Iran and Russia Just Revealed How They’ll Upend the Petrodollar

 

Iran and Russia just took a page out of Venezuela’s playbook.

Like Caracas announced on Dec. 4, Moscow and Tehran are looking into cryptocurrencies as a means of upending the U.S. petrodollar’s reign over the global oil market, Cointelegraph reported on Dec. 11.

For its part, crypto’s rise in popularity of late does make for an enticing investment choice, especially with Bitcoin’s 150% surge over the past month. Continue reading

EU To Restrict Movement of Cash

 

The EU is now developing strict rules for carrying cash when traveling to non-European countries and returning to Europe. The revision of the First Cash Control Regulation from 2005, which stipulated that EU citizens should register cash in excess of € 10,000 when leaving the EU or when returning to the customs authorities have to, is what is under review. They want to lower the number and include gold, gemstones, and cash debit cards. Continue reading

Russia May Turn To Cryptocurrencies For Oil Trade

Putin

 

Russia may be looking to use cryptocurrencies for oil trade to avoid payments in U.S. dollars and limit the impact of the U.S. sanctions, Russia’s government-backed outlet RT reports.

The bitcoin mania—on which the jury is still out whether it will be the biggest bubble in history or a success—could be a “fresh catalyst” for countries that want to ditch the U.S. dollar in oil trade, according to Stephen Brennock, an oil analyst at PVM Oil Associates. Continue reading

Maduro to Create Venezuelan Cryptocurrency ‘To Overcome the Financial Blockade’

Venezuelan President Nicolas Maduro / Getty Images

 

Venezuelan President Nicolas Maduro wants his own version of Bitcoin, announcing Sunday that his socialist government will create a cryptocurrency.

Maduro said on his television show that the new “petrocurrency” will be backed by reserves in oil, gas, gold, and diamonds, Bloomberg reports. Bitcoin, the world’s largest digital currency, hit new highs last week, and Maduro declared that his plan will counteract the economic disaster that is befalling the Venezuelan bolivar, which has experienced hyperinflation as the country’s economy has collapsed. Continue reading

Eight Things You Need to Know About Cryptocurrencies

 

In 1994, I was working for HBO at a low-level programming job.

My central task was to get HBO streaming interactively on cable lines.

I said to my boss, “The technology to do this is already done. It’s called the web. Why do I have to invent an entirely new way to stream content?”

He said, “James. Calm down. The cable guys know what they are doing. This internet thing is popular with academics but is just a fad.”

And that was that… Continue reading

Challenging the Oldest Monopoly on Earth — Money

 

President James Garfield once said…

“He who controls the money supply of a nation controls the nation.”

Who then, Mr. Garfield, controls the money supply of bitcoin? Continue reading

War on Cash: A “Wider Cultural Change Agenda”

 

A certain Michael Andrew is the former global director of accounting at KPMG. He’s also the present generalissimo of Australia’s Black Economy Taskforce.

The stated mission of this “taskforce” sets it among the angels — to combat terrorism, narcotics, tax dodging.

Cash is of course the coin of these evil realms. Continue reading

A New Financial System is Being Born

 

If Bitcoin blew you away when you first discovered it, and continues to do so to this day, Spiral Dynamics can help explain why. Bitcoin was an expression in the physical world of the newly emergent leading-edge integral level consciousness. It drew lessons from history and attempted to take the best of orange and green worldviews and incorporate them into an entirely new form of money. We see the clear presence of free markets and individualism, as well as the intentional separation of the system from dominator hierarchies (bureaucratic government meddling), which had corrupted all money before it. Its greenness is evident in the fact that by design no individual or company controls the network. Global, decentralized, revolutionary technology. This is perhaps the perfect example of integral consciousness operating on our planet at this time from an economics standpoint, and why it has captured the imagination of so many, while at the same time being violently rejected by so many others.


Although I had heard about it much earlier, I didn’t truly start investigating Bitcoin until the summer of 2012. The more I learned the more my mind was blown away, and for a while I couldn’t think about anything else. What truly solidified its real world usefulness to me was when I discovered it had been used by Wikileaks to accept payments in the midst of a financial services blockade against the renegade publisher. This realization inspired my first Bitcoin related post in August 2012 titled, Bitcoin: A Way to Fight Back Against the Financial Terrorists?  Continue reading

Financial Crash Warning: Markets to ‘be hit’ by triple collapse ‘worse’ than 2008 crisis

crash

The next crash could be even bigger than 2008, according to Mike Maloney [GETTY]

 

THE next financial crisis will be worse than the collapse seen in 2008, and investors should seek shelter from the storm in precious metals and crypto currencies, according to an analyst who has predicted a triple market burst.

Mike Maloney said housing, bond and stock markets are now in for a big fall, after forming an ‘everything bubble’ which will have devastating effects when it bursts.

The crash will push investors into gold, silver and the likes of bitcoin, according to the gold analyst. Continue reading

The Alternative Fact of the Cashless Society

Why gold will benefit from the alternative fact of the cashless society

 

Why gold will benefit from the alternative fact of the cashless society

  • Alternative facts prevail in the European Commission’s calls for cash controls
  • Terrorism is blamed for the need to control cash
  • Evidence shows criminals find alternative ways to finance activities
  • Citizens continue to want and to use cash in day-to-day life
  • Cashless society is being used to force through other ‘agendas’
  • Gold and silver will be used as savers are forced to hold assets outside of the financial system

“Those who control the present, control the past and those who control the past control the future.”

George Orwell, 1984

Last week a new phrase was introduced into our lexicon by Trump Adviser Kellyanne Conway. When asked about why press secretary Sean Spicer had made statements that were (according to the press) unverifiable she said that he had used ‘alternative facts’. Continue reading

Blockchain – Central Banks Banking On It

Source: Photosteve101 via Flickr

 

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust …”

Satoshi Nakamoto (Unknown person or persons who designed bitcoin and created its original reference implementation, Bitcoin Core)

Fiat currency debasement and failure is why gold has survived and thrived for thousands of years  and indeed in recent years. It is why bitcoin is becoming more popular, with its growing market cap and ever-expanding ecosystem. Continue reading

The Beginning of the End for SWIFT Payment System

The Beginning of the End for SWIFT Payment System

 

In a major move to explore the use of digital currency in Singapore, the city state’s central bank plans to launch a pilot project with the country’s stock exchange and eight local and foreign banks to use blockchain technology for interbank payments.

  • Cross-border foreign currency transactions will also be reviewed under the pilot as Singapore’s central bank looks to position the financial center as an important Fintech hub.
  • The effort is supported by the R3 blockchain research lab and BCS Information Systems, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said at the Singapore Fintech Festival
  • “Under the pilot system banks will deposit cash as collateral with the MAS in exchange for MAS-issued digital currency,” Menon said on Wednesday.

Continue reading

Will Blockchain Technology Replace Cash?

Wisdom from May of 2016 for today:

 

If Europe is heading toward a cashless society, the loss of freedom will follow.

The European Central Bank (ecb) decided on May 4 to withdraw the €500 banknote from circulation by the end of 2018. The stated reason is that the bill is often used for illicit cash transactions. Although most supporters of this policy say they don’t want to totally abolish cash, some economic analysts believe a cashless monetary system will be the next step, leading to the loss of many freedoms.

The German government also plans to limit all cash transactions to less than €5,000, saying that terrorism is often sponsored by high-cash transactions. The March terrorist attacks in Brussels, Belgium, gave these advocates a significant push forward. Even after banning the €500 note, millions of euros could still be carried in a small handbag. Nobert Haring, a German economist and business journalist, explained in an interview with N-tv that terrorists would not be bothered by the planned limit on cash transactions. He said a total ban of cash would be required to have an effect on terrorists.

Continue reading

Los Angeles Hospital Pays Ransom in Bitcoins to Network Hackers

An update from yesterday’s article:

 

LOS ANGELES—A large Los Angeles hospital chose to pay hackers who were holding its computer network hostage, a move its CEO said was in its best interest and the most efficient way to end the problem.

Hollywood Presbyterian Medical Center showed uncommon transparency in saying Wednesday that it paid the 40 bitcoins — or about $17,000 — demanded when it fell victim to what’s commonly called “ransomware.”

Continue reading

War On Cash Escalates: China Readies Digital Currency, IMF Says “Extremely Beneficial”

Remember when Bitcoin and its digital currency cohorts were slammed by authorities and written off by the elite as worthless? Well now, as the war on cash escalates, officials from The IMF to China are seeing the opportunity to control the world’s money through virtual (cash-less) currencies. Just as we warned most recently here, state wealth control is the goal and, as Bloomberg reports, The PBOC is targeting an early rollout of China’s own digital currency to “boost control of money” and none other than The IMF’s Christine Lagarde added that “virtual currencies are extremely beneficial.”

By way of background, as we explained previously, What exactly does a “war on cash” mean?

It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.

These limits are broadly called “capital controls.”

Why Now?

Continue reading