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Activist Post: Is Bitcoin the New Safe-Haven Currency? Bitcoins ...

Activist Post: Is Bitcoin the New Safe-Haven Currency? Bitcoins ... | money money money | Scoop.it
Bitcoin, with its lack of central authority and quasi-anonymity, has always been seen as analternative currency for those protesting central banking.  It seems the number of people who are waking up to just how corrupt the system now view Bitcoin as viable.
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Euro Crisis: Banks Close, Deleveraging to Begin -

Euro Crisis: Banks Close, Deleveraging to Begin - | money money money | Scoop.it

Shayne Heffernan said today “Cyprus has shown us what the EU s prepared to do to solve the debt issue, they are prepared to default on loans and steal the assets of private citizens. Anyone keeping anything in the EU now is doing so at great risk. Institutions, Funds and large corporations will now cut their EU assets and spark a total deleveraging of the EU Banking system, the is the black swan event that began in Greece when the painted a default on debt as a deal”

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Unqualified Reservations: RIP Bitcoin, I think

As predicted here last month, USG is killing Bitcoin - I'm pretty sure.  FINCEN has just issued its guidance on virtual currencies. 

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Venture capitalists take a chance on the "Bitcoin revolution"

Venture capitalists take a chance on the "Bitcoin revolution" | money money money | Scoop.it
Are Bitcoin startups the next online revolution, a flash in the pan, or somewhere in between?
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«No Sympathy for Russian Mafia Money» | Finanz Und Wirtschaft

«No Sympathy for Russian Mafia Money» | Finanz Und Wirtschaft | money money money | Scoop.it
The decision of the EU summit to tax small deposits in Cyprus was amateurish, LSE economist Paul De Grauwe complains in an interview with FuW. A lot of credibility was destroyed unnecessarily. 
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Iceland’s Hörður Torfason – How to Beat the Banksters

Iceland’s Hörður Torfason – How to Beat the Banksters | money money money | Scoop.it
In response to the failed banking system, in October 2008, Iceland’s revolution against this financial tyranny began, rather casually in the street, in front of the Icelandic general assembly.
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Ethical economy: Cyprus and the danger of promises | Columns | Breakingviews

Ethical economy: Cyprus and the danger of promises | Columns | Breakingviews | money money money | Scoop.it
Under the current plan, Cypriot savers’ deposit guarantees will not be truly honoured. Countries with negative real interest rates already violate the spirit of their commitments to savers.
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The cult of the superstar banker is alive and well

The cult of the superstar banker is alive and well | money money money | Scoop.it

Five years ago this week the banking crisis became serious. March 2008 saw the collapse in the US of Bear Stearns; Lehman Brothers would fail six months later. A good moment, then, to ask what has changed in the world of mega-banking. Two stories this week suggest, in cultural terms at least, the answer is: very little. The cult of the superstar banker is alive and well.

jean lievens's insight:

What?

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Cyprus Banks Like Iceland’s Dwarf Economy as Clients Pay

Cyprus Banks Like Iceland’s Dwarf Economy as Clients Pay | money money money | Scoop.it

The European Union’s decision to force Cypriot savers into a bailout came after banks grew so large that they dwarfed the nation’s economy, resembling Iceland’s finance industry before its collapse.

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Should Central Banks Use Gold to Diversify Reserves? - International Business Times

Should Central Banks Use Gold to Diversify Reserves? - International Business Times | money money money | Scoop.it

There are many assets to choose from in the financial system, but “safe” assets are a different story. The U.S. dollar is considered to be a safe-haven due to its world-reserve currency status. It is found throughout many countries, and is backed by the world’s largest economy and military. However, central banks around the globe are making changes to their reserve portfolios.

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How Cryptocurrencies Could Upend Banks' Monetary Role | Jon Matonis | FINANCIAL SENSE

How Cryptocurrencies Could Upend Banks' Monetary Role | Jon Matonis | FINANCIAL SENSE | money money money | Scoop.it

For full reservists, Bitcoin shows that the question of fractional reserve banking is less important than they thought. Fractional reservists, on the other hand, need to think about the nature of the mechanisms equilibrating the money supply. I tried to explain the issue to [the economists] George Selgin and David Glasner in comments on their websites, but I wasn't successful in getting my point through.

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Cyprus: "You Don't Trigger a Bank Run to Fix a Financial Crisis"

Gerald Epstein: EU tries to force Cyprus to tax bank deposits to pay for bailout

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Your Cyprus Questions, Answered

Your Cyprus Questions, Answered | money money money | Scoop.it
Gabriele Steinhauser, a reporter for The Wall Street Journal, answers some questions about the Cypriot bank levy.
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Bitcoin apps soar in Spain - will the Cyprus shocker boost virtual currencies?

Bitcoin apps soar in Spain - will the Cyprus shocker boost virtual currencies? | money money money | Scoop.it

Interestingly enough, several Bitcoin-related apps started spiking on the Spanish iPhone market over the weekend. Bitcoin Gold shot up in the Spanish iPhone Finance categoryfrom 498 to 72, and another app called Bitcoin Ticker zoomed from 526 to 52 in just one day. A leading service called Bitcoin App jumped from 194 to 151 between Friday and Sunday as Spaniards brooded over the Cyprus crisis.

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rdigitalife: Jesse Hirsh on Digital Currency

Jesse Hirsh is the Co-Founder of The Academy of the Impossible and President of Metaviews.ca. In talking about the rise of new digital currencies, Hirsh explains what Bitcoin is, and how it could change the old economic system based on the idea of the nation state, for good. He says, "The nation state is a relic of a past time... But the internet is now. And the idea of digital currency is the idea of value that is rooted in the present empire."
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FINCEN: Bitcoin Users Not Regulated, Exchanges Are | Bitcoin Magazine

FINCEN: Bitcoin Users Not Regulated, Exchanges Are | Bitcoin Magazine | money money money | Scoop.it

The decision to tax ordinary savings accounts at Cypriot banks as part of a €10 billion EU bailout package has been met with sharp backlash at home and abroad. The measure signifies a new level of escalation and could be too risky, German commentators say on Monday.

 
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The Bailout For Cyprus: A FAQ To The Latest European Financial Crisis - Forbes

The Bailout For Cyprus: A FAQ To The Latest European Financial Crisis - Forbes | money money money | Scoop.it

Why is a dot-sized European country causing outsized effects? Because what starts in Cyprus, a tiny isle of 1.1 million people, could soon spread to London or New York or Hong Kong, making misery for many millions more.

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Cyprus: Risking The European Ship For Ten Euros Of Tar

Cyprus: Risking The European Ship For Ten Euros Of Tar | money money money | Scoop.it

The weekend agreement on a rescue of the Cypriot banking system flagrantly disregards this sound advice. The ship in question is not the banking system of that Mediterranean island, which is to be ‘saved’ with the provision of about EUR 10 billion in EU and IMF funding. It is the entire euro area economy. Accordingly the missing tar – a thick resin used to seal the hull of wooden ships in olden times – in this case costs a bit more than half a penny: EUR 5.8 billion to be precise. That is the sum that holders of Cypriot bank accounts will be forced to stump up in the form of a one-off levy: 6.75% on all deposits up to EUR 100,000 and 9.9% above that.

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Unfair, short-sighted and self-defeating

Unfair, short-sighted and self-defeating | money money money | Scoop.it

IT IS not a fudge, but it is still a failure. The euro zone’s bail-out of Cyprus, which was sealed in the early hours of Saturday, did get the bill for creditor countries down from €17 billion to €10 billion, as had been rumoured. But the way it did so was somewhat unexpected.

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ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In ... - Business Insider

ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In ... - Business Insider | money money money | Scoop.it

"This will probably go down as an ill-thought-out rescue plan with consequences for peripheral Europe," says Galy. "It breaks a cardinal rule — namely, public trust on which money relies."

 

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Paul Krugman: Cyprus Bailout Will Push Europeans To Stage A Run On Their ... - Huffington Post

Paul Krugman: Cyprus Bailout Will Push Europeans To Stage A Run On Their ... - Huffington Post | money money money | Scoop.it

European leaders are essentially inviting their fellow countrymen to make a run on the banks, according to Paul Krugman.

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Overdose: The Next Financial Crisis | World Chaos

Overdose: The Next Financial Crisis | World Chaos | money money money | Scoop.it

With the US raising their debt ceiling, are we in a global bail-out bubble that will eventually burst? This doc offers a fresh insight into the greatest economic crisis of our age: the one still awaiting us.

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This Crazy Cyprus Deal Could Screw Up A Lot More Than Cyprus...

This Crazy Cyprus Deal Could Screw Up A Lot More Than Cyprus... | money money money | Scoop.it

The Eurozone powers-that-be gave Cyprus a bailout — but with a startling condition that has never before been imposed on any major banking system since the start of the global financial crisis in 2008.

 

 

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Cyprus Bailout 'Disaster' Risks New Euro Crisis

Cyprus Bailout 'Disaster' Risks New Euro Crisis | money money money | Scoop.it
The decision to force bank depositors in Cyprus to contribute towards a bailout could hurt other nations and the market's rally, analysts warned.
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F*ckin’ Europe. Again.

F*ckin’ Europe. Again. | money money money | Scoop.it

For the fourth year running, the Anti-Tranquility League (you know them as the 17 heads of state for Euro Zone nations, the IMF, the ECB and assorted members of several Duran Duran cover bands as well as the European Union) have collaborated yet again on another spring-ruining science fair volcano of bickering bullshit. Not content with the now-mundane pageant of street riots and firebombs they've treated us to in 2010, 2011 and 2012, they've come back this year with a whole new revue - kicking things off with an almost willful attempt at fomenting the possibility of a major bank run across the entire southern periphery.

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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation