ECONOMY MONEY AND BANKING

The Rumor of Bitcoin’s Death is Exaggerated

Mike Hearn, one of the core developers for the last 5 years, has decided not to be a Bitcoin developer anymore and lit the roof on fire on the way out. I’m enjoying the fact that everyone is talking about Bitcoin with such ferocity again, but I’m not enjoying that the topic is based around it’s demise. People have predicted Bitcoin’s end before.

I appreciate everything Mike has given to Bitcoin and actually this blog post was the best way I have seen to lay out all of the problems and to get people talking about it and putting pressure where it is needed, but to say that Bitcoin has failed is flat out wrong.
READ MORE: https://medium.com/boost-vc/the-rumor-of-bitcoin-s-death-is-exaggerated-...

Sixty-two people have the same amount of wealth as half the world, says Oxfam

Just 62 people own as much wealth as the poorer half of the global population, a new report reveals, as the widening of the gap between the rich and poor accelerates.

As the business elite converge on Davos for the World Economic Forum, an Oxfam report shows wealth is becoming further concentrated, with the number of people owning the same amount as the bottom half of humanity falling from 388 to 62 in five years.
READ MORE: http://www.theage.com.au/business/the-economy/sixtytwo-people-have-the-s...

Australia: One Of The Brains Behind The Dick Smith ‘Windfall’ Just Got Appointed To The Reserve Bank

In business, there are winners, and there are losers. And even though we’re only just a few weeks into 2016, we already know who this year’s biggest business losers are – the mugs who bought stock in Dick Smith Electronics from private equity firm Anchorage Capital.

Adviser to Anchorage’s Investment Committee is none other than Allan Moss, former CEO of Macquarie Bank and the husband of former Independent Commission Against Corruption Commissioner, Irene Moss.

Just three weeks before the collapse of Dick Smith, federal treasurer Scott Morrison announced that Moss would be joining the board of the Reserve Bank of Australia.
READ MORE: https://newmatilda.com/2016/01/14/one-of-the-brains-behind-the-dick-smit...

Localbitcoins Trader Fights Back on Australian Banks War On Bitcoin

Last year, the Australian banking industry declared war on bitcoin and its related industry as they shut down BitCo's across the board devastating many companies to the point of bankruptcy and unemployment. Some even fled the country to relocate to a more friendly environment applicable to their business model.

At one point, in a single swift action they closed accounts held by over 17 bitcoin related businesses on top of other countless account closures occurring all year in 2015.
READ MORE: http://news.dinbits.com/2016/01/localbitcoins-trader-fights-back-on.html

Sanders vowing to break up banks during first year in office

Characterizing Wall Street as an industry run on "greed, fraud, dishonesty and arrogance," Democratic presidential candidate Bernie Sanders pledged to break up the country's biggest financial firms within a year and limit banking fees placed on consumers, should he become president, in a fiery speech on Tuesday.

He coupled that promise, delivered in front of a raucous crowd just a few subway stops from Wall Street, with a series of attacks on rival Hillary Clinton, arguing her personal and political ties make her unable to truly take on the financial industry.

"To those on Wall Street who may be listening today, let me be very clear: Greed is not good," said Sanders, in a reference to Oliver Stone's 1980s film, "Wall Street."
READ MORE: http://bigstory.ap.org/article/657fb3907a2042bd9d894bde8f58b199/sanders-...

Thought Bitcoin Was Dead? 2016 Is the Year It Goes Big

As a currency driven not by a central government but by a vast network of independent computers spread across the globe, bitcoin has been slowed by regulatory problems—particularly in the US. But these are easing, with regulators in New York leading the way. Ultimately, bitcoin can still provide a much cheaper and simpler way of moving money from place to place, particularly when you’re a consumer or business moving it across international borders or a retailer accepting payments from online buyers.
READ MORE: http://www.wired.com/2016/01/thought-bitcoin-was-dead-2016-is-the-year-i...

Dick Smith Demise a Masterclass in Cooking the Books

Want to know how to turn $10m in to $520m in less than two years? Just ask Anchorage Capital. The private equity group has pulled off one of the great heists of all time, using all the tricks in the book, to turn Dick Smith from a $10m piece of mutton into a $520m lamb.

Having spent the morning poking through the accounts, we’re going to show you how it all happened.

Firstly, Anchorage set up a holding company called Dick Smith Sub-holdings that they used to acquire the Dick Smith business from Woolworths. They say they paid $115m, but the notes to the 2014 accounts show that only $20m in cash was initially paid by the holding company.
READ MORE: https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private...

Japan Set to Unveil Digital Currency Regulations

Japan will aim to provide greater protection for investors interested in Bitcoin as it prepares for a legal framework to regulate digital currencies. A draft bill from within Japan’s Financial System Council will be submitted, and the group plans to hold further discussions as well as to provide a full report. The draft bill contains several proposals; registration with the Financial Services Agency (FSA) for all crypto-currency exchanges, as well as auditing, minimum capital requirements and identity verification of customers. The FSA’s role would then be to inspect exchanges, shut down non-compliant operations and correct faults by issuing orders.
READ MORE: https://btcmanager.com/news/finance/japan-set-to-unveil-digital-currency...

Who Owns the US Federal Reserve Bank—and Why is It Shrouded in Myths and Mysteries?

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. (Henry Ford)

Give me control of a Nation’s money supply, and I care not who makes its laws. (M. A. Rothschild)

The Federal Reserve Bank (or simply the Fed), is shrouded in a number of myths and mysteries. These include its name, its ownership, its purported independence form external influences, and its presumed commitment to market stability, economic growth and public interest.
READ MORE: http://www.globalresearch.ca/who-owns-the-federal-reserve-bank-and-why-i...

Bank Crimes Pay: Under the Thumb of the Global Financial Mafiocracy

On Nov. 13, the United Kingdom’s Serious Fraud Office (SFO) announced it was charging 10 individual bankers, working for two separate banks, Deutsche Bank and Barclays, with fraud over their rigging of the Euribor rates. The latest announcement shines the spotlight once again on the scandals and criminal behavior that have come to define the world of global banking.

To date, only a handful of the world’s largest banks have been repeatedly investigated, charged, fined or settled in relation to a succession of large financial scams, starting with mortgage fraud and the Libor scandal in 2012, the Euribor scandal and the Forex (foreign exchange) rate rigging. At the heart of these scandals, which involve the manipulation of interest rates on trillions of dollars in transactions, lie a handful of banks that collectively form a cartel in control of global financial markets – and the source of worldwide economic and financial crises.

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