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Fed Official Decries Bitcoin as “Not Backed”
Fed Official Decries Bitcoin as “Not Backed” Bitcoin is backed by the use value of the distributed ledger in the underlying technology of the Blockchain. Randal K. Quarles, a Trump administration appointee to the Federal Reserve Board of Governors and Vice Chair for bank supervision, has given a lengthy speech (“Thoughts on Prudent Innovation in […]
How A North Korean Electromagnetic Pulse Attack Could Kill Millions And Turn America Into A Post-Apocalyptic Wasteland
How A North Korean Electromagnetic Pulse Attack Could Kill Millions And Turn America Into A Post-Apocalyptic Wasteland This is why North Korea’s test of an intercontinental ballistic missile is so important. North Korea had test fired a total of 22 missiles so far this year, but this latest one showed that nobody on the globe […]
Saudi Coup Signals War And The New World Order Reset
Saudi Coup Signals War And The New World Order Reset For years now, I have been warning about the relationship of interdependency between the U.S. and Saudi Arabia and how this relationship, if ended, would mean disaster for the petrodollar system and by extension the dollar’s world reserve status. In my recent articles ‘Lies And […]
Chinese “Ghost Collateral” Scam Leads To Market “Shockwaves”, Huge Loss For Giant Commodity Trader
Chinese “Ghost Collateral” Scam Leads To Market “Shockwaves”, Huge Loss For Giant Commodity Trader Back in 2014, a scandal erupted when media reports confirmed what many had previously speculated about China’s banking system: namely that much of China’s staggering loan issuance had been built (literally) upon air and that trillions in loan collateral had been […]
Low Interest Rates Subsidize Wealthy Households
Low Interest Rates Subsidize Wealthy Households When the economy begins to sink into recession, politicians, mainstream economists, policy wonks, and the Federal Reserve begin beating the economic stimulus drum. Politicians, however, disagree over the type of stimulus to implement. The center-left party proposes greater expenditures on public assistance programs. The center-right party supports permanent tax […]
Krugman and the “Heroic” Fed
Krugman and the “Heroic” Fed Once an avid reader of Paul Krugman’s New York Times twice-weekly columns, I admit to rarely even glancing at his work now, since I know that anything he writes is going to have the theme of “Trump evil, Democrats good” each time, and it doesn’t take long to get one’s […]
In a Cashless World, You’d Better Pray the Power Never Goes Out
In a Cashless World, You’d Better Pray the Power Never Goes Out When Hurricane Maria knocked out power in Puerto Rico, residents there realized they were going to need physical cash — and a lot of it. Bloomberg reported yesterday that the Fed was forced to fly a planeload of cash to the Island to help avert disaster: […]
IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency
IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge […]
The World Is Creeping Toward De-Dollarization
The World Is Creeping Toward De-Dollarization The issue of when a global reserve currency begins or ends is not an exact science. There are no press releases announcing it, and neither are there big international conferences that end with the signing of treaties and a photo shoot. Nevertheless we can say with confidence that the […]
The Next Spanish Bank Teeters, at Worst Possible Time
The Next Spanish Bank Teeters, at Worst Possible Time The timing could not have been worse: just as Spain faces its biggest constitutional crisis in over 40 years with Catalonia’s independence vote, another bank has begun to wobble. Liberbank, Spain’s eighth largest lender, was spawned in 2011 from the shotgun marriage of three failed cajas […]
Does Government Spending Create More Economic Growth?
Does Government Spending Create More Economic Growth? After the 2007-2009 global financial crisis, fears of ballooning public debt and worries about the drag on economic growth pushed authorities in some countries to lower government spending, a tactic that economists now think may have slowed recovery. Note that in the United States the total debt to […]
Bitcoin in an Illusionary Age
Bitcoin in an Illusionary Age It is altogether fitting that crypto currencies, in particular Bitcoin, have witnessed a meteoric rise in this illusionary age. Not only has their monetary value gone to dizzying heights, but they are now being touted as the destroyer of the current, crumbling monetary order and the next paradigm upon which a […]
Myths Behind the War on Cash
Myths Behind the War on Cash The attacks on physical cash from a phalanx of economists, central bankers, commercial banks, and politicians have not diminished in recent years. On the contrary, in the face of the worldwide increase in terror attacks, particularly in Europe, and ongoing pressure on public budgets, the cash ban issue is […]
Italian Taxpayers To Foot €17 Billion Bill As Rome Bails Out Another Two Insolvent Banks
Italian Taxpayers To Foot €17 Billion Bill As Rome Bails Out Another Two Insolvent Banks Two weeks after the first, and biggest, European bank bail-in took place under the relatively new European bank resolution mechanism, the EBRD, when Spain’s Banco Popular wiped out the holders of its most risky securities, including equity and AT bonds, […]
