Paul Krugman wrote an anti-cryptocurrency Op-Ed piece in the NY Times titled the “Anti-social Network“. Now, I know the Times needs to sell ad space and subscriptions, hence technical accuracy may not be exactly what they are going for, but Mr. Krugman (the classical Keynesian economist type – I don’t particularly subscribe to such schools of thought, I guess I’m not educated enough) has spewed so many inaccurate statements, false facts and just plain old indications of his total misunderstanding of the subject matter one would think it would behoove the Times to either have him issue corrections (or, since it is Op-Ed after all) have someone such as my self (you know, maybe a little less academically involved) come after him and clean up a little.
Now, where shall I start? To quote Mr. Krugman:
So how is bitcoin different? Unlike credit card transactions, which leave a digital trail, bitcoin transactions are designed to be anonymous and untraceable. When you transfer bitcoins to someone else, it’s as if you handed over a paper bag filled with $100 bills in a dark alley.
I don’t think that’s true Mr.Krugman. Let’s refer to Wikipedia’s write-up on the Crypto……………… full article at source: http://boombustblog.com/blog/item/9178-the-anti-economist-calls-bitcoin-the-anti-social-network
Is there anybody out there who can help set up a Bitcoin currency for us In Ireland????
By Frank Suess
THE ECB SLOWLY BUT SURELY BECOMING A TWIN BROTHER OF THE FED: POSITIVE IMPLICATIONS FOR THE SHORT-TERM?
“We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” − Daniel Webster, speech in the American Senate, 1833
Increasingly, Mario Draghi, the European Central Bank President, is showing his true colors. He is clearly on the road to becoming Europe´s clone of Ben Bernanke. That said, Draghi is pushing hard against Germany´s (Merkel´s) resistance of running full-speed down the Keynesian road of monetary inflation.
In this context, our regular Mountain Vision contributor, Fredrik Boe-Hanssen
full article at source:http://www.thedailybell.com/4232/Frank-Suess-ECB-Becoming-Twin-of-Fed
Wow!! The billboard signals of extreme crisis are overwhelming. Three years
of near 0% with no recovery. A full year of ample USTreasury and mortgage bond
monetization with no recovery. Tons of cash aid deliveries to the big US banks
with no recovery. Some key corporate nationalizations with no recovery. Oodles
of errant stimulus programs with no recovery. Some important misdirection in
home loan aid initiatives with no recovery.
The US Federal Reserve admits it can do nothing more as a recovery remains elusive. The USGovt is paralyzed by disguised fascist warmongers opposed by disguised marxist collectivists, but intent on maintaining the status quo among bank fraud. An approved accounting fraud directive is kept in place to present a picture of bank solvency.
Intermediate credit markets have come to a standstill.
The US stock market is in tatters. The USTreasury Bond market is the only
conventional rally at work. And with all these programs, developments, and
events, the USEconomy moves toward a recession with relentless determination
and purpose, In today’s age of lying about price inflation by at least 5%, that
means the recession is about to turn into a Minus 5% Recession after never
exiting the recession recognized in 2009.
The billboard messages are dire, ugly, dreadful, dangerous, and full of destruction, typical of systemic failure. Too bad the Keynesian textbooks do not have a chapter on banking
system insolvency, or one quarter of the households living in negative equity,
or central bank toxic paper pits, or global currency war, or confiscation of
tyrant accounts. The ineffective monetary & fiscal policy has ushered in
the nightmarish systemic failure. That is what is occurring.
Full article at source: http://www.marketoracle.co.uk/Article30577.html