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Cyprus Levy on Deposits: New Escalation or Final Stage of Euro Crisis? - SNBCHF.COM

Cyprus Levy on Deposits: New Escalation or Final Stage of Euro Crisis? - SNBCHF.COM | money money money | Scoop.it

Nicosia will impose a 9.9 percent one-off levy on deposits above 100,000 euros in Cypriot banks. This constitutes maybe the final stage of the euro crisis, with the very  last country to be rescued. Or will it be a new escalation and may be the most dangerous one, a bank-run? How many Cyprus clients managed to successfully transfer the funds to Switzerland? The upcoming levy was no real secret.

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Cypriot bank heist

In the early hours of Saturday morning, the Euro leaders, led by the Germans, the other northern European states and Christine Lagarde from the IMF, held a gun to the head of the newly-elected president of Cyprus Nicos Anastasiades  and gave him an offer he could not refuse.  Either he accepted that the cash and savings deposits of ordinary Cypriots would be raided to the tune of 6.7-10% or there would be no funding for Cyprus’ banks that were bust.  Anastasiades has a reputation as a political ‘bruiser’ who campaigned under the slogan “the crisis needs a leader”.  Well, he fell at the first hurdle.

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Why today’s Cyprus bailout could be the start of the next financial crisis

Why today’s Cyprus bailout could be the start of the next financial crisis | money money money | Scoop.it
Cyprus is forcing bank depositors to take losses. If there is a new wave in the Eurozone crisis, historians will view this as the starting point.
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Welcome to the Bitcoin revolution, there's no going back now

Welcome to the Bitcoin revolution, there's no going back now | money money money | Scoop.it

Despite the hype, the news around Bitcoin hasn’t been all positive. There’s been a palpable concern that there exists a bubble in the currency, which has reached all-time-highs in value relative to the US dollar in recent months. Further, earlier this week a glitch in the software underlying the digital currency caused a massive sell-off and resulted in a temporary loss of 23 percent of its value. The error was quickly corrected, and the value has since rebounded, but the possibility of such breaches must give pause to anyone thinking about relying on the currency entirely. During the same week, news that a DNS-based attack resulted in the theft of $12,000 worth of Bitcoin from a brokerage service did little to quell these fears.

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A look at Cyprus' decision to tax depositors

A look at Cyprus' decision to tax depositors | money money money | Scoop.it

Cyprus' eurozone partners and the IMF agreed early Saturday to bail out Cyprus to the tune of (EURO)10 billion ($13 billion) _ largely to prop up its flailing banking industry. But the deal, as usual, comes with strings attached. The one causing the most consternation is a levy on bank deposits held in Cypriot accounts. Here's a look at how that will work _ and the problems it may pose.

 

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How a Soviet spy outmaneuvered John Maynard Keynes to ensure US financial ... - Washington Post (blog)

How a Soviet spy outmaneuvered John Maynard Keynes to ensure US financial ... - Washington Post (blog) | money money money | Scoop.it

In July of 1944, as the end of World War II started to come into sight, financial leaders from around the world gathered at the Mt. Washington Hotel in Bretton Woods, N.H. There, they hammered out what would be the post-war global monetary system, agreed to create the International Monetary Fund and World Bank, and generally established the world economic order that has shaped the global economy ever since.

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TheMoneyIllusion » The flaw at the heart of Keynesian economics

TheMoneyIllusion » The flaw at the heart of Keynesian economics | money money money | Scoop.it

The term ‘Keynesian economics’ means different things to different people.  But one thing almost everyone can agree on is that Keynesians believe that the 2009 fiscal stimulus boosted aggregate demand, at least compared to the no-stimulus alternative.  Alternatively, Keynesians believe the fiscal multiplier is positive.  In my view that’s a sort of sine qua non of modern Keynesianism.  Yes, it has many other things to say, but without the fiscal multiplier there’s nothing particularly “Keynesian” about the rest of the theoretical apparatus.

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The Euro Zone and the Global Crisis

The Euro Zone and the Global Crisis | money money money | Scoop.it
Why did the epicenter of the sovereign debt crisis move to Europe and what can the Europeans do to resolve it?
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Cyprus secures $13bn eurozone bailout

Cyprus secures $13bn eurozone bailout | money money money | Scoop.it
In return for rescue funds, Cyprus asked to trim deficit, shrink banking sector, raise taxes and privatise state assets.
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Is Bitcoin Money?

Is Bitcoin Money? | money money money | Scoop.it

Since Bitcoin is now a $400 million market, with its pricehitting new all-time highs, now might be good time to ask, is bitcoin money?

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Web Host MonsterMegs Accepts Bitcoin Payment - Bitcoin Forum - The Unofficial Bitcoin Forum

Web Host MonsterMegs Accepts Bitcoin Payment - Bitcoin Forum - The Unofficial Bitcoin Forum | money money money | Scoop.it
We are The Unnoficial Bitcoin Forum. What is Bitcoin? Bitcoin is an open-source peer-to-peer digital currency project. P2P means that there is no central authority to issue new money or keep track of transactions
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What the Fork was that? A forking post mortem.

What the Fork was that? A forking post mortem. | money money money | Scoop.it

While this hard fork was unintentional it has been a useful lesson.  Sooner or later we are going to want to do this on purpose to change the way the bitcoin network works and that will require a hard fork.  There are many reasons that we will want to do this, just to name a few off the top of my head that have been talked about recently are;-

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Jaw-Dropping Crimes of the Big Banks | The Big Picture

Jaw-Dropping Crimes of the Big Banks | The Big Picture | money money money | Scoop.it
Image by William Banzai   Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks
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Bitcoin Value Drops 23 Percent After Software Glitch Discovered - Web Host Industry Review

Bitcoin Value Drops 23 Percent After Software Glitch Discovered - Web Host Industry Review | money money money | Scoop.it

Bitcoin transactions were temporarily suspended on Monday night after a technical glitch with Bitcoin mining software, according to a report by Ars Technica. 

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Bitcoin Market Stabilizes After Crash: Could the Virtual Currency Become a ... - ForexTV.com

Bitcoin Market Stabilizes After Crash: Could the Virtual Currency Become a ... - ForexTV.com | money money money | Scoop.it

Something went amiss last night in the weird shadow world of the Bitcoin virtual currency. Bitcoin prices dropped a precipitous 23 percent Monday evening because of a technical glitch which interfered with Bitcoin transactions and Bitcoin "mining," the process of cryptographically creating the digital currency. The sudden drop in price was the result of a technical glitch, and the price of the virtual currency quickly rebounded. Although the long-term impact of price fluctuations on the Bitcoin market is unknown, the ability of the market to stabilize itself after the technical glitch may make the currency increasingly appealing to cyber criminals, money launderers and terrorists.

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Bitcoin rises

Bitcoin rises | money money money | Scoop.it
Although there is still the possibility of a volatile market, the Bitcoin ecosystem looks more promising than ever.
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Bitcoin add-on makes your virtual purchases private - New Scientist (blog)

Bitcoin add-on makes your virtual purchases private - New Scientist (blog) | money money money | Scoop.it

Bitcoin is the perfect currency in many ways. The distributed network that governs the creation and distribution of this digital money means there's no need for central banks, no centralised control, nothing to come between you and your cash.

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Financial crisis revealed and resolved in the world of Bitcoin

Financial crisis revealed and resolved in the world of Bitcoin | money money money | Scoop.it

Bitcoin is basically one big public distributed ledger (known as The Blockchain) where the ownership of every Bitcoin ever created is tracked, accounted for, and verified automatically by various participants in the system.  Transactions can be detected within a few seconds, but merchants generally take the hour or so to gather 6 confirmations to ensure the payment cannot be reversed.

 



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Another reason to support Bitcoin - Max Keiser

Another reason to support Bitcoin - Max Keiser | money money money | Scoop.it
Another reason to support Bitcoin. Posted on March 13, 2013 by maxkeiser| Leave a comment · U.S. to let spy agencies scour Americans' finances. This entry was posted in Headlines. Bookmark the permalink.
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Bitcoin - The top performing currency in the world?! - eToro Blog

Bitcoin - The top performing currency in the world?! - eToro Blog | money money money | Scoop.it
Did you know there was a currency that went up over 400% over the past year? Meet the Bitcoin, as Amos introduces you to the future of money.
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What is Modern Monetary Theory, or “MMT”? « naked capitalism

What is Modern Monetary Theory, or “MMT”? « naked capitalism | money money money | Scoop.it

Modern Monetary Theory is a way of doing economics that incorporates a clear understanding of the way our present-day monetary system actually works – it emphasizes the frequently misunderstood dynamics of our so-called “fiat-money” economy. Most people are unnerved by the thought that money isn’t “backed” by anything anymore – backed by gold, for example. They’re afraid that this makes money a less reliable store of value. And, of course, it is perfectly true that a poorly managed monetary system, or one which is experiencing something like an oil-price shock, can also experience inflation. But people today simply don’t realize how much bigger a problem the opposite condition can be. Under the gold standard, and largely because of the gold standard, the capitalist world endured eight different deflationary slumps severe enough to be called “depressions.” Since the gold standard was abolished, there have been none – and, as we shall see, this is anything but coincidental.

 

 

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How the ECB Learned to Love Monetization - Wall Street Journal (blog)

How the ECB Learned to Love Monetization - Wall Street Journal (blog) | money money money | Scoop.it

Has the European Central Bank found a sneaky way to monetize national debt, in spite of the legal restrictions placed on it by its charter?

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Max Keiser on Alex Jones: Bitcoin to kill The Fed - Max Keiser

Max Keiser on Alex Jones: Bitcoin to kill The Fed - Max Keiser | money money money | Scoop.it
OK this does not relate to Bitcoin directly, our objective was to make life 'simple' for the user. Complexity has a negative impact on security compliance! it's a delicate balancing act. The best way to ensure security, is to ...
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Bitcoin 'Glitch' Sparks 23% Flash Crash

Bitcoin 'Glitch' Sparks 23% Flash Crash: From a high of more than $48 earlier Monday, the value of Bitcoins pl... http://t.co/tX9HPhWHNS
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Eurozone financial crisis far from over: German Central Bank - Press TV

Eurozone financial crisis far from over: German Central Bank - Press TV | money money money | Scoop.it
The head of Germany’s Central Bank says that the debt crisis in eurozone countries is not over, despite a recent calm in financial markets.

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