This week, the Las Vegas based company, Robocoin, will be opening up five Bitcoin ATM machines that will have the capability of exchanging Canadian dollars for Bitcoins, and Bitcoins for Loonies. The move is huge for the emergence of Bitcoin as it continues to extend into the mainstream, and offer an alternative for consumers as distrust of the U.S. dollar and world’s reserve currency grows.
On Oct. 28, economist and former head trader for the Royal Bank of Scotland (RBS) issued a update on the state of the global financial system in which he declared that that every country is in a currency war frenzy, and that all institutions in the Western banking system are defaulting right now.
"What I am now going to state is going to shock you, the reason that every one in the west in involved in currency debasement/ currency manipulation is this: THE ENTIRE WESTERN BANKING SYSTEM IS DEFAULTING!!!! Yes you read that correctly, the west can no longer pay the piper and now they are going to debase their currencies in order to walk away form their debt obligations, making it easier for them to pay off their debt..."
A proverb from a wise book once stated, the love of money is the root of many evils. In the secular financial world, that same axiom is transposed into a secular understanding that reads, the control of money is the control of many evils.
Which is why many Americans across the country are beginning to experience the consequences of trust and reliance upon government agencies and financial institutions when it came to their retirement. In new programs being implemented across several states, underfunded pension funds are being re-evaluated due to the substantial losses incurred by reckless fund managers, and it is the recipients, not the pension fund managers, who are being taxed and penalized with massive payback demands for money they may have received above their monthly allotments.
Ever since the government agreed to raise the debt ceiling and give President Obama unlimited access to borrow money until February of next year, currencies around the world have reacted strongly on the expectation of an expansion to the U.S. money supply. Besides the Euro, Yen, and even the Yuan strengthening in the past 2 weeks, two other alternative measures have seen increased value, these being gold and Bitcoin.
Three days after President Obama fired up the debt machine to borrow $300 billion America cannot afford, economist Mark Faber sat in on CNBC’s Squawkbox to provide an assessment of the economy, and the future asset bubble the U.S. will become in the aftermath of Congress’s vote for unlimited debt ceiling. In his interview on Oct. 21, Faber announced that the Fed has cornered itself into a position where it has no possible exit strategy, and that QE-4-EVA is here to stay.
It is appearing more than more that the transfer of economic power from the United States to China is coming swifter than anyone suspected. In a stunning move on Oct. 18, a Chinese conglomerate purchased the Headquarters of Chase Manhattan bank (JP Morgan Chase), and its underground structures that include the world’s largest bank vault.
First there was Cyprus, where upwards of 60% of all bank deposits were confiscated to bail out private bank insolvency. Then came new initiatives by several countries, including Canada, New Zealand the the ECB, to take depositor funds and use them to bail out financial institutions during the next economic or monetary crisis.
And on Oct, 14, we have the IMF proposing a new 10% tax on all European depositors to help bail out the increasing sovereign debts that have only expanded in the Euro Zone since the credit crisis of 2008.
It has been a little over a week since the Obama administration leaked the news that the President intends to nominate Janet Yellen to replace Ben Bernanke as the head of the world’s largest central bank, and just yesterday, former Congressman Ron Paul weighed in on the announcement. As the chief firebrand against the Fed during his tenure in office, Paul’s assessment that Yellen is a virtual clone of the previous two central bankers is quite appropriate, and he states on Yellen’s nomination, ‘the possibility that the Fed itself could be responsible for the booms and busts of the business cycle would never enter her head’.
As the government shutdown moves into its second week, and the debt ceiling deadline grows ever closer, Congress is offering a new kick the can solution to fund the government for six weeks in an attempt to buy more time to resolve the budget and borrowing issues that have stifled the country. On Oct. 10, Speaker of the House John Boehner held a press conference to offer a new resolution that would provide clean funding to the government to cover debt obligations through Nov. 22, and to provide more time for the stalemated parties to come to an agreement on several major issues.
You want to know why the Democrats and President Obama are vehemently fighting against a shutdown or overhaul of Obamacare? Just ask Big Brother, who it appears now will be one of the primary recipients of new and inclusive information that will feed your activities into NSA and law enforcement databases, and remove another layer of privacy from the lives of every American.
As the pressures mount on day 3 of the government shutdown, President Obama is proving which masters he truly works for, and on the flip side, which agencies he refuses to answer to. Just 2 days after going on air to tell the American people that he is willing to call in Congressional leadership to hammer out a solution, the President backtracked after meeting with the heads of Will Street, and is now stating emphatically that he has chosen not to negotiate at all with Congress.
And due to these turn of events, one has to ask then, who is the real power over President Obama?
There is a rather significant segment of the population that is coming to the conclusion that the current government shutdown is actually good for the American people. Besides the obvious benefits to us from thousands of furloughs being made to the staff personnel of agencies like the IRS and EPA that intrude on individuals and small businesses, it now appears that the kingpin of privacy invasion is not immune to the shutdown, with over 70% of their employees provided with a temporary vacation.
Since 2008, the Municipal Bond markets have been decimated by a combination of lower returns and the potential for cities to go bankrupt. In fact, in June of this year, over $13.5 billion wasremovedfrom the Muni market, making this decline the second largest on record.
So in an attempt to get necessary cash to pay for both needed and discretionary projects, municipalities are looking at voluntary donations through online places such as Crowdfunding and Kickstarter. In Central Falls, RI for example, the city placed a fundraising project on Crowdfunding to try to pay for five no garbage cans in a park that is quickly becoming inundated with trash and debris.