a unit of bank deposits and a unit of currency.

Why would they do thi
... (more)


It's Time To Revisit The Disaster Scenario For Stock Prices posted 08/24/2015, 10:01 AM (Henry Blodget)
[Category: Economy]
The stock-market tumble of the past week has reminded everyone that stock prices also go down.

So this seems a good time to remind everyone that stock prices could go down a lot further. In fact, stock prices have to go down a lot further -- or, at least, have to stay generally flat for a very long time -- just to get back to historically average levels of valuation and performance.

Specifically ...

Today's stock prices are so extreme that ... (more)


Sunday August 23rd, 2015

Economics Is Dead, and It Is Being Killed Again posted 08/23/2015, 9:13 AM (Mises Institute)
[Category: Economy]
Economics is dead, and economists killed it.

What we have seen over the course of the last eighty years is a systematic dismantling of the contribution of economics to our understanding of the social world. Whatever the cause, modern economics is now not much more than formal modeling using mathematics dressed up in economics-sounding lingo. In this sense, economics is dead as a science, assuming it was ever alive. Economics in mathematical form cannot fulfill its promises and nei
... (more)


Billionaire Stan Druckenmiller Invests $323.6m Of $4.4b Fortune In Gold posted 08/23/2015, 9:12 AM (Bloomberg)
[Category: Economy]
Billionaire Stan Druckenmiller’s family office bought gold and added to his holdings of Facebook Inc. in the second quarter.

The former chief strategist for George Soros bought shares of SPDR Gold Trust, an exchange-traded product backed by gold, worth $323.6 million at the end of June, according to a quarterly filing with the Securities and Exchange Commission.

[...]Druckenmiller, who shut his hedge fund firm Duquesne Capital Management in 2010, now manages his own
... (more)


Friday August 21st, 2015

Despite Evidence, FDA Targets E-Cigarettes With Proposed Regulations posted 08/21/2015, 10:20 AM (The New American)
[Category: Economy]
Despite evidence that electronic cigarettes are both safer for users than tobacco and also help smokers kick the habit, the U.S. Food and Drug Administration has launched a campaign against them. According to FDA Commissioner Dr. Stephen Ostroff, the FDA is looking to enact a "deeming rule" that would expand the agency's regulation of tobacco to include e-cigarettes, which do not use tobacco. Critics contend that such an illogical decision underscores that the FDA is at the behest of lobbyists <... (more)


Thursday August 20th, 2015

Alaska Man Travels to Mexico for Cheaper Dentist, Saves $32,000 posted 08/20/2015, 10:10 AM (The Hamilton Spectator)
[Category: Economy]
LOS ALGODONES, Mexico – Mark Bolzern traveled 3,700 miles to go to the dentist. The 56-year-old Anchorage, Alaska, native left home this spring, made a pit stop in Las Vegas to pick up a friend, and kept heading south, all the way to Los Algodones, Mexico, a small border town teeming with dental offices. ... (more)


Don’t Be Fooled By Our Current Price Stability posted 08/20/2015, 10:09 AM (Mises Institute)
[Category: Economy]
Consumer prices have been stable, but we should pay attention to 2014's decline in the money supply which mirrors a similar decline from 1927 and 1928, which was followed by a collapse in industrial production.... (more)


Wednesday August 19th, 2015

Sex Doesn't Sell After All, Study Says posted 08/19/2015, 11:06 AM (Bloomberg)
[Category: Economy]
Maybe sex doesn’t sell after all.

Commercials that feature sex and violence -- or appear on programs with that kind of content -- are less effective than those with neutral themes, according to a study published by the academic journal Psychological Bulletin.

Violent and sexual television programming impairs viewers’ memory because it diverts attention from the advertising, said Brad Bushman, a professor of communication and psychology at Ohio State University and
... (more)


Tuesday August 18th, 2015

Ron Paul: Fed May Not Hike Because 'Everything Is Vulnerable' posted 08/18/2015, 8:43 AM (CNBC)
[Category: Economy]
China's move to devalue its currency roiled the markets last week, and stoked new fears about the health of the world's third largest economy.

However, according to former Rep. Ron Paul, the move may have given Federal Reserve Chair Janet Yellen the cover she needs to not raise rates later this year, as many market participants expect.

"She's going to be more hesitant to raise rates because she sees how fragile the global economy is," Paul told CNBC's "Futures Now"
... (more)


Monday August 17th, 2015

The Slow-Motion Financial Suicide of the Roman Empire posted 08/17/2015, 7:57 AM (The Freeman)
[Category: Economy]
More than 2,000 years before America's bailouts and entitlement programs, the ancient Romans experimented with similar schemes. The Roman government rescued failing institutions, canceled personal debts, and spent huge sums on welfare programs. The result wasn't pretty.

Roman politicians picked winners and losers, generally favoring the politically well connected -- a practice that's central to the welfare state of modern times, too. As numerous writers have noted, these expensiv
... (more)


The Shot Not Heard Around the World posted 08/17/2015, 7:57 AM (Peter Schiff)
[Category: Economy]
China’s recent move to devalue the yuan has sent shock waves through the global financial markets and has convinced most observers that a new front in the global currency wars has begun. The move has caused many observes to envision a new round of competitive devaluations around the globe in which the race to the bottom will intensify. In this scenario they envision that the U.S. dollar will solidify its standing as the only strong currency. This misses the point entirely.

In the
... (more)


American Malls In Meltdown - The Economic Recovery Is Complete & Utter Fraud posted 08/17/2015, 7:49 AM (ZeroHedge)
[Category: Economy]
The government issued their monthly retail sales this past week and four of the biggest department store chains in the country announced their quarterly results. The year over year retail sales increase of 2.4% is pitifully low in an economy that is supposedly in its sixth year of economic growth with a reported unemployment rate of only 5.3%. If all of these jobs have been created, why aren’t retail sales booming?... (more)


Australia Orders More Foreign Homeowners to Sell posted 08/17/2015, 7:48 AM (WSJ)
[Category: Economy]
SYDNEY—Several foreign owners of residential property across Australia have been ordered to sell as the government intensifies its crackdown on the abuse of homeownership laws by buyers from China and elsewhere.

Treasurer Joe Hockey said foreign investors have been ordered to sell six properties in the cities of Sydney, Brisbane and Perth. The homes are valued between 152,000 and 1.86 million Australian dollars (US$112,768 and US$1.38 million).
... (more)


70% of Rich Families Lose Their Wealth by the Second Generation posted 08/17/2015, 7:49 AM (TIME)
[Category: Economy]
70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third, according to the Williams Group wealth consultancy.... (more)
...and yet we "need" inheritance taxes "to prevent dynasties!" - Chris


Thursday August 13th, 2015

Schiff: Don't Worry About China's Currency When US Dollar Will Collapse posted 08/13/2015, 7:32 AM (Newsmax)
[Category: Economy]
The U.S. economy has plenty of problems, but China’s devaluation of its currency isn’t one of them, Peter Schiff, CEO of Euro Pacific Capital, told Newsmax TV.

However, the impending collapse of the US dollar should be getting all of the attention of investors, he warned Newsmax Prime.

China rattled global financial markets Tuesday by devaluing its currency — an effort, in part, to revive economic growth. The yuan's value declined 1.9 percent, its biggest one-day dr
... (more)


$2,672,414,000,000: Federal Taxes Set Record Through July; $17,955 Per Worker--Feds Still Run $465.5B Deficit posted 08/13/2015, 7:32 AM (CNS News)
[Category: Economy]
The federal government raked in a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015 (Oct. 1, 2014 through the end of July), according to the Monthly Treasury Statement released today.

That equaled approximately $17,955 for every person in the country who had either a full-time or part-time job in July.

It is also up about $183,397
... (more)


Wednesday August 12th, 2015

12 Signs That An Imminent Global Financial Crash Has Become Even More Likely posted 08/12/2015, 6:36 AM (The Economic Collapse)
[Category: Economy]
Did you see what just happened?  The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era.  This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were rattled.  The Dow fell 212 points on Tuesday, and Apple stock plummeted another 5 percent.  As we hurtle toward the absolutely critical months of September and October, the unraveling of the global fi... (more)


Worker Participation Rate Falls to 37-Year Low in July posted 08/12/2015, 6:36 AM (Ryan McMaken)
[Category: Economy]
From Mises Wire:

The conservative media (specifically Breitbart and CNS) are reporting that labor participation rates are at a 38 year low:
A record 93,770,000 Americans were not in the American labor force last month, and the labor force participati... (more)


Tuesday August 11th, 2015

What Happened When One Company Set a Minimum Wage of $70,000 posted 08/11/2015, 7:02 AM (Mises Institute)
[Category: Economy]
Dan Price, the CEO of Gravity Payments, took a $930,000 pay cut to raise the minimum salary of his employees to $70,000. The plan was announced in April 2015, and set to be completed over the course of three years. Both his employees (especially the ones with a larger pay increase) and proponents of income equality celebrated the move. It garnered considerable publicity and rippled through social media, with mostly positive but some negative reactions.

In the New York Times piece<
... (more)


Monday August 10th, 2015

"They'll Blame Physical Gold Holders For The Failure Of Monetary Policies" Marc Faber Explains Everything posted 08/10/2015, 7:31 AM (Marcopolis.net)
[Category: Economy]
In this exclusive interview with Marcopolis.net Marc Faber covers it all: from commodities and China to the outlook on inflation, the Euro and gold. According to him the global economy is not healing. To the contrary, we might find ourselves back into recession within six months or a year. In that case he expects more money printing by central banks, which eventually could lead to high inflation rates and renewed strength in commodity prices.

On the bright side, he sees great econ
... (more)


Four Economic Myths that Perpetuate the Euro Crisis posted 08/10/2015, 7:31 AM (Mises Institute)
[Category: Economy]
Too much of the commentary about the Greek crisis has focused on whether or not Greece should drop the euro and not enough on the structural problems arising out of decades of socialism. Meanwhile, the Greek government has borrowed more money than the Greek people can possibly repay, and debased money will not make this fact disappear. On the contrary, more easy money will cause even more harm.... (more)


Sunday August 9th, 2015

What Kind of "Improvement" Does the Fed Want? posted 08/09/2015, 6:51 AM (Peter Schiff)
[Category: Economy]
Over the past few years observing changes in Federal Reserve interest rate policy has been a little like watching paint dry or grass grow...only not as exciting. That's because the Fed has not changed its benchmark Fed Funds rate since 2008 (Federal Reserve, FOMC). So with nothing else to talk about, Fed observers have focused on the minute changes in language that are included in Fed Policy statements. The minuscule revision in the July statement was the inclusion of the word "additional" to th... (more)


Friday August 7th, 2015

Donald Trump's Plan to Significantly Reduce Income Taxes posted 08/07/2015, 8:34 AM (Infowars)
[Category: Economy]
Frontrunner Donald Trump's plan to radically reduce income taxes will bolster his popularity with the American people.

In his book, "Time to Get Tough: Making America #1 Again," published in 2011, and updated for the 2016 campaign, Trump put forward a plan to transform the government's expropriation of income and wealth.
... (more)


SeaWorld Sees Profits Plunge 84% as Customers Desert Controversial Park posted 08/07/2015, 8:33 AM (The Guardian)
[Category: Economy]
SeaWorld has suffered a 84% collapse in profits as customers have deserted the controversial aquatic theme park company following claims it mistreated orca whales.

The company, which trains dolphins and killer whales to perform tricks in front of stadiums full of spectators, on Thursday reported declines in attendance, sales and profits because of “continued brand challenges”.

SeaWorld has been in the headlines since the 2013 documentary Blackfish detailed claims t
... (more)


Thursday August 6th, 2015

The Federal Reserve's War on Drugs posted 08/06/2015, 6:35 AM (Cato @ Liberty)
[Category: Economy]
That’s right: the Federal Reserve is now in the business of enforcing the U.S. government’s drug laws, even if that means making a mockery of both state governments' right to set their own drug policies and the Fed’s own governing statutes.

The Fed’s involvement in drug prohibition became official last month, when the Federal Reserve Bank of Kansas City informed Denver’s Fourth Corner Credit Union -- a non-profit cooperative formed by Colorado’s state-licensed cannabis manufactu
... (more)


Wednesday August 5th, 2015

Venezuelan Inflation Soars to 800% posted 08/05/2015, 6:13 AM (PanamPost)
[Category: Economy]
If Venezuelans thought their inflation woes couldn’t get any worse, they were wrong. While the regime has failed to report inflation beyond 2014, contravening the law, the Troubled Currencies Project estimates the annual rate now at 808 percent, as of July 25.

The figure from Steve Hanke of the libertarian Cato Institute, deduced from the black-market exchange for US dollars, is more than 10 times the official rate of 68.5 percent for 2014. Further, the monthly rate of 20.2 percen
... (more)


Tuesday August 4th, 2015

Why The US Dollar Will Collapse | Peter Schiff and Stefan Molyneux posted 08/04/2015, 7:16 PM (YouTube)
[Category: Economy]


Is the United States economy recovering - or are we being lied to by the mainstream establishment? Why has Gold recently hit a five year low despite long term predictions of it's rise in value? Are the government statistics on inflation accurate? What does the future hold for the US Dollar? Why has the Dollar strengthened and how will this play out in the long term? What does Peter Schiff think
... (more)


Puerto Rico Triggers Historic Default As Austerity Spiral Deepens posted 08/04/2015, 6:05 AM (The Telegraph)
[Category: Economy]
Puerto Rico has triggered the biggest municipal default in US history, risking years of bitter legal warfare with creditors and an austerity "death spiral" with echoes of Greece.

The island Commonwealth finally ran out of money on Monday after a desperate effort to stay afloat, and missed a final deadline for a $58m payment - handing over just $628,000.

It implies a sweeping default on much of its $72bn debt burden, equal to 100pc of Puerto Rico’s gross national pr
... (more)


Monday August 3rd, 2015

Greek Stocks Plunge 22.87% After 5 Weeks Of Closure posted 08/03/2015, 8:08 AM (Business Insider)
[Category: Economy]
The Greek stock market reopened on Monday for the first time in five weeks. It had been closed since the country's capital controls took effect and bailout referendum was announced.

Greece's banks went through the floor, tumbling 30%, reflecting the huge damage that has been done to the country's economy in recent weeks.

The overall Athens Stock Exchange (ASE) index plunged by 22.87% as it opened, according to Bloomberg's Jonathan Ferro.
... (more)


Sunday August 2nd, 2015

Atlas Shrugs posted 08/02/2015, 2:52 AM (The Beacon)
[Category: Economy]
Three months ago, the CEO of Gravity Payments, a Seattle credit card processing firm, announced that all of the firm’s employees would be paid a minimum of $70,000 a year, according to this story. Now, the firm has fallen on hard times, and some of the firm’s “higher valued” employees have quit. One employee who quit said, "He gave raises to people who ha... (more)


Mt. Gox Head Arrested Over Loss of 650,000 Bitcoins posted 08/02/2015, 2:52 AM (Ars Technica)
[Category: Economy]
Mt. Gox head Mark Karpeles was arrested by Japanese police on Saturday, more than a year after the exchange folded amidst the loss of 650,000 bitcoins. Karpeles hasn't been formally charged but "police are alleging that he manipulated the company's computer system to inflate its assets," The Wall Street Journal reported.... (more)


Ex-NBA Star Went From $108 Million to Bankruptcy posted 08/02/2015, 2:52 AM (CNN)
[Category: Economy]
Antoine Walker believed his financial future was a slam dunk.

Before the age of 20, he had won the NCAA basketball championship and was selected by the Boston Celtics as a top pick in the 1996 NBA Draft. Walker quickly became a basketball superstar. He was named to the All-Star team three times and won the top prize in pro basketball with the Miami Heat in 2006.

Thanks to his on-the-court success, Walker made more money playing the sport he loved than he could ev
... (more)
Classic example of a high time preference. See this talk from Hans-Hermann Hoppe.


Friday July 31st, 2015

Kim Dotcom & Mega Trade Barbs Over Hostile Takeover Claims posted 07/31/2015, 5:39 PM (TorrentFreak)
[Category: Economy]
In a Q&A session with users of Slashdot this week, Kim Dotcom advised surprised readers not use Mega amid claims of a hostile takeover. Intrigued, TorrentFreak caught up with both Dotcom and his former colleagues at the cloud storage site. Both had plenty to say and it's now clear that previously warm relations have now iced over.... (more)


Thursday July 30th, 2015

The Euro Isn't Dead posted 07/30/2015, 4:11 PM (Peter Schiff)
[Category: Economy]
While the world can count dozens of important currencies, when it comes to top line financial and investment discussions, the currency marketplace really comes down to a one-on-one cage match between the two top contenders: the U.S. Dollar and the Euro.

In recent years the contest has become a blowout, with the Dollar pummeling the Euro into apparent submission. Based on the turmoil created by the European Debt Crisis and the continuing problems in Greece and other overly indebted
... (more)


Los Angeles Union Wants To Be Exempt From $15 Minimum Wage It Fought For posted 07/30/2015, 4:11 PM (The Guardian)
[Category: Economy]
Union officials in Los Angeles are fighting to be excluded from minimum wage rules that they have lobbied to put in place.

Los Angeles city council is set to vote on a union-backed clause to its $15-an-hour minimum wage bill that would exempt workers covered by a collective bargaining contract. The debate is expected to start later this week when the council returns from summer recess.
... (more)


Wednesday July 29th, 2015

Video: Florida Man Finds $1 Million In Gold From Shipwrecked Spanish Fleet posted 07/29/2015, 3:46 AM (InformationLiberation)
[Category: Economy]


A Florida man searching for treasure from a Spanish fleet of ships which shipwrecked off the coast of Florida in 1715 found 1$ million worth of gold coins and chains on the ocean seabed.

Evidently, the rights to search the area where the ships wre
... (more)


Warner Music's Response To Evidence Of Happy Birthday In The Public Domain: Who Really Knows Anything, Really? posted 07/29/2015, 4:08 PM (Techdirt)
[Category: Economy]
Earlier this week, we wrote about fairly damning new evidence that almost certainly shows that the song "Happy Birthday" is in the public domain, and not, as Warner Music's Warner/Chappell claims, still covered by a copyright that it holds (and ruthlessly enforces). The evidence was in the form of a 1922 songbook that ... (more)


Monday July 27th, 2015

Liberals Sign Petition to Impose 10% "Male Privilege Tax" posted 07/27/2015, 5:47 PM (Infowars)
[Category: Economy]


Liberals signed a petition to address “income inequality” by imposing a 10% “male privilege tax” on all men in the latest Mark Dice ‘man on the street’ video which illustrates how much leftists are divorced from reality.

Asked to support an additional 10% tax on men’s income, one woman responded, “I’ll definitely sign for that,” before adding, “Yeah I’ve never heard of that befo
... (more)


Community Reaches Out to Homeless Man and his Dog to Begin New Life posted 07/27/2015, 5:30 AM (Examiner.com)
[Category: Economy]
A Hallandale homeless man and his canine best friend will be moving to their new home on Sunday; that's right their new home! Thanks to a community of compassionate people, a local animal rescue, and the power of social media, Ronald Aaron and Shadow will be settling in and helping at Pet Partners Rescue Home, a cat adoption and sanctuary near Miami, Florida.

Bernie Alfonso, the founder of the rescue, has graciously offered the two a private apartment in exchange for some needed h
... (more)


Friday July 24th, 2015

Jim Grant On Gold's Liquidation Sale: A "Vexing But Wonderful Opportunity" posted 07/24/2015, 4:50 PM (ZeroHedge)
[Category: Economy]
Don’t tell Jim Grant, the publisher of Grant’s Interest Rate Observer, that gold is a hedge.

The author and publisher said the metal is much more dynamic; providing a trifecta of price, value and sentiment, and investors should have exposure to it.
“[G]old is an investment in monetary and financial disorder – not a hedge. You look around the world and you see exchange rates are properly disorderly, when you look around the world of lending and borrowing -... (more)


Thursday July 23rd, 2015

Currencies Depend on Faith, Gold Doesn't posted 07/23/2015, 3:45 PM (Peter Schiff)
[Category: Economy]
In his July 17th Blog, Let's Get Real About Gold, author and Wall Street Journal columnist Jason Zweig likened investor interest in gold with the "Pet Rock" craze of the 1970's, when consumers became convinced that a rock in a box would provide continuous companionship, elevate their social standing, and give them something hip to talk about at parties. Zweig asserts that investor faith in gold, which he... (more)


Monday July 20th, 2015

Gold, Precious Metals Flash Crash Following $2.7 Billion Notional Dump posted 07/20/2015, 3:46 PM (ZeroHedge)
[Category: Economy]
The last time gold plummeted by just over $30 per ounce (dragging down silver and bitcoin with it) and resulted in a crash so furious it led to a "Velocity Logic" market halt for 10 seconds, was on January 6, 2014. Many said this was just perfectly normal selling, although we explicitly said (and showed) that it was a clear case of an HFT algo gone wild (following an order to do just that and slam all sell stops) when someone manipulated the market and repriced gold substantially lower. ... (more)


Friday July 17th, 2015

China Increases Gold Holdings By 57% "In One Month" In First Official Update Since 2009 posted 07/17/2015, 3:03 PM (ZeroHedge)
[Category: Economy]
Back in April we wrote that "The Mystery Of China's Gold Holdings Is Coming To An End" as a result of China willingness to add the Yuan to the IMF's SDR currency basket which would require the disclosure of China's gold holding ahead of an IMF meeting on SDR composition which may be held in October. ... (more)


Thursday July 16th, 2015

How Socialism Destroyed Puerto Rico, and How Capitalism Can Save It posted 07/16/2015, 1:40 PM (Peter Schiff )
[Category: Economy]
While Greece is now dominating the debt default stage, the real tragedy is playing out much closer to home, with the downward spiral of Puerto Rico. As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency. But the damage done to the Puerto Rican economy by the United States has been far more debilitating than whatever damage the European Union... (more)


How Student Loans Create Demand for Useless Degrees posted 07/16/2015, 1:39 PM (Mises Institute)
[Category: Economy]
Apart from driving up prices, one of the main problems of subsidized government loans is the fact that a student can get the same loan terms for a high-risk degree in art history as for a safer degree in engineering.... (more)


Wednesday July 15th, 2015

Trendy But Calm: Adult Coloring Books Selling Like Crazy posted 07/15/2015, 2:59 PM (Associated Press)
[Category: Economy]
NEW YORK (AP) -- Adult coloring books are giving Harper Lee a run for the money on best-seller lists this summer.

Dover Publications has sold more than 3 million adult coloring books with titles like "Flower Fashion Fantasies." Quarto Publishing will have 1.3 million in print this year ranging from mandalas to fairies. "Secret Garden: An Inky Treasure Hunt," by one of the genre's most popular illustrators, Johanna Basford, remains a top seller on Amazon two years after its initia
... (more)

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