OK, let me start by saying that I think the general idea of a cryptographic currency is a brilliant one. I can definitely see Bitcoin establishing itself as a major world currency, and basically doing to fiat currencies what email did to the postal system.
However, whenever I mention Bitcoin to anyone, I strongly encourage them not to invest more than they are prepared to lose. I myself only own 10 BTC. Why? Because Bitcoin has flaws, and it has potential enemies,... (more)
In 2010 the Obama administration's Environmental Protection Agency ordered Maryland to reduce stormwater runoff into the Chesapeake Bay so that nitrogen levels fall 22 percent and phosphorus falls 15 percent from current amounts. The price tag: $14.8 billion.
And where do we get the $14.8 billion? By taxing so-called "impervious surfaces," anything that prevents rain water from seeping into the earth (roofs, driveways, patios, sidewalks, etc.) thereby causing storm water run off. ... (more)
OXFORD, Mich. (WJBK) - A man says when he called the Oxford Police Department for help, an officer told him he charged a $500 fee. The civilian recorded the phone conversation.
A rocky relationship turned into a bad breakup for 29-year-old Nathaniel Bennett, who on Sunday felt he had no choice but to call police for help getting back his property from his very angry ex.
"Did not want to have any communication to avoid [a] volatile situation, and so I attempted to u... (more)
Marc Faber, Gloom Boom & Doom Report editor, reveals his bleak outlook on the markets this summer; and explains why events like Cyprus are likely to happen in more countries.
Jeff Berwick is interviewed by Thomas Pochari on World Affairs Daily
Topics discussed:
- The unsustainability of the financial system
- The growing number of people learning Austrian economics
- Are the financial string pullers stupid or evil?
- The world changing power of the internet
- The booming Chilean eco... (more)
April 4 (Bloomberg) -- Betty Liu reports on Italian police finding one ton of gold in a car. She speaks on Bloomberg Television's "In The Loop. (Source: Bloomberg)
This week, while economists should have been closely considering the implications of the actual bankruptcy of Stockton, California, they instead heaped scorn on the perceived ideological bankruptcy of David Stockman. In other words, Stockman trumped Stockton.
Ronald Reagan’s former Budget Director contributed “Sundown in America” a multi-page opinion piece to the Sunday New York Times which loudly and eloquently described the illusions of our current economi... (more)
L: Doug, there is considerable disagreement over the significance of the Cyprus crisis. A lot of people are saying that it's just a flash in the pan; Cyprus is a small country, far off, and doesn't really matter. Other people are saying it's very significant. The European Central Bank took unprecedented steps. What do you think?
Doug: I think this could be the spark that ignites the keg of dynamite under the current financial system.... (more)
Once the public furor and shrill media coverage have died down it will become clear that events in Cyprus did not mark the death of democracy or the end of the euro but potentially the beginning of the end of deposit 'insurance'. If so, then three cheers to that. It may herald a return to honesty, transparency and responsibility in banking.
Let us start by looking at some of the facts of deposit banking: When you deposit money in a bank you forfeit ownership of money and gain owne... (more)
Alasdair talks to Marc Faber, publisher of the Gloom Boom & Doom (new.gloomboomdoom.com) Report. Marc discusses his 40 years of experience in capital markets and the lessons he has learned.
He looks at the underlying nature of the American economy and details the problems arising since 2007. Money printing -- along with the insidious effects of underrepo... (more)
Bitcoin hit an astonishing $147 per coin today on the MtGox exchange before easing back to $128 per coin. At $147 per coin the outstanding value of all Bitcoins was over $1.6 billion, currently it's just under $1.4 billion. Bitcoins have increased in value over fourfold in the past 30 days, making it by far the best performing currency in the world.
Yes, you can buy drugs with Bitcoin, it's called the free market. Jeff Berwick schools Fox News on the wonders of decentralized currencies. (Of course, most illegal drugs and guns are payed for with U.S. dollars, but hey, we just ignore that cuz 'Murica's number one.)
The dramatic recent events in Cyprus have highlighted the fundamental weakness in the European banking system and the extreme fragility of fractional reserve banking. Cypriot banks invested heavily in Greek sovereign debt, and last summer's Greek debt restructuring resulted in losses equivalent to more than 25 percent of Cyprus' GDP. These banks then took their bad investments to the government, demanding a bailout from an already beleaguered Cypriot treasury. The government of Cyprus then turne... (more)
Growing wealth inequality means that the wealthy have nowhere to hide and that events like those in Cyprus will happen in more countries around the world, including developed nations, said Marc Faber, the contrarian investor and publisher of the Gloom, Boom & Doom Report.
"It will happen everywhere in the world, in Western democracies," Faber said "Squaw... (more)
