Tag Archives: economy

Goldman Sachs Launches ‘US Coin’ Cryptocurrency

Justin Danneman
perc360.com
(September 30, 2018)

“This is the Fedcoin”

Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.

This is the first cryptocurrency released by a major financial institution.

In order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.

“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”

“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”

The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.

Circle has said that the USDC will initially be available on its native trading platforms like the Circle Trade and Circle’s Poloniex exchange, and later available on other platforms like KuCoin, OKCoin, CoinEx, and others.

More…

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Inflation of Federal Reserve Note

What if the United States maintained a silver backing for the dollar, which it abandoned in 1964?

How much things cost in 1933 vs today if we still had a silver backed dollar ($21.60 price conversation).

Average Cost of new house $5,750.00
Today $124,200

Average wages per year $1,550.00
Today $33,480

Cost of a gallon of Gas 10 cents
Today $2.16

Average Cost for house rent $18.00 per month
Today $388.80

A loaf of Bread 7 cents
Today $1.51

A LB of Hamburger Meat 11 cents
Today $2.37

Plymouth 6 Car $445.00
Today $9,612

Campbells Vegetable Soup 10 cents
Today $2.16

Average Laborers Wage $20.00 per week
Today $432.00

Of course this doesn’t take into account technology reducing prices over the years, which would make this comparison even more stark.

By the mid-1960s inflation of everyday goods and services is notable yet still restrained.

If we were still backing the dollar with silver, does anyone doubt that we would have a higher standard of living in this country today?

H/t Michael Gray

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ZeroCash: A Cryptocurrency’s Deep State Ties

By James F. Tracy

(Updated 12:25AM October 29)

October 28, 2016 marks the official launch of Zerocash (“Zcash,” “ZEC”), a new cryptocurrency that has received tremendous attention from the Bitcoin community. The technology is named for its zero-zcash-logoidentity function of shielding transactions on its blockchain, or digital ledger. “Zerocash is a new protocol that provides a privacy-preserving version of Bitcoin (or a similar currency),” its developers explain. “[I]n Zerocash, users may pay one another directly, via payment transactions that reveal neither the origin, destination, or amount of the payment.”

Continue reading ZeroCash: A Cryptocurrency’s Deep State Ties

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Donald Trump’s “‘False Economy’ Nonsense”

Career Politicos Balk at Allegation of Central Bankers’ Market Shenanigans

By James F. Tracy

The federal government is guilty of numerous fraudulent practices, not the least of which is its collusion with the private Federal Reserve over the past century to devalue the US currency and rob people of their buying power while creating an almost endless state of war, thereby further allowing the central bank to undermine the host government’s resources and constituencies.

trump-private-plane_0

Could it be there’s finally one candidate from the Demopublican monolith that really does “get it”? Based on rhetoric alone this election season (and in the unfortunate absence of a Ron Paul candidacy) there are stark differences between the two major candidates, particularly in terms of pointing to the ongoing economic fraud briefly described above.

ZeroHedge observes:

Continue reading Donald Trump’s “‘False Economy’ Nonsense”

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Anticipating Brexit Tumult, Online Brokerage Boosts Margin Requirements

UK referendum may create “extreme volatility and/or unusually large moves in market prices”

In one indication of how uncertain market participants are toward the June 23 vote on whether Britain will leave the European Union, a major US-based retail securities broker is increasing margins for customers trading certain currency and futures contract-products, a MHB reader reports. 

oh-shitIn an email to customers, titled, “Notice of UK Referendum (‘Brexit’)”, sent shortly after the June 22 market close, the Plantation Florida-based TradeStation informed clients it will “be increasing your margin requirements effective the morning of June 23 through the close of business on June 24.”

Those who operate “on margin” borrow money from a broker to supplement securities transactions and are required to meet certain minimal funding thresholds on such accounts.

Continue reading Anticipating Brexit Tumult, Online Brokerage Boosts Margin Requirements

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An Inside Look at the World’s Biggest Paper Gold Market (Infographic)

Jeff Desjardins
Visual Capitalist via ZeroHedge

Every day, there are a whopping 5,500 tonnes ($212 billion) of gold traded in London, making it the largest wholesale and over-the-counter (OTC) market for gold in the world.

paper-goldTo put that in perspective, more gold is traded in London each day than what is stored at Fort Knox (4,176 tonnes). On a higher volume day, amounts closer to total U.S. gold reserves (8,133.5 tonnes) can change hands.

How is this possible?

The infographic below tells the story about gold’s foremost trading hub, as well as the paper gold market in London, England:

Continue reading An Inside Look at the World’s Biggest Paper Gold Market (Infographic)

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Epocalypse Soon: The Great Economic Collapse is Happening

Submitted by David Haggith
The Great Recession

I use the term “epocalypse” to name the last days of the global economy as we know it — a global economic collapse of biblical proportion. It is economic, epochal, an apocalypse that will change the world and a collapse … all in one word that sounds the right size for what I’m talking about. Call it the “Great Collapse” or the “Epocalypse.” Whatever you call it, it’s about to change the world.

I am referring to an economic crisis so big that the global economy will be forever different after those days. This economic collapse has already begun throughout the world, but I am holding off on using the title “Epocalypse Now” until the US stock market joins the crash. That’s the point at which we’re all in (i.e., at a level where everyone knows it and denial that it is happening falls apart). I anticipate making that call in a matter of days now. Here is where we stand at present:

Destruction of Jerusalem as Metaphor for Economic Collapse on an Apocalyptic Scale

Continue reading Epocalypse Soon: The Great Economic Collapse is Happening

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