License to print money... BitCoin?

March 29th, 2015 at 1:08:10 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Unlike the Swedes, the Danish issued new banknotes in 2009-2011 time frame.

Denmark is circulating 32.152 million Danish 1000kr banknotes = US$145 for a population of 5.6 million
Sweden is circulating 6.16 million Swedish 1000kr banknotes = US$116 for a population of 9.6 million





Quote: petroglyph
Rats leaving a sinking ship.


If these currencies become closer tied to the yen instead of the Euro in valuation, the need for digital currency will probably become more pronounced.
1000 Chinese Yuan = 1124 Danish Krone .

Perhaps there will come a day when the exchange rate is fixed at a easily converted rate (maybe even 1:1) and China will have a place to do their banking in Europe.

Air China flies from Beijing to Athens, Barcelona, Budapest Düsseldorf, Frankfurt,Geneva, London-Heathrow, Milan-Malpensa, Moscow-Sheremetyevo, Munich, Paris-Charles de Gaulle, Rome-Fiumicino, Stockholm-Arlanda, and Vienna, but not to Copenhagen.
March 29th, 2015 at 10:49:45 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
Taxing deposits is getting ever more popular it seems.

http://www.abc.net.au/news/2015-03-28/federal-government-set-to-introduce-tax-on-bank-deposits/6355662

If the governments with central banks can just print money, why tax people at all?
The last official act of any government is to loot the treasury. GW
March 29th, 2015 at 11:07:53 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 62
Posts: 7831
Swiss banks used to "tax" savings by deducting interest on deposits.

Twenty years ago there was some article on a Chinese family that selected a piano as their store of value even though no one played any sort of musical instrument in the family. I wonder if Time magazine will ever do a follow up on them.

I swear those Anarchists in the Caribbean may have the right idea. They swim, snorkel, sail, fish, hike, drink beer, soak up sunshine, and figure they eat better and live better than they would working at a Convenience Store. Most of the islands they visit have no port fees or taxes and if they repair some restaurant's electrical wiring, they can eat free for a month. They don't have much money on deposit in banks, but in Guatemala sixty cents will get you really big dinner.
March 30th, 2015 at 12:55:46 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Fleastiff
Twenty years ago there was some article on a Chinese family that selected a piano as their store of value even though no one played any sort of musical instrument in the family.


According to Forbes 400 (Sep 29, 2014) The aggregate net worth of the richest 34 Americans was $1.00 trillion. Of the top 10, 4 are named Walton, and 2 are named Koch. The printed US currency is only worth $1.3 trillion.

One assumes that the store of value for most people is real estate, but that value is really dependent on interest rates.
March 30th, 2015 at 11:15:56 AM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
In one way Bitcoin is a good idea, but in another it vulnerable from any hacker in the world let alone the US .gov.

http://www.justice.gov/opa/pr/former-federal-agents-charged-bitcoin-money-laundering-and-wire-fraud
The last official act of any government is to loot the treasury. GW
March 30th, 2015 at 2:50:44 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 62
Posts: 7831
Its hard enough for bank tellers who need ten dollars to get them to payday to keep their hands off some C-notes, but its also hard for DEA types who deal in suitcases full of currency to keep from getting some currency packets squirreled away somewhere.
March 30th, 2015 at 7:55:02 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Swedish Banks Make Money by Saying No to Cash (April 11, 2013)

Sweden’s banks don’t only stand out for their aversion to paper money. The nation’s financial industry has performed better than banks across most of Europe since the debt crisis hit more than three years ago. Shares in Nordea have soared 22 percent this year, trouncing a 3.5 percent gain in the 40-member Bloomberg Index of European financial companies. Swedbank is up 19 percent and SEB has gained 24 percent.

Possibly the insurance premiums go down, because it is not just outside robberies that they are worried about.

In the USA, according to the handbook for the Federal Financial Institution Examination Council, banks are required to file a Suspicious Activity Report with respect to:
“Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”
April 1st, 2015 at 12:13:32 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
Quote: petroglyph
Rats leaving a sinking ship.


http://www.reuters.com/article/2015/04/01/us-asia-aiib-israel-idUSKBN0MS46J20150401

I wonder if the country's that swing over to the yuan to settle trade will get their foreign aid from the US reduced?
The last official act of any government is to loot the treasury. GW
April 3rd, 2015 at 11:46:23 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: petroglyph
I wonder if the country's that swing over to the yuan to settle trade will get their foreign aid from the US reduced?


It looks like only Japan is not joining the (AIIB)
.
Country Date of approval
New Zealand 5 January 2015
Luxembourg 27 March 2015
Switzerland 28 March 2015
United Kingdom 28 March 2015
Germany 1 April 2015
France 2 April 2015
Italy 2 April 2015

Country/Region Date of application
Australia 29 March 2015
Austria 27 March 2015
Denmark 28 March 2015
Finland 30 March 2015
Hungary 31 March 2015
Iceland 31 March 2015
Israel 31 March 2015
Netherlands 28 March 2015
Norway 31 March 2015
Poland 31 March 2015
Portugal 31 March 2015
Russia 30 March 2015
Spain 27 March 2015
Sweden 31 March 2015
Turkey 26 March 2015

South Korea 26 March 2015
Hong Kong December 2014
Chinese Taipei 31 March 2015
April 3rd, 2015 at 2:57:27 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 25
Posts: 6227
http://www.nytimes.com/2015/04/03/world/asia/china-asian-infrastructure-investment-bank.html

The US is the lone super power in name only following the same pattern as other fallen reserve currency country's throughout history.

http://www.zerohedge.com/news/2015-04-03/no-country-young-workers-only-americans-55-and-older-found-jobs-march:



Michael Hudson said "debts that can't be paid for, won't be", the only demographic with increasing employment is 55 and over. At the time when they should be retiring, they can't make any income on interest on their life savings which until 20 years ago was a cornerstone of retirement income. The US gov. has printed to infininity.

As you said Japan is the last major economy to support the $, and I think that is because they hold as much treasury's as China. If they don't support the value of the $ then their holdings plummet in value. China is buying anything of intrinsic value with the 3 trillion of US debt they hold. With the continuing trend, of inflation or devalued currency [interchangeable imo], and the largest demographic in history trying to retire, it doesn't look good for American workers.

With everybody swapping to either the yuan [rmb] or the SDR to settle trade, America's inherent advantage of being able to print to pay all her debts is becoming ever less popular, a solution would be quite a feat indeed.

Behind closed doors, America is trading tons of infrastructure for debt as we type. One more: http://www.monticello.org/site/jefferson/private-banks-quotation

Attributed to Jefferson Quotation: "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies"

It amazes me what the founding fathers knew, and we have forgot.
The last official act of any government is to loot the treasury. GW